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CRM AT AT CAPITAL CAPITAL ONE (UK): CASE STUDY STUDY Introduction: Capital Capital One is a US based fnancial fnancial corporation corporation ounded in November November 1994. In 1998 Capital One opened its frst overseas service at Nottingam! U". #itin a span o $ %ears o its inception! its stoc& price increased b% 1''' percent (it an average annual gro(t o 4' percent. Success beind suc a penomenal gro(t is troug te vision o its leader )icard *airban& and Nigel *orris.
Visio Vision n tht tht trnsc trnsc!nd !nds s "#o$i "#o$i:: +o develo develop p a inor inorma matio tion,b n,base ased d compan% rater tan a fnancial compan%. Cor! strt!%# strt!%#-- +o tailor tailor teir teir servic service e and produ product ct as per indivi individua duall customer reuirement so tat te /rigt product 0credit card can be provided to customers at rigt time and rigt price2. Suc an o3er (as a uni&u! $ro$osition in $ro$osition in a mar&et (ic lac&ed customisation and one to one mar&eting.
anaging associate selection Supporting and developing culture
Dri'!rs o succ!ss: C) is vie(ed as a &e% strategic process in Capital One. Capital One so( cased tat C) can be translated into strateg%! organi>ational design! iring! mar&eting processes! and I+ inrastructure o a compan% .6i3erent depts. (or& (or& in an inte integr grat ated ed as asio ion n to(a to(arrds unde unders rsta tand ndin ing g and and sati satis s%i %ing ng customer. Int!nsi'! Pri"r# r!s!rch: − Pr! $urchs!: Inormation based strateg% 0I=S acilitated collecting inormation and utilising it to understand customers need and ris& profle or tailoring te o3ering. Post Purc Purch hs! s!:: − Post It acilit acilitate ates s to react reactiva ivate te dorma dormant nt custom customer er troug customised benefts or incentives design. +is provide base to rame retention strategies. Pro$!r S!%"!nttion: − Clearl% Clearl% categorised categorised eac customer customer under Lo Ris* Trnsctor or +i%h Ris* R!'o,'!r Ris* R!'o,'!r groups groups-− +argeting +argeting all t%pes o ris& profles and o3ering di3erent prices and products.
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.!t t!stin%: *ull proofng te o3er beore launc b% test running it on B$''' ,4'''' odd customer. +is urter elps in fne tuning te o3er or better acceptabilit% 0Test and Learn. A%%r!ssi'! $ricin%- O3ered lo(ered interest rate! lo( ees and lo(, cost balance transer deals. E/!cti'! u$rd co""uniction: Inputs rom ront end associates are given due importance in crating strateg% or customers. E0ci!nt Associt! Mn1$o!r "n%!"!nt -
Pot!nti, Thr!ts:
Individual based customisation is a urdle or revenue orecasting and sustenance. ntering ne( mar&ets (ill be time ta&ing as most o te activities sel, driven and developing same t%pe o inrastructure or eac mar&et (ill not be economicall% viable. #it increasing consumer base! also demands or iger capital investments in I+ in managing te data. +is (ill a3ect te proftabilit% in te ris& driven mar&et. Customer ma% get conused i somebod% starts comparing o3ering (it oter customers. : eeling o di3erentiation ma% arise (ic ma% lead to distraction.
R!co""!ndtions:
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Sould tr% to avoid customisation or lo( proftable customer! oter(ise it leads to over eEpenditure on manpo(er and tecnolog% cost in andling suc customers. ust outsource e( o te activities related to raudulent customers (ic consumes more time (it least return. Sould to loo& or ne( avenues or attracting customers oter tan Hust revising plans! incentives and re(ards. ust rerain rom regular mailings about ne( products (ic usuall% leads to customer irritation. Sould loo& or a set o standardised products tat (ill be applicable to a cluster! (ic indeed could reduce teir transaction cost. :ttending all ma% not be sustainable.