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Loyalty Program
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Written by Cartesian
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Friday, 17 April 2009 |
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Section: Financial Services Background/ Client Situation In 2006, a leading financial institution faced turmoil in its rural micro-banking and agriculture loans business. There was large scale channel partner attrition and ill-will that led to the institution rapidly losing its leadership position in the market. In a bid to rectify the situation, the institution revamped the business with the introduction of new customer-friendly products, quantum jumps in targets, and aggressive new channel partner acquisition. However there was still the crucial issue of reactivating and revitalizing the channel partner base. As delinquency was a critical problem, it was also important to drive quality of disbursal. A need was felt for a loyalty program that would help boost disbursals, address issues of channel productivity and quality and process adherence as well as attract new channel partners. |
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Loyalty Program
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Written by Cartesian
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Friday, 17 April 2009 |
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Sector: Financial Services Background/ Client Situation A leading vehicle finance company, part of a large financial institution, wished to strengthen the existing relationship with its channel partners as well as build fences around them against new entrants in the competitive car and commercial vehicle loan market. Competition had become intense and there was the looming threat of attrition of channel partners. The business was primarily driven by relationships and not always innovation, especially for commercial vehicles. A loyalty program was seen as a method of building a strong relationship as well as injecting more excitement for the dealers and DMAs (Direct Marketing Associates). It would also serve as a retention and performance monitoring tool and encourage them to cross sell more products of the larger financial institution. |
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Analytics
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Written by Sandeep Mittal
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Thursday, 16 April 2009 |
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Mobile and Email marketing are powerful tools that all marketers can and must leverage. But to keep them alive and relevant as options, to make them effective, precision principles are a must. |
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Loyalty
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Written by Mala Raj
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Wednesday, 15 April 2009 |
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Its been said that 'The Clearer the glass, the less you notice it'. Long running loyalty programs tend to become somewhat of a blind spot. As long as processes are running smoothly, dashboards are coming to your mailbox and members are earning and redeeming points and rewards, there's little need to disturb what's going right. Don't fix what ain't broken - RIGHT? WRONG! Changing market priorities demand that you revisit your loyalty program - as often as you revisit your business objectives and targets. |
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Cartesian News
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Written by Cartesian
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Wednesday, 01 April 2009 |
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