Client Situation
Our client is one of the largest commercial banks in the GCC region, the bank serves over half a million customers. The bank provides best-in-class consumer and commercial banking services for its retail, corporate and institutional clients. In view of the changing digital landscape in the region, the bank engaged Cedar to assist with their cross-sell campaign design.
Cedar’s Approach
In this program, Cedar was mandated to assist in designing a campaign with a focus on cross-selling and revenue maximization. In addition, Cedar also:
- Assisted with the market overview to understand current trends and customers’ preferences in the region
- Reviewed various products and segments – Women, Youth, Cards, Remittances, Loyalty programs
- Performed 5 levels of Segmentation exercises on the Customer Data to identify relevant and mutually exclusive micro-segments
- Identified customer segments to drive activation, cross-sell and classify them into 3-4 logical groups
- Reviewed client customer data using data analytics to understand current preferences, usage patterns, and product penetration and identify customer propensity to buy
- Identified 4 customer segments and designed relevant product propositions
- Designed a campaign to capture high-probability leads, and designed performance measures for the campaign
- Designed and conducted a training program for the campaign execution team
Outcome
The program resulted in various cross-sell opportunities:
- ~5000 customers identified for the campaign with a higher probability of conversion
- 4 customer segments focused on select product propositions
- Sales script and high-level process designs
- New internal unit with cross-functional skillset formed to drive the execution program
- Orientation Workshop for the Execution Team
- Performance Tracker for Lead Management