Enhancing customer profitability through Marketing Automation- the FNB experience

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1 SeUGI 2002 CMO Stream Enhancing customer profitability through Marketing Automation- the FNB experience By Jithendra Daya Chief Knowledge Officer 12 June 2002

2 Overview of the Presentation 1. Background to FNB 2. Business issues faced and Opportunities 3. Objectives for MA, Selection and Evaluation process 4. Goals for MA and Value Proposition 5. Current Status /Future Plans 6. Closing Thoughts

3 Background to First National Bank Retail Banking arm of FirstRand Limited Listed on the JSE and NSE Strong Brands Wide range of products and services Revenues: R2.8 Billion (2001) Focus on Consumer, Rural and Business Market Segments Multi-channel / Nationwide Footprint

4 Current Market Environment Competition from 3 major Banks Products & Pricing Commodotized Service differentiation is key Huge un-banked market High proportion of multi-banked customers Mergers and acquisitions Non-traditional entrants to the market Huge focus on customer-centricity

5 Business Issues Post-merger Lack of a formalised communications platform Under utilisation of the customer database Neglect of potential revenue streams Poor flexibility in communications capability Little or no co-ordination of marketing activities

6 Business Issues contd. Ineffective planning, co-ordination, execution and measurement of direct marketing communications Single-channel, big bang marketing campaigns vs. multi-step, multi- channel, targeted marketing campaigns Test and rollout strategies cumbersome to effect Lack of ongoing learning and creation of a knowledge base

7 Business Opportunities Increasing focus on the customer Different facets and focuses Analytical CRM! Marketing CRM

8 Business Opportunities contd... Introduce a Campaign Management tool that will: Increase effective utilisation of customer base Improve learning and refinement process Increase Analytical scope of Direct marketers Speed Up - Direct Process Establish communication strategies Measure in real time Apply Models and Scorecards Monitor Response Rates Create once use many times

9 Challenge of Change Enhanced Customer Value Customised Solutions Observations Lifetime value orientation Life-cycle management Customer experiencebased product bundles Solutions-based opportunity Analytical Cross-sell Sales Automation Data Mining Narrow offering Driven by statistical analysis CRM Focus to date Silo Product offers Silo Customer service Stuffers and cross-sells Saturated space Low incremental returns

10 Challenge of Change: Alignment Strategy Processes Marketing Automation Solution People & Organisation IT Infrastructure

11 Challenge of Change contd. People, processes and procedures Co-ordination and collaboration Sharing and leveraging of the knowledge base Prevention of duplication of effort and rework Compilation of the Business Case for Marketing Automation

12 Objectives of Marketing Automation Consolidate Direct Communication Ensure that all campaigns are lodged in the MA solution Automated measurement Initiate & integrate strategic communication Establish Revenue Streams Capitalise on Existing Data Resources Ongoing Test and Rollout and Champion/Challenger Campaigns to enable Strategy Formation & Decision Support

13 Marketing Automation Solution Selection Process Business case SPRC for approval RFI to various vendors Short-list of vendors Decision based upon Architectural fit Capitalisation on data resources Utilisation of existing skills View to available skills in the market place

14 MA Solution Evaluation Dynamic capability User buy in Marketing Analysts Business decision makers IT impact Supplier support of strategic intent Best practices Previous experience Supplier comprehension of organisational condition Strategic Infrastructure

15 Reasons for selecting SAS MA Solution Differentiation of Product Capability Architectural fit Local Support Cost Communications History Management Huge Knowledge Base

16 Our Goals in implementing SAS Marketing Automation Solution Easy integration of different components Automation of current and planned campaigns Reduce campaign implementation time Reduce campaign size Increase campaign response rates Automate campaign analysis and reporting Optimize channel delivery & communication style

17 Our Goals for SAS MA Quick Wins / Business Benefit Marketing efficiency Create (and check) targeted lists and call lists - quickly Prioritise prospects / customers (by value, by behaviour ) Automate the tasks Cost Marketing effectiveness Test the market (find the best cross-sell strategies...) Use the right channels / offers (control costs; reduce churn...) Focus on profitable routes to market, target customers, etc. Revenue Customer-specific, relationship marketing Profit

18 Financial Value Proposition / Expected ROI Over 1 yr period and minimal increase in Direct Marketing Activity (110%) 200% ROI Non-Financial Optimal use of resources Learning & Knowledge Base development Effective utilisation of existing analytics Complete System Integration Increased Customer Satisfaction Increased Customer Profitability Enable Faster Strategy Formulation & Decision Making

19 Current Status SAS Methodology for MA Implementation Assessment Analysis & Design Build & Deliver Implement & Test Today Monitor & Evaluate

20 Future Developments Event Driven Marketing Effective Distribution Strategy Customer Relationship Development Integration to other channels for Interactive Marketing Integration into Knowledge Management processes

21 Results / Benefits to Date Automation of ETL and Data Cleansing Marketing Data Mart Development Data Mining and Model Development Anti-Attrition and Retention Campaign Direct Marketing Campaigns

22 Direct Marketing Results Response rate increasing from initial 2.8% average Test Measure Learn Refine Campaign Description First transmission to card Transmission to Saving, migration Overdraft to Non-Overdraft Target size Products sold Response rate % 17.10% 40.03% Transmission to Home Loans Base %

23 Closing Thoughts The successful implementation of the project was critically dependent on: Executive management commitment; Change management and customer centric business processes; Clear and measurable objectives; Short-term, well defined deliverables; Knowledge transfer; and From our experience:-

24 Closing Thoughts Contd.. Data Quality and Integrity is of critical importance Cost considerations 16% 5% 42% 16% 21% Software Implementation IT Ongoing training Data conversion

25 Closing Thoughts contd.. Marketing Data Mart content Consolidate Direct Marketing and History Establish an Enterprise framework for Campaign Management Invest in a solution which is extensible and flexible A good manual process is easier to automate So Start Now!!

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