Developing ‘Customer Value Proposition’ for Corporate/SME CustomersBFSI
Customer value proposition has become one of the most widely used terms in business markets in recent years. It serves as a valuable tool for marketing and sales, enabling the creation of persuasive messaging that resonates with potential customers.
To create a CVP, a company needs to first understand the targeted customers and their needs. What are their goals? What are their pain points? Once a good understanding is generated, we can start to think about how products or services can benefit them and solve their problems. These benefits need to be effectively communicated to the customers in a clear and concise manner. The most important point for a CVP is that it should be easy to understand and must be tailored to the targeted audience.
The client, one of the leading banks in South East Asia, aimed to increase revenues by offering value-added services to its corporate and SME customers. Having already augmented their data infrastructure through text mining, the client sought to undertake additional activities to enhance customer value.
Approach
Our approach involved developing a comprehensive go-to-market strategy comprising segmentation, propensity modeling, and key people scoring to target and pitch products effectively. It comprises three essential parts:
- Segmentation Exercise
A segmentation exercise to identify which companies to target and their characteristics to design segment-specific offerings.
- Propensity Modeling
Develop propensity models to determine what products to pitch to each segment.
- Key People Scoring
Developed a key people score to identify who to contact in the organization based on the position they enjoy in the organization and the strength of their relationship with the bank.
The implemented solution allows real-time monitoring of workplace safety using the following dimensions:
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Segmentation Results
Identified 6 Distinct Customer Groups based on CASA and other banking behavior, enabling differentiation in focus for each segment.
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Propensity Models
Developed 9 Analytical Models for different products to focus on target segments effectively, ensuring personalized and relevant offerings.
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Sales Plan Development
Assisted Relationship Managers in creating client-specific sales plans and pitches, aligning with the identified segments and product recommendations.
Delivered customer value proposition helped bank in South East Asia to effectively target and pitch products to different segments.
Key benefits
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Targeted Offerings
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Increased Revenues
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Improved Customer Engagement
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Enhanced Sales Effectiveness