IDFC AMC: An­a­lyt­ics scores in mar­ket­ing, Next fron­tier is sales

Banking Frontiers - - Digital Strategy - Me­[email protected]­ingfron­

IDFC As­set Man­age­ment Com­pany, es­tab­lished in 2000, has de­vel­oped a ro­bust net­work to de­liver con­sis­tent value to its in­vestors across In­dia. The com­pany’s dig­i­tal strat­egy has been shaped by a 3-pronged ap­proach through so­cial, search en­gine mar­ket­ing (SEM) and an­a­lyt­ics. The ob­jec­tives driv­ing the choices at the AMC have been 4-fold: (i) en­gage­ment, (ii) brand build­ing, (iii) lead gen­er­a­tion and (iv) tar­geted cam­paigns to its cur­rent and po­ten­tial cus­tomers. Ac­cord­ing to Vishal Kapoor, CEO, this strat­egy has been well re­ceived on the so­cial and an­a­lyt­ics front, while SEM needs some more time to fine tune.

IDFC AMC has taken a few ini­tia­tives to­wards bet­ter cus­tomer ex­pe­ri­ence and while some of them have been im­ple­mented, most are in a phase where the com­pany will need more time to come out with re­sults to key cus­tomer ex­pe­ri­ence pa­ram­e­ters.


Dig­i­ti­za­tion is a key strat­egy at the com­pany as prod­ucts and ex­pe­ri­ences are in­creas­ingly get­ting dig­i­tized. To this end, it takes a look at how ex­ter­nal as well as in­ter­nal func­tions can ben­e­fit through dig­i­ti­za­tion of data, process and ex­pe­ri­ence with cus­tomers as well as dis­trib­u­tors. Says Kapoor: “We have un­der­taken a num­ber of ini­tia­tives to use the power of dig­i­tal in our ev­ery­day in­ter­ac­tions, be it data-based dis­cus­sions with distri­bu­tion part­ners or sales process im­prove­ments or cus­tomer cross- sell strate­gies. Tech­nol­ogy is there­fore play­ing the lead role in en­abling our teams to sell the right kind of prod­ucts to the right part­ners and help­ing cus­tomers by mak­ing bet­ter prod­uct sug­ges­tions in build­ing their port­fo­lios.”


While IDFC AMC does not pro­vide a split for the on-line and off­line busi­nesses, it is fact that the on­line share has been grow­ing faster com­pared to the off­line part. Says Kapoor: “We are see­ing a 50% jump in the con­tri­bu­tion of the on­line busi­ness when com­pared to the off­line busi­ness. We have brought dis­trib­u­tors and bro­kers into the fold this year with the launch of our mo­bile app ‘IDFC Saathi’, which saw over 5000 down­loads from Play­store. This app will help dis­trib­u­tors track client port­fo­lios and make prod­uct rec­om­men­da­tions for them to ex­e­cute to­tally on­line. We will be closely watch­ing how the app ben­e­fits our dis­trib­u­tors.”


The early indi­ca­tions on use of an­a­lyt­ics for busi­ness growth have been en­cour­ag­ing for the com­pany. “We have seen 2X-3X in­crease in an­a­lyt­ics-sup­ported cam­paigns when com­pared to usual cam­paigns. This helps an­swer­ing the ques­tion on how an­a­lyt­ics has done for us rel­a­tive to our cur­rent growth pat­tern. But, to make this growth scal­able and keep the mo­men­tum, we are al­ways look­ing for op­por­tu­ni­ties to use an­a­lyt­ics to sup­port our tra­di­tional sales plat­forms. This use of an­a­lyt­ics-based in­tel­li­gence to more tra­di­tional sales pro­cesses will pro­vide the growth and mo­men­tum in the fu­ture.”


The com­pany’s mar­ket­ing and pro­mo­tional ef­forts are cen­tered around brand build­ing. “For brand build­ing, we ac­tively use the so­cial me­dia. We have a strong pres­ence on Face­book, we are the 3rd largest com­mu­nity on YouTube among as­set man­agers in In­dia and we have a grow­ing fol­low­ing among pro­fes­sion­als who fol­low us on LinkedIn,” says Kapoor. For sales ac­ti­va­tion, the com­pany uses email for cur­rent cus­tomers, while prospec­tive cus­tomers are ap­proached through search and dis­play.

In or­der to en­cour­age cus­tomers and po­ten­tial cus­tomers to be fi­nan­cially lit­er­ate, the com­pany has cre­ated a short film called ‘Re­turn of One Idiot’ (https:// www. youtube. com/watch?v=Qrn­lvLA8gMs), which has gar­nered over 2.4 mil­lion views in a year.


The com­pany has part­nered with ven­dors like Wipro, Dell, HP, Len­ovo, Tata, etc, so that its em­ploy­ees as well as cus­tomers have a smooth and en­gag­ing ex­pe­ri­ence. Says Kapoor: “We have a team of ded­i­cated IT pro­fes­sion­als, who pro­vide sup­port for in­fra in­clud­ing desk­tops, lap­tops, voice, servers, net­work, data cen­ter and ap­pli­ca­tions, which in­clude mu­tual fund ap­pli­ca­tion, Ne­go­ti­ated Deal­ing Sys­tem (NDS) and Tri-party Re­pos (TREPs). We also take in­for­ma­tion se­cu­rity se­ri­ously and have ev­ery em­ployee com­plete a man­dated mod­ule for in­for­ma­tion se­cu­rity upon join­ing the com­pany and re­fresher cour­ses on a reg­u­lar ba­sis.” The com­pany stresses on achiev­ing fi­nan­cial lit­er­acy for all its em­ploy­ees and hosts on­line learn­ing aid pro­grams like ReWise, Money Wis­dom, Macrop­oly, etc, on its in­tranet en­cour­ag­ing em­ploy­ees to use them to gain knowl­edge.

Vishal Kapoor ex­plains IDFC AMC’s 3-pronged dig­i­tal strat­egy through so­cial me­dia, search en­gine mar­ket­ing and an­a­lyt­ics, which has been well re­ceived

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