Study Tracks CRM Evolution
The report, titled "Campaign Management Update: Cover Your Asset," found that state-of-the-art campaign management systems are no longer simply tools to automate direct marketing campaigns. Instead, they now provide personalized information that can allow a financial institution to meet acquisition, loyalty, retention and relationship development objectives by enhancing its knowledge of customers.
"Financial institutions should choose CRM products with a view beyond the immediate task at hand and consider the importance of the customer knowledge asset that they are building," said Dennis Behrman, analyst at Meridien, Newton, MA, and author of the report. "It is critical that this asset survives despite ongoing campaign management software decisions and implementations."
The report described baseline solution capabilities, identified important considerations when implementing a campaign management system and discussed event-based marketing, a new breed of direct marketing solution.