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Case Study |
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Customer selection for a leading bank |
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Shubha N. Janardhan and Prof. S. Mohan Kumar |
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Overview: |
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One of the nation’s leading bank’s hired Haselfrë to help with a specific customer selection problem that is important to senior management of the country.
On this issue, selecting the right customer for the emerging market of India is key. Working with our client, Haselfrë has been able to successfully engage various departments within the bank and segment the various customers to attract as a pull strategy. |
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The Problem: |
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For years, the bank has been relying on its existing worldwide brand to attract customers. They were not actively participating in engaging the customers and attracting new ones.Due to the new senior management efforts and priority, the bank hired Haselfrë to select the right kinds of customers setting stage for growing and emerging market of India.
The bank had not segmented its customers and as a result was not sure where the revenue was coming from and what targets of customers its services were targeting. |
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Strategic Recommendation: |
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Haselfrë’s assignment was to engage the senior management (C Level) at the bank to understand where they wanted the bank to go. Haselfrë enabled the bank to understand what the emerging markets demographics were. Key elements of the program included: |
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Program Elements: |
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- Develop various segments of customers to understand what each segment brought to the table.
- Create simulations showing revenue streams based on customer segment and approach.
- Engage C level executives and discuss the pull strategy for the new customers.
- Work with the bank to engage in pilot projects for attracting the customer.
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Results: |
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Haselfrë’s efforts to help the bank gain new customers and select them appropriately have been very effective. Working with our client as well the potential new customers of the bank has helped the bank create a new awareness of approaches for the bank. Customer services for new customers has been highly targeted with very focused marketing efforts. Closely working with the sales team has also enabled the bank understand how to reach new streams of revenue. |
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About the Key Professionals:
Shubha N. Janardhan is the Chief Operating Officer of Haselfrë Solutions.
Prof. S. Mohan Kumar is a principal at the Haselfrë Office.
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