Today, the key to building long-lasting relationships with customers lies in having meaningful conversations with them. There is a barrage of information out there, being thrown at the customer. We need to break through that noise and clutter to truly engage consumers and win their loyalty. The only way this can be done effectively is through hyper-personalisation, where meaningful content and communication can make a difference in the customer’s life on a day-to-day basis.
IDFC AMC, with a combination of technologies executed email and SMS campaigns; both for transaction-related and informational communication that keeps customers engaged, as well as promotional emails to target prospective customers. Marketing Cloud is also used to automate journeys for different customer segments and to deliver customised communication.
The company also uses analytics to identify high-performing channels and optimise channel spend. The insights from the data is used to to identify highly engaged subscribers and increase conversions. Express Computer speaks with Shwetal Kothari, Vice President – Digital Marketing, IDFC AMC.
What was the exact requirement of IDFC AMC before the implementation?
Over the last few months, we’ve seen brands across sectors take digital to an all-new level. We’ve also seen how consumers across age groups are adapting to new digital behaviours. It is now essential for businesses to think digital first in order to become a part of the day-to-day lives of a consumer.
With the emergence of this new normal, a digital-first interface is the future. We are working towards merging online and offline processes to provide a seamless experience for our customers irrespective of the channel of interaction. We want to be able to quickly adapt to the changing needs of the customers and deliver powerful and positive experiences across channels.
It’s not enough to simply be present online, it’s about how tailored and relevant the conversation is. At IDFC AMC, we were looking for a technology partner to help us deliver superior online experience to our customers. After evaluating a few other solutions in the market, we partnered with Salesforce because of its advanced capabilities. We chose to go ahead with Salesforce as it seamlessly integrates with multiple systems, has extensive customisation capabilities, and offers smart analytics.
We want to continue providing a superior online experience to customers and this involves adapting to the rapidly changing behaviour of the customers in the ‘new normal’.
To what extent has the sales increased?
IDFC Asset Management Company (AMC) has become one of the most trusted mutual fund companies in the country. With over one million investors and a presence in 46 cities, the company has been forging its digital transformation journey with customer satisfaction at the centre of it all.
Today, it is more important than ever to reach out to your customer with the same message across different touchpoints. At IDFC Asset Management, we are constantly working towards becoming a partner to our customers in their wealth creation journey. We want our customers to understand the long-term benefits of the products that we recommend, through consistent and relevant communication.
In one of our recent campaigns, we leveraged Salesforce Advertising Studio to engage with customers whose Systematic Investment Plans have expired with us. We were able to maintain consistent, omnichannel communication, by creating a unified customer journey and orchestrating the entire experience—right from the time we send emails and SMS, all the way to targeted ads on social media. The uniform personalised and contextual messaging resulted in an overall improvement in open and click rates. Using Salesforce Marketing Cloud’s analytics, we have also been able to analyse the performance of these campaigns.
This has enabled us to make our communication more targeted and meaningful. As a result, we have witnessed an increase in our sales by up to 3x. Our story is one example of what is possible when technology meets marketing.
What are the products and solutions from Salesforce that helped IDFC? What has led to the increase in sales?
At IDFC AMC, our aim is to provide delightful experiences to customers both online and offline. We were looking to move beyond advertising, to large-scale marketing campaigns. To execute these campaigns, we needed a campaign management tool to organise our campaigns, automate email marketing, store large databases, and produce meaningful reports of campaign performance.
Today, the key to building long-lasting relationships with customers lies in having meaningful conversations with them. There is a barrage of information out there, being thrown at the customer. We need to break through that noise and clutter to truly engage consumers and win their loyalty. The only way this can be done effectively is through hyper-personalisation, where meaningful content and communication can make a difference in the customer’s life on a day-to-day basis.
We use Salesforce Marketing Cloud to create and execute email and SMS campaigns; both for transaction-related and informational communication that keeps customers engaged, as well as promotional emails to target prospective customers. Marketing Cloud is also used to automate journeys for different customer segments and to deliver customised communication.
We also use Einstein Analytics to identify high-performing channels and optimise channel spend. We also use insights from the data to identify highly engaged subscribers and increase conversions.