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Segmentation·Ineffective segmentationoPurpose increase transactions à send them offering to induce their spending, but sometimes may not work on certain segmentsoNot tailor product, but just customised marketing
oSmall defined target group is neededoMulti-segmentation based on§Demographic·Age·Income·Gender·Geographic§Psychographic·Purchasing pattern or habit§Behaviour·Card type·Promotional engagement·Spending & BorrowingTarget Marketing·Differentiated (segmented) Marketing Serve all customer segments through personalised message according to the characteristics of segments·Do not fully utilized the customer segments, NatWest just send out personalised message to clients.·80/0 RuleoIdentify profitability segmentsoSending more products and offerings to profitable clientsoDifferentiate Marketing Design a specific customised products to profitable customeroMicromarketing Marketing offersoBased on Satisfaction/Performance, NatWest can tailor products to specific customer needs.Positioning for Competitive Advantage·The more for the same·Competitive AdvantageoAdded value through personalised servicesoBranding & imageChannel·Direct Mail may not be effective in mass marketing, but it may be effective in differentiate marketing.·Given the failure and unpleasant experience of customers & improve contact point, we should classify the customers preference in direct mail & telemarketing·Transfer promotion electronically in the future à no more telemarketing Recommendation·CRM is a good investment, but you may not see the benefits immediately, you need to redesign your organisation to gain long term benefits·Introduce tailoring of products & promotional offers to respond the different customers needs·Some basic elements of geographical and psycho graphical segmentation should be considered to build more effective customer segments·Credit Card's customer segmentation may not be useful in other business units·Growing concerns about the protection of customer privacy and security of information·Extend the CRM system to other departments only after improvement in flexibility ·Long-term goal maximize customer's multi-product holdings. Please note that this sample paper on NatWest's CRM is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on NatWest's CRM, we are here to assist you. Your cheap custom college paper on NatWest's CRM will be written from scratch, so you do not have to worry about its originality.
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