Personalization, simplification, and value – Things that hook customers
Innovation is disrupting all the industries to get the more innovative day after day and the banking industry is no different. Offer Management is a customer-centric solution that works on contextual marketing. With the help of data analytics offer, management is a proven method that improves customer service. Offer management involves Cross/ upsell recommendations, Next Best Offers, Bundle products, etc which can add significant value to the customer purchase. Banks can leverage offer management to enable real-time promotions and offers through multiple channels.
How can offer management transform customer service utilizing data analytics?
- Contextual marketing: Complimenting cross/ upselling, banks can optimize contextual banking to target customers with the right offer at right time over the right channel after analyzing the financial ecosystem. The timely promotions and updates show a significant increase in customer engagement and satisfaction.
- Bundle offers: Banks can build bundle packages of their products and services based on customers’ banking history. This enables customers with rewards in terms of financial products and banks can yield enriched customer relationships.
- Cross/ upsell recommendations: Who would turn off value addition? By harnessing intuitive technologies like analytics, banks can offer highly personalized recommendations in the form of cross/ upsell recommendations to their customers.
- Next Best Offers: With the help of predictive analytics, banks can offer their customers the next relevant actions/ recommendations. This results in improved customer engagement and scales up the business.
How does SPIN’s NPOWAR dynamizes offer management?
NPOWAR is SPIN data and Strategy’s advanced analytics solution which focuses on customer value management. NPOWAR analyses the customer behavior with the help of inputs like product usage information, demographic variables, and customer acquisition data. The offer recommendation engine of NPOWAR by processing personalized recommendations, the wisdom of crowd and market intelligence aids banks to create a potential offer management strategy. Check out more on NPOWAR’s capabilities on reach us on: (408) 495-2862
