Companies and institutions in the financial sector are perfectly poised to make the most of one-to-one marketing in their customer relationship management (CRM) implementations, says Martha Rogers, co-founder of the Peppers and Rogers Group.
Rogers was speaking at a CCH-sponsored conference held at the CSIR in Pretoria this week. During the event, which discussed the impact and potential of one-to-one marketing, Rogers said that financial products lend themselves especially well to the one-to-one marketing process, because banks and other financial institutions already have the ability to easily identify and differentiate their customer base.
This sector has an additional advantage in that unlike the situation in many other industry sectors, customers are more willing and motivated to share information that would assist their banks in personalising and customising financial offerings.
"The goal is not to sell as many products as possible, but rather to service as many needs of the customers [as you] can," said Rogers.
Properly run one-to-one marketing programmes, Rogers said, could bring financial services more business from each customer, a reduced need to discount their product offerings and that elusive element- customer loyalty.
Rogers noted that banks and financial services institutions could stand to profit significantly by leveraging the strategic value of each customer by way of investments with other brokers and referrals of other clients.
The two-day conference, which was organised by Peppers and Rogers SA, also discussed the implications of one-to-one marketing principles on contact centres, retail sectors and business-to-business issues.
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