Reuters Business Insights - CRM Strategies In Financial Services October 2004

Reuters Business - FINANCE CUSTOMER RELATIONSHIP MANAGEMENT STRATEGIES IN FINANCIAL SERVICES Achieving high performance and profiting from

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FINANCE CUSTOMER RELATIONSHIP MANAGEMENT STRATEGIES IN FINANCIAL SERVICES Achieving high performance and profiting from innovations in CRM By Sarah Dougan
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ii Sarah Dougan Sarah Dougan is the Chief Examiner for Customer Relationship Management with the Chartered Institute of Bankers in Scotland. She is a Lecturer in Marketing at the University of Paisley and a member of the International Institute of Research where she has presented a number of papers on Financial Services marketing. Her consultancy interests cover the Marketing of Services, Customer Care, Marketing Implementation, Project Management, New Product Development and the creation and delivery of e- learning systems. She can be contacted at: [email protected] Copyright © 2004 Business Insights Ltd This Management Report is published by Business Insights Ltd. All rights reserved. Reproduction or redistribution of this Management Report in any form for any purpose is expressly prohibited without the prior consent of Business Insights Ltd. The views expressed in this Management Report are those of the publisher, not of Business Insights. Business Insights Ltd accepts no liability for the accuracy or completeness of the information, advice or comment contained in this Management Report nor for any actions taken in reliance thereon. While information, advice or comment is believed to be correct at the time of publication, no responsibility can be accepted by Business Insights Ltd for its completeness or accuracy. Printed and bound in Great Britain by MBA Group Limited, MBA House, Garman Road, London N17 0HW. www.mba-group.com
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iii Table of Contents Customer Relationship Management Strategies in Financial Services Achieving high performance and profiting from innovations in CRM Executive Summary 10 The origins and rationale of relationship marketing 10 Creating value for the organisation 10 How to tackle customer defections 11 Achieving customer satisfaction through service quality 11 The implications of eCommerce for CRM 12 Avoiding the pitfalls of CRM 13 Chapter 1 The Origins and Rationale of Customer Relationship Management (CRM) 16 Summary 16 Introduction 16 21 st century attitudes towards banks 18 How marketing oriented is your company? 19 Benefits of developing relationships 20 Relationship marketing versus transactional marketing 20 Eight major benefits of developing relationships 21 Long-term profitability 22 Lower costs 22 Repeat customers often cost less to service 22 Opportunities for cross-selling 22 Defection less likely 23 Employee retention 23 Family influence 23 Satisfied customers provide referrals and may be willing to pay a price premium 24 A customer retention plan: reducing defectors and boosting retention rates 24 Measure customer retention 24
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iv The crude retention rate 25 The weighted retention rate 25 Ascertain defection motives 26 Price defectors 26 Market defectors 26 Are all customers the right customer? 27 Identifying profitable customers for CRM 28 First group of customers to target 30 The middle group of buyers 30
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This note was uploaded on 03/12/2010 for the course ECON CRM taught by Professor Prof during the Spring '10 term at École Normale Supérieure.

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Reuters Business - FINANCE CUSTOMER RELATIONSHIP MANAGEMENT STRATEGIES IN FINANCIAL SERVICES Achieving high performance and profiting from

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