IDFC AMC: Analytics scores in marketing, Next frontier is sales
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.”
APP FOR DISTRIBUTORS
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.”
CAMPAIGNS USING ANALYTICS
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.”
MARKETING & PROMOTION
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.
IT TEAM, VENDORS
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