During the last 7 years, financial entities have multiplied by 10 the number of campaigns executed per year. The specialization by segments, the new channels and the competitive pressure are multiplying factors that explain this growth. Campaign budgets have also grown and campaign management optimization has become a critical competitive factor.
Optimizing campaign management translates into an increase in the number of campaigns of more than 200%, maintaining the same level of costs. The best selection of campaigns and target audiences usually raise the effectiveness ratios between 50% and 150%. Taken together, campaign management optimization has a direct impact on sales of between 50% and 100%.
2. Increased business productivity supported by analytics
The differential value that we provide from Cognodata is that our approach combines the generation of emotions to improve the attitude of the sales network with analytics and, ultimately, direct the activity where it is most productive. In other words, any decision or recommendation for action regarding the levers of action is based on the analysis of customer data and commercial activity, and is contrasted with knowledge of the bank’s strategy and operations, and the context customer’s competitive
The priority levers within campaign management to increase the optimization of campaign management processes are:
a) Segmented Commercial Plan
Differentiation by type of customer and even the specialization of channels and staff to serve each profile, allows entities to increase the effectiveness of campaigns between 50% and 150%. All these actions must be prioritized in a coherent strategic plan, which sets the objectives, deadlines, costs, income and expected returns.
b) Release of management alarms
Proper management of events and alarms is critical when it comes to identifying business opportunities in customers and also allows campaigns to be more specialized without consuming additional resources, thus increasing the efficiency of the process and reducing lead-time in launch by up to 80%.
c) Productivity through alternative channels
The promotion of the use of alternative channels in campaigns allows increasing commercial productivity with lower costs and reaching some clients who do not use the branches. Optimum management of the different channels ranges from the strategic definition of the products and which segments should be communicated, to the management of resources for their measurement and implementation.
d) Systematized measurement
In order to be able to react quickly to deviations from the objectives and identify business opportunities, it is necessary to measure the effectiveness, profitability and follow-up of the strategic objectives of all the initiatives to guarantee the continuous improvement of the results.
e) Campaign Dashboard
Achieving a unified vision throughout the organization of campaign management activity and monitoring the evolution of key metrics is essential when it comes to optimally managing campaign operations.
f) Organization and cooperation between functional areas
An optimization of the key processes must incorporate a redesign of the organizational structure and the development of up to five types of specific roles in campaign management. This is intended to increase the added value of tasks, achieve greater team integration, reduce lead time, both in the launch and in the measurement of actions, and ultimately, work in a global environment of knowledge.
Using reengineering and the incorporation of the latest technologies as levers, campaign managers emerged for the simplification and industrialization of operating processes. Each financial institution needs a different adaptation of specific tools, depending on its business model, the management it carries out of its campaigns and its technological environment. The analytical environment, the planner, the campaign and event manager, the interfaces with the channels, the contact control, the prioritizer and the measurement module are some of the key parts of the system.