As one of the largest financial services firms in Europe, ING had a high-volume direct marketing...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
As one of the largest financial services firms in Europe, ING had a high-volume direct marketing operation, sending out around 60 million pieces of direct mail each year. The bank realized that its campaigns were losing effectiveness because its campaign programme - originally built for direct mail - was not meeting the needs of what was now a multi-channel bank with a strong focus on the online channel. ING went through a 15-month project that involved a budget of more than €5 million and around 50 full-time employees from marketing, IT, customer intelligence and the different channels to build a state-of-the-art direct marketing programme to overcome the old programme's challenges. ING's new direct marketing programme produces marketing messages that are personalized and delivered through different channels in real time. The programme allows ING to do the following: • Run campaigns via multiple channels. Whereas ING's old campaign management programme was exclusively based on outbound channels like direct mail, email and outbound call centre calls, the new programme supports marketing on inbound channels like branches, the bank's secure website and inbound calls to the call centre. • Synchronize marketing across channels. As campaign management is centralized, campaigns run as a concerted effort across channels - both inbound and outbound. For example, a customer can receive the same savings account offer through email, on the website or both in succession. ING has set norms to ensure that offers are communicated through channels achieving specified response rates. • Personalize marketing messages. Each customer receives an individual product offer based on what's already known about him and what's been learned during the recent interactions. Branch employees can now see what the next best action (NBA) for each individual customer is and suggest a product during a client interaction in a branch. • Run as a continuous dialogue. Instead of focusing entirely on ad hoc campaigns, ING's new campaign management programme runs on a continuous basis. By collecting customer responses from different channels and feeding them back into the data warehouse daily, the bank can constantly optimize the offers made to customers. If an offer is shown several times and the customer does not respond, another offer will be shown. Question: Analyze the case and describe the Campaign Management System adopted by ING to revamp its loosing customer share. As one of the largest financial services firms in Europe, ING had a high-volume direct marketing operation, sending out around 60 million pieces of direct mail each year. The bank realized that its campaigns were losing effectiveness because its campaign programme - originally built for direct mail - was not meeting the needs of what was now a multi-channel bank with a strong focus on the online channel. ING went through a 15-month project that involved a budget of more than €5 million and around 50 full-time employees from marketing, IT, customer intelligence and the different channels to build a state-of-the-art direct marketing programme to overcome the old programme's challenges. ING's new direct marketing programme produces marketing messages that are personalized and delivered through different channels in real time. The programme allows ING to do the following: • Run campaigns via multiple channels. Whereas ING's old campaign management programme was exclusively based on outbound channels like direct mail, email and outbound call centre calls, the new programme supports marketing on inbound channels like branches, the bank's secure website and inbound calls to the call centre. • Synchronize marketing across channels. As campaign management is centralized, campaigns run as a concerted effort across channels - both inbound and outbound. For example, a customer can receive the same savings account offer through email, on the website or both in succession. ING has set norms to ensure that offers are communicated through channels achieving specified response rates. • Personalize marketing messages. Each customer receives an individual product offer based on what's already known about him and what's been learned during the recent interactions. Branch employees can now see what the next best action (NBA) for each individual customer is and suggest a product during a client interaction in a branch. • Run as a continuous dialogue. Instead of focusing entirely on ad hoc campaigns, ING's new campaign management programme runs on a continuous basis. By collecting customer responses from different channels and feeding them back into the data warehouse daily, the bank can constantly optimize the offers made to customers. If an offer is shown several times and the customer does not respond, another offer will be shown. Question: Analyze the case and describe the Campaign Management System adopted by ING to revamp its loosing customer share.
Expert Answer:
Answer rating: 100% (QA)
The new direct marketing programme at IN G is a stat... View the full answer
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
Citigroup, Inc., one of the largest financial services firms in the world, disclosed the following retained earnings information in its statement of stockholders' equity: The average common shares...
-
Based in China, Lenovo is one of the largest computer brands in the world. Several years ago Lenovo purchased IBM's PC business and now sells more computers to retail customers and businesses than...
-
The Readers Digest Association, Inc. , one of the largest publishers of magazines in the world, had unearned revenues of $340.4 million on its March 31, 2012, balance sheet. The company showed $244.6...
-
Find the minimum and maximum values of (x, y) = x 2 y on the ellipse 4x 2 + 9y 2 = 36.
-
A shaft diameter is carefully measured to be 1.5020 in. A bearing is selected with a catalog specification of the bore diameter range from 1.500 in to 1.501 in. Determine if this is an acceptable...
-
The trial balance of Mueller SE shown below does not balance. Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following...
-
What are the features of the US Toxic Release Inventory that other ecological reporting systems should consider adopting? Are there any problems with the TRI reporting system? If so, how can these be...
-
Granger Service Company, Inc., was organized by Ted Granger and five other investors. The following activities occurred during the year: a. Received $70,000 cash from the investors; each was issued...
-
This is PHP code connecting with SQL. The issues keep populating within the while loop portion all the way to the end, it will tell me not to use echo but then more errors happen if I don't use echo....
-
The numbers of cobs produced by 360 maize plants are shown in the following table. a. Calculate the mean and the standard deviation. b. Find the interquartile range and give an example of what it...
-
Suppose that an office space commands $200,000 of rental per year, to be paid at the start of the year. Suppose you enter into a forward contract with maturity date in three years, and whose...
-
Formation of the ozone layer. [Modified from Jacob 10.1] Consider a beam of solar radiation of wavelength propagating downward in the vertical direction with an actinic flux l.. at the top of the...
-
A researcher finds evidence of a security price reaction to an item of accounting information during a narrow window of three days surrounding the release date of this information in which no other...
-
Romeo (79.0 kg) entertains Juliet (47.0 kg) by playing his guitar from the rear of their boat at rest in still water, 2.70 m away from Juliet, who is in the front of the boat. After the serenade,...
-
The Gilster Company, a machine tooling firm, has several plants. One plant, located in St. Cloud, Minnesota, uses a job order costing system for its batch production processes. The St. Cloud plant...
-
How do you record the readings from a sampling process? Record readings according to organizational requirements, using expert support and advice as required
-
A 380-volt (line-to-line) 50 Hz AC source provides 50 kW at a power factor of 0.8 lagging to a three-phase load. A 60 kVA three-phase capacitor bank is in parallel with this load (a) Determine the...
-
Making use of the tables of atomic masses, find the velocity with which the products of the reaction B10 (n, ) Li7 come apart; the reaction proceeds via interaction of very slow neutrons with...
-
Todd Manning is the president of Under Wraps, Inc., a chain of sandwich shops. Manning was meeting with his bank loan officer, Kim Wells. The following conversation took place: Kim: Todd, I was...
-
The financial statements at the end of Ameba Realtys first month of operations are shown below. Instructions 1. Would you classify a realty business like Ameba Realty as a manufacturing,...
-
Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them byletter. S (g) Sales Sales returns and allowances...
-
Assume you are working on a project to improve customer service. Create a Pareto chart based on the information in the following table. Use the Pareto chart template from the companion website or...
-
Brainstorm two different quality related problems that you are aware of at your college or organization. Then review the charts found in the section of this chapter on the seven basic tools of...
-
Updating processes, policies, procedures, and knowledge bases is part of __________. A. updating organizational process assets B. archival C. updating project documents D. lessons learned
Study smarter with the SolutionInn App