Business Challenge
Creating better cross-sell and customer offers to improve acceptance.
A leading bank in the US wanted us to utilize big data for conducting customer offers and cross-sell analysis to increase offer acceptance.
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Situation
Low acceptance of CRM based cross-sell offers.
The client was utilizing CRM (traditional) data for creating offers and cross-sell methodologies for customers. The acceptance rate of these offers was very low and the cross-sell success rate had reduced as well. The client was looking for a solution to improve the situation.
Solution/Approach
Big data-based analytics, and framework development for cross-selling offers.
We analyzed their current process and utilized big data-based analytics for analyzing and predicting customer acceptance rates. We analyzed customized offers and conducted statistical validations for the success of the offers. We also set up a framework for cross-sell relationships.
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Impact
25% higher offer acceptance rates.
The client achieved improved cross-selling and greater product penetration. Based on this, the client was able to increase revenue through 25% higher offer acceptance rates, reduced campaign and operations costs as well as improve customer profitability, satisfaction, and retention.
