Description
It explains how deluxe financial services transformed itself by understanding its customer's needs.
Understanding the customer’s customer:
Deluxe Financial Services By: Vikrant Sharma 31232 Marketing- »’B’
Company profile
• Founded in 1915 in St. Paul, Minn with $300 start up fund • Printing checks ‘better, faster and more economical than anyone else’ • Primary customers: banks, brokerages and credit unions • Very commoditized product (less differentiation), price point main selection criterion
Problem at hand
• Declining category demand by 3-4% per annum (credit and debit cards) • No interaction between check printer and customer • Urgent requirement for business process overhaul • Lack of interest by their customers in making the product popular among final customers
Strategy for innovation
• An extensive market research excercise among FIs and final consumers • Customer’s requirement: to have designer checks to go with personality but not offered by banks etc, they pay least interest in making the product from staple to specialist
Strategy for innovation
• Bank’s requirement: very difficult to handle customer relationship management • Very particular about ‘world class printing’ tag • The relationship with customer and their experiences needed te be improved through the product • A win-win situation for Deluxe as their customer benefits by fulfilling the demand for its final customer
Strategy for innovation
• Tranformed from a mere printer to retailer • Catering to final customers need and in turn creating value for immidiate customer • Test concept named ‘DeluxeSelectsm’ catering to details like type and price of check book for select segment customers • This managed the relationship with the customers directly without the FIs having to do the same
Deluxesm-A unique initiative
• A big success in 1st year, full scale service in 2002 • Promotional expos organized for customers for awareness along with presenatations and how profitability can be increases • Huge orders after the expos from FIs • The product innovation was supported by right comunication campaign
Communication prog
• Campign made bigger after initial success by the addition of trade show booths having posters, artworks and promotional material • The whole procedure was done from scratch by a fresh approach • The campaign was bolstered by the Knowledge exchange series (KES) which comprised of articles, web presence, seminars etc. • This voiced the experiences of satisfied customers which helped in creating a authenticating aspect to the campaign
The situation now
• After the 360 degree communication campaign 87% customers accepted Deluxe as their strategic partner • 89% showed an intent to do business with Deluxe • Exceptional results in view of the scenari which it faced a few years back of shrinking category and demand
Thank you
doc_350577206.pptx
It explains how deluxe financial services transformed itself by understanding its customer's needs.
Understanding the customer’s customer:
Deluxe Financial Services By: Vikrant Sharma 31232 Marketing- »’B’
Company profile
• Founded in 1915 in St. Paul, Minn with $300 start up fund • Printing checks ‘better, faster and more economical than anyone else’ • Primary customers: banks, brokerages and credit unions • Very commoditized product (less differentiation), price point main selection criterion
Problem at hand
• Declining category demand by 3-4% per annum (credit and debit cards) • No interaction between check printer and customer • Urgent requirement for business process overhaul • Lack of interest by their customers in making the product popular among final customers
Strategy for innovation
• An extensive market research excercise among FIs and final consumers • Customer’s requirement: to have designer checks to go with personality but not offered by banks etc, they pay least interest in making the product from staple to specialist
Strategy for innovation
• Bank’s requirement: very difficult to handle customer relationship management • Very particular about ‘world class printing’ tag • The relationship with customer and their experiences needed te be improved through the product • A win-win situation for Deluxe as their customer benefits by fulfilling the demand for its final customer
Strategy for innovation
• Tranformed from a mere printer to retailer • Catering to final customers need and in turn creating value for immidiate customer • Test concept named ‘DeluxeSelectsm’ catering to details like type and price of check book for select segment customers • This managed the relationship with the customers directly without the FIs having to do the same
Deluxesm-A unique initiative
• A big success in 1st year, full scale service in 2002 • Promotional expos organized for customers for awareness along with presenatations and how profitability can be increases • Huge orders after the expos from FIs • The product innovation was supported by right comunication campaign
Communication prog
• Campign made bigger after initial success by the addition of trade show booths having posters, artworks and promotional material • The whole procedure was done from scratch by a fresh approach • The campaign was bolstered by the Knowledge exchange series (KES) which comprised of articles, web presence, seminars etc. • This voiced the experiences of satisfied customers which helped in creating a authenticating aspect to the campaign
The situation now
• After the 360 degree communication campaign 87% customers accepted Deluxe as their strategic partner • 89% showed an intent to do business with Deluxe • Exceptional results in view of the scenari which it faced a few years back of shrinking category and demand
Thank you
doc_350577206.pptx