Banks can segment the whole market and then looking at the product and service usage of the customers can develop different kinds of marketing strategy and design campaigns to reach customers.This is done in which of the following implementation stages in CRM ?a)Classification of customersb)Customisation of Banks products and servicesc)Identification of customersd)Interaction with the most valued customersCorrect answer is option 'D'. Can you explain this answer?

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Banks can segment the whole market and then looking at the product and service usage of the customers can develop different kinds of marketing strategy and design campaigns to reach customers.

This is done in which of the following implementation stages in CRM ?

a)
Classification of customers
b)
Customisation of Bank's products and services
c)
Identification of customers
d)
Interaction with the most valued customers

Correct answer is option 'D'. Can you explain this answer?

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Banks can segment the whole market and then looking at the product and...

There are four stages through which CRM is implemented:

Identification of Customers: This is the starting point for the implementation of CRM. The bank need to identify the customers based on their products availed and focus of the bank. This will help the banks to focus the segment they want to target and to use the CRM system to effective target at.
Classification of Customers: From the data compiled as above, classification of customers with different perspectives, focus and attention has to be done. The nature of interactions bank has to have with the above information depending on the profitability and the size of the account have to be developed and accordingly the CRM database should be updated.
Interaction with the most Valued Customers: CRM solutions define customer segments and helps in strategizing a particular type of strategy for them. Banks can segment the whole market and then looking at the product and service usage of the customers can develop different kind of marketing strategy and design campaigns to reach at customers.
Customisation of Bank's Products and Services for Different Customer Segments: Selection of media mix and customer interaction points backed by the customers past usage data and intention forecasts, the product managers can design mass customized products for each of the target segments and launch campaigns.

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Banks can segment the whole market and then looking at the product and service usage of the customers can develop different kinds of marketing strategy and design campaigns to reach customers.This is done in which of the following implementation stages in CRM ?a)Classification of customersb)Customisation of Banks products and servicesc)Identification of customersd)Interaction with the most valued customersCorrect answer is option 'D'. Can you explain this answer?

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