Tech mahindra
Tech mahindra

Dear CMOs, Sit and Relax

Posted by: Haresh Gowri On April 07, 2017 11:19 AM

CMO’s role is crucial today’s competitive business world is propelled by the rise of digital marketing, big data, and the need to engage customers across multiple platforms, on increasingly personal and interactive levels.

CMOs are under pressure of meeting customer expectations. Consumers expect more than just attractive content design. According to Jeffrey Fleischman, Senior Vice President, Chief Marketing and Digital Officer, Penn Mutual, "Today, customers expect smart, intuitive, personalized experiences across all channels."

An escalating need to be more clients centred is driving the interest in Analytics Solutions. In the midst of this environment, enterprises understand & realize the opportunities & locked doors they can open through developed Analytics.

The primary focus and main business objective of any bank usually are:

  • Acquire new customers,
  • Retain existing customers and
  • Growing share of the wallet.

How can a bank achieve these goals? By being more customer-centric because a customer, who is well engaged, is easy to acquire and retain.

This is where the importance of BIG DATA analytics comes in. All the data is DUMB. It is what you do with it that matters. With the right set of analytics solutions, banks can even know what their customers need before they do. That is the core essence of digital transformation: predictive analytics.

Traditionally, banks depend on internal data for their business analytics, and to understand customer behaviour. This may account to only 10% of the total data available. This means, data used for analytics to generate offers is scanty and inadequate. The other 90% of customer related data lies in external sources and in the unstructured data of the bank.

Customer Data CMO Blog

Tech Mahindra Smart Offers, powered by Crayon, combine internal and external data, and with the help of cognitive thinking algorithms, generate personalized choices for customers. Latest Cognitive thinking algorithms are a patent pending innovation.

The algorithm is cognitive and is based on Taste, Behaviour, Influence and Context. For example, you wish to select a restaurant to dine. Going to a Japanese restaurant because you like Japanese food is Taste; going to a restaurant because a newspaper, website, or publication has raved about it is Influence; looking for a new place to eat because you ate at the same place thrice is Behaviour, and looking for a place to eat near your office during lunch time is Context.

CMOs admit they are underprepared for this data explosion, and the world of digital and social driven marketing.

They need to plan NOW. They need to figure out how they can build their capability to create real-time, targeted offers through the digital channels that their customers are using.

Analytics is the key to success for customer segmentation, campaign, cross-sell, and upsell.

Organized information is the outcome; what lies underneath is the cause. Tapping both is fundamental.

About the Author

Haresh Gowri, Platform Owner, Smart Offers & MDS

Haresh Gowri, a business Savvy software professional with over a decade of versatile experience with leadership focus in Fintech & Digital Trends. Young CEO holding P&L ownership and managing end to end responsibilities of a data management platform, Big Data analytics platform and newer Growth areas.

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