CRM and Market Segmentation Implementation – Key factors for success

We have just completed a change program for a major bank to help their managers understand how market segmentation worked and implement it. This was a country wide implementation and we went to the regions to share this knowledge and change mindsets towards CRM. Many of the managers had negative ideas about CRM and this was shared by their staff.

The team used the Pareto principle to work on their own customer database (20% of their customers represented 80% of their profits). They worked out which customers to focus on for growth and how to use the customer product life cycle to target the correct products. We used financial and non financial examples for this.

Non financial example – Facebook ads – market segmentation in practice.

1. Facebook status – engaged,  ads were for marriage courses.

2. Facebook status – married,  ads were for “toys to pleasure the wife”. Other ads which followed included supplements to enhance my married life.

3. Facebook About – Updating profile as business owner. Ad on hiring top talent easily.

When utilizing, CRM, a clear understanding of who your target market is essential. The more detailed, the better, e.g. customers tend to range between 30-45, degree holders, living in these postcodes, married, with children. Facebook marketing allows a marketer to drill down to hit just a select group of people.

The program worked as we had the in house team who were able to demonstrate how to use the system. This involved hand on expertise on the process of utilizing the CRM database as well as how to segment in the financial world.

In any transformation, the what and the why are the easiest to implement. The key issue is now the “how” of implementation. This was not only addressed in how to use the processes but also how to change the mindset of the branch towards CRM. It involved people and mindsets. Understanding how people worked and what motivated them (beyond pay) was essential. We also needed to share the importance of world best practices in terms of the morning huddle. As many of the managers were Gen Xers or Boomers, a short introduction to the coaching style of management was essential.

The program was conducted for 300 managers. We were able to achieve the following results:-

1. Measured increase in the lead utilisation rate.

2. Increase in the number of customized campaigns coming from the managers.

The key factors for our success were as follows:-

1. Contribution from the client side. All departments, from CRM, Sales, and Learning worked together to ensure the success of this project. There was no politics but instead total collaboration to meet our goals.

2. Flexibility in terms of managing the content of each intervention. With a large number of managers with different levels of understanding, the key was a flexible program that managed to address the needs of the managers.

3. Focus on the how. Most interventions focus on the what and why and not the how. Here almost 75% of the time was spent on the how.


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