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GROUP ASSIGNMENT SUBMISSION Section A: Group Details: Assignment No.: A3 Batch: IIMP Session Day & Time: Thursday - I Group Colour: Fl. Blue Section B: Assignment Details: Assignment Topic: Company visit Training Topic & Session: Coming Battle for Customer Information Submission Date & Time: Wednesday – 01:00 p.m. Section C: Group Members: No. Name Div. & Roll No. PC PN AB Grade 1. Nikhil Misal C-33 Y A 2. Gulshan Goklani C -17 Y A 3. Madhura Shelar A-51 Y A 4. Devika Datta B-18 Y A 5. Archanakaur Jhamtani B-28 Y A 6. Aakash Kamble B-29 Y A 7. Pankaj Patil B-46 Y A 8. Pankaj Chavan C-11 Y A 9. Vineeta Goenka A-15 Y A 10. Atul Jadhav B-22 Y A 11. Amruta Jagdale B-24 Y A 12. Ravi Awade B-03 Y A Remarks:

Customer Relationship management and customer information management assignment 3 Indira Institute of management Pune

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Page 1: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

GROUP ASSIGNMENT SUBMISSION

Section A: Group Details:

Assignment No.: A3

Batch: IIMP

Session Day & Time: Thursday - I

Group Colour: Fl. Blue

Section B: Assignment Details:

Assignment Topic: Company visit

Training Topic & Session: Coming Battle for Customer Information

Submission Date & Time: Wednesday – 01:00 p.m.

Section C: Group Members:

No. Name Div. & Roll No. PC PN AB Grade

1. Nikhil Misal C-33 Y

A

2. Gulshan Goklani C -17 Y

A

3. Madhura Shelar A-51 Y

A

4. Devika Datta B-18 Y

A

5. Archanakaur Jhamtani B-28 Y

A

6. Aakash Kamble B-29 Y

A

7. Pankaj Patil B-46 Y

A

8. Pankaj Chavan C-11 Y

A

9. Vineeta Goenka A-15 Y

A

10. Atul Jadhav B-22 Y

A

11. Amruta Jagdale B-24 Y

A

12. Ravi Awade B-03 Y

A

Remarks:

Page 2: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

CAREER DEVELOPMENT

PROGRAMME

ASSIGNMENT NUMBER: A3

The Coming Battle for Customer Information

[Infomediaries]

BATCH: IIMP, 2008-10

SUBMITTED BY

GROUP NAME- FLUORESCENT BLUE

Page 3: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

Introduction

1. The Need for Information-

All most all companies thrive and flourish on customer information and feedback.

Companies use this data to:

Targeting Most

Valuable Prospects.

Customization of

products and

services

Boost customer

satisfaction

Identify new

opportunities for

forthcoming products or

services

Maintain existing

customers

Page 4: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

a) Target their most valuable prospects:

A data base of customer information is key in deciding the targeting and

segmenting of a company’s products and services.

Targeting helps the company focus all its recourses on potential, likely customers

and hence insures sales and profitability.

b) Customization of products and services:

Detailed accounts of the tastes and preferences of customers helps in the company

to customize certain products and services for certain customers. This additional

feature adds value to the company thereby insuring customer retention and

satisfaction

c) Boost customer satisfaction:

By understanding what the customers like and need, the company can focus on

providing and improving those products and services to insure increased customer

satisfaction

d) Maintain existing customers:

Detailed information on customers helps companies in providing products and

services that are needed by its customers. Thus by satisfying its customers at all

times, the company, with the help of this data, can retain its customers by always

keeping them satisfied.

e) Identify new opportunities for forthcoming products or services:

Data containing the likes, dislikes, tastes and preferences of a varied range of

customers helps the company isolate opportunities for creating new products. This

data is used to identify what the customers need and to create and offer that

product or service.

2. Future Challenges in Collection of Customer Information:

a) The current trend in the collection of customer information reveals that the customers

are becoming increasingly agitated in divulging information about them selves.

b) The customers are also becoming increasingly aware of the commercial value of their

personal information. Hence there will be a visible shift in their casual approach

towards revealing information.

c) The customers in the future will begin to demand certain additional benefits in

exchange of their personal information.

Page 5: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

3. The Emergence of Infomediaries: a) Formed from a combination of the words information and intermediary, an Infomediary

is a Web site that gathers and organizes large amounts of data and acts as an intermediary

between those who want the information and those who supply the information.

b) There are two types of Infomediaries. Some Infomediaries offer consumers a place to

gather information about specific products and companies before they make purchasing

decisions.

c) The Infomediary is a neutral entity, a third-party provider of unbiased information; it

does not promote or try to sell specific products in preference over other products. It does

not act on behalf of any vendors.

d) The second type of Infomediary and one that is not necessarily Web-based, is one that

provides vendors with consumer information that will help the vendor develop and

market products.

e) The Infomediary collects the personal information from the buyers and markets that data

to businesses.

f) The advantage of this approach is that consumer privacy is protected and some

Infomediaries even offer consumers a percentage of the brokerage deals.

The term Infomediary was coined by John Hagel in his 1996 article entitled "The Coming Battle

for Customer Information" in the Harvard Business Review.

Page 6: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

PART A

What information do companies collect about customers?

How do they collect this information?

What use do they put it to?

COMPANIES VISITED-

MERCEDES BENZ, STATE BANK OF INDIA & P SQUARE

A.

Page 7: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

Mercedes-Benz

Person met: Mr.Jeji Matthews

Designation: HOD-Sales

a) Mercedes-Benz maintains its own database of customers as well as prospective

customers.

b) Thus there are two types of databases in the same central system.

1) Type of information collected from the customer:

a) Name, Address, City, Phone Numbers, Email address

b) Company name

c) Annual turnover

d) Repeat customer

e) Designation

f) Personal profile includes:

• Marital status

• Spouse’s name

• Birthdays- self, spouse, children

CUSTOMERS PROSPECTIVE

CUSTOMERS

DATABASES

CUSTOMERS’ INFORMATION

Page 8: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

• Sports played & watched

• Airlines traveled

• Newspaper & magazines read

• Hobbies enjoyed

• Club membership

• Credit cards owned

• Favourite TV channels

g) Other premium vehicles owned

h) Total number of vehicles owned

i) Chauffer Details: name, telephone number, Mobile number

j) REFERRALS (to share the joy of owning a MERC)

k) Account Type :

• Government

• Non-government

2) The way in which they collect this information

Mercedes-Benz collects this information after the sale is done i.e after the customer has bought

the car.

The customers are given a form to fill which includes these details.

a) Use of this information to Mercedes-Benz:

• Mercedes-Benz rigorously follows CRM activities.

• As Mr.Mathews said, “Our greatest strength lies in using this information to

stay in touch with the customers and let them know about new products and

offerings. We also make sure to send greeting cards, bouquets, gifts, etc. to our

elite customers on their birthdays, anniversary, silver jubilee, etc.”

This helps Mercedes to develop a bond with their customers.

• Also Merc uses the REFERRAL information as the Prospective customer

information.

Who is a prospective customer ?

• According to Mercedes-Benz, a prospective customer is one who is likely to buy

their product in the next 90 days or so.

PROSPECTIVE CUSTOMER’S INFORMATION

Page 9: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

HIRE

Sources of information of Prospective Buyer:

1) Intermediaries:

• Mercedes-Benz collects the data of prospective buyers from different

associations, organizations & finance partners.

• It does not hire any third party for collecting this information. It does all the

activities on its own.

• Financial Partners means the different banks that provide insurance cover and finance to

the customers for buying Mercedes-Benz products.

• They provide the information of High net-worth individuals (HNI) who are prospective

buyers for the company.

• Also it uses the information furnished from Association of Doctors, Indian Dental

association and other such associations.

Mercedes-Benz does not hire any company or third party for the

collection of data of prospective customers.

Intermediaries

Associations (e.g: Builders

association)

Organizations

(eg: MACCIA)

Financial partners

Page 10: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

2) Media:

• The company makes use of the media to know about the people who can go for their

products.

• Mr. Mathews said, “We send bouquets, gifts and cards to different people who have

bagged different prestigious awards (eg: CNBC awards, Economictimes awards,etc) in

different fields on our company’s behalf. This helps us to create a brand image in the

minds of our prospective buyers.”

3) Use of Information:

1) Customer’s information:

• The company uses the customer’s information to wish them on their birthdays and

anniversaries.

• This helps them to bond with the customers better. This in turn prompts the customers for

repeat buying.

• Also they use the information to keep their customers updated about the different

products and services that they offer.

2) Prospective Customer’s Information:

When the company has the information about their prospective buyers, they try to interact

with them by inviting them to different events, functions, etc which are as follows:

• Gazal evening

• Musical nights

• Indoor sports

• Painting exhibitions

• Road shows

• Auto exhibitions

• Free test drives at their home, etc.

CONVERSION RATE:

“The standard conversion rate for the company till date has been 22%-23%” , said Mr.Mathews.

Conversion rate indicates the percentage of customers formed out of prospective customers.

Page 11: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

Our experience at STATE BANK OF INDIA: We were privileged to meet the Dy. Chief Marketing Executive(Pune), Mr.

Ravindra .M. Lele. He was very helpful in providing all the information we

required. He also appreciated our efforts in showing keen interest in gathering such

vital information.

The information provided by him is discussed below:

Information gathered from SBI:

1. SBI has a separate Customer Relationship Department.

2. SBI has a wide network of 11,000 branches across the country yet it maintains

database of all its customers.

3. Each branch has a separate department which maintains information of its

customers.

4. The software used by SBI is BANKLINK. Due to core banking it has

centralized database system.

5. SBI considers each of its service as special.

6. SBI does not depend on any infomediary. They believe that such vital

information supplies by an outsider may be inaccurate at times.

7. They keep their customers updated through its special website:

www.sbitimes.com.

8. They strongly believe in maintaining direct contact with its customers.

State Bank Of India

Page 12: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

9. They believe in the concept of ONE POINT SERVICE i.e. all services under

one roof.

Page 13: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

What information does SBI collect from its customers?

Information is the fundamental currency of any successful organization. It is

the primary source through which it maintains long term relations with its

customers.

1. SBI collects information like :

a. Name,

b. address

c. contact number

d. e-mail id

e. Pan card number

f. Identity proof

g .photographs

h. information about nominee

i. income group

j. occupation

k. date of birth

l. age

m. family details.

How does SBI collect information from its customers?

Now-a- days customers are hesitant to share any information with

the organizations .But this is not the case with SBI. This is because

customers have lot of faith and trust with SBI and so willingly

disclose information.

1. SBI collects information at the time of opening of account.

2. It also collects information through its widespread network.

3. It collects this information through its Customer Relationship Department.

SBI does not make use of any external team for getting information about its

customers as it believes in direct relations with its customers.

Page 14: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

How does it use the information?

SBI uses the information collected in a beneficial way as

follows:

1. Direct marketing for new product announcement.

2. Special promotions for the year

3. Target marketing

4. Developing customer relationship

5. Developing new products for the customer

6. Accounts planning

They also use the customer information to find out the problems

and grievances which customer faces. The customers can inform the

company about any difficulty faced by them through their specially

created website www.sbitimes.com or they can inform the authorities

directly. All the grievances are redressed immediately without any

delay.

Page 15: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

C] THE START UP-

Met With: Mr. Atul Poharkar, Co-Founder and Director: P Square.

Company Brief:

P Square was founded in 2008 by Mr. Nilesh Palresha and Mr. Atul Poharkar with an objective

of entering the e commerce segment. The company aims at bridging the existing gap between

Service Providers and their Potential Customers, by providing authentic information via the

internet. It envisions establishing itself as a strong and competent player in its segment, by

expanding operations nationwide.

About iCrave:

iCrave is a lifestyle portal for Pune, aiming at providing fast, accurate and up to date information

about the Restaurants, Shops, Hotels, Clubs and Recreation segments. It successfully integrates

the various critical aspects viz. Relatability, Navigability and Interactivity, essential for a

destination promoting portal. Maintaining visual appeal of the website without compromising on

the ease of navigation helps us achieve a high Website User Friendliness Index (WUF). SMS

alerts on upcoming events, parties and sales, numerous contests, user reviews and active forums

make the website an interactive one. iCrave currently aims at a target audience of 16+ years.

Management Profile:

• Atul Poharkar, Co-Founder and Director:

• Nilesh Palresha, Co-Founder and Director:

Client List:

Covering more than

• 15 Nightclubs,

• 25 Recreation Options,

• 30 Hotels, 200Restaurants and

• 400 Shops, all over Pune,

• iCrave has a strong database of each of its segment.

Page 16: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

QUESTIONNAIRE

1. Does your organization maintain the database of customer’s information?

A: Yes

2. Which relevant information of customers do you collect and why?

A: Information such as Names, Email Ids, Age, Contact No and Gender forms a

part of the basic information collected. However, information about customer

preference on various segments and facilities forms the primary information. The

information is used to design various aspects of the website by giving due

importance to high scoring preferences.

3. What are the various ways of gathering information?

A: Hiring people/agencies to collect information from the TG by personally

meeting and explaining the survey. Telephonic surveys. Surveys designed in the

forms of polls are of great importance.

4. Now-a-days customers are very hesitant to give information, how do you convince

them/ obtain information?

A: Have not come across any instances as such, at least not on alarming

magnitudes. However, if the TG of the survey can connect to the questions

framed in the survey, as in if they are convinced that the outcome of this survey

could make things easier for them in the future, I think that would hold the key to

convincing them.

5. Do you actually have to offer the customer some discounts or value added services

so the customer will willingly furnish his/her personal information.

A: No

6. Does your company offer special services to customers who willingly participate/

give information?

A: No

7. Do you have intermediaries helping you as a link between you and customer to

gather information?

A: No

Page 17: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

8. Apart from privacy, what do you think are the reasons why consumers hesitate to

disclose their details?

A: I think the misuse of the personal information as in the contact details i.e. the

dissemination of information at random and not being aimed at the right specific

TG, is causing significant irritation to the consumer

9. In terms of technology, does your company have any special software installed or

blogs to gain updated information of consumers?

A: No, but we are looking at starting polls on our website so as to make the

survey a more interactive experience with the user having the freedom to take it

or not.

10. Do you have a separate customer relationship department?

A: No

Deductions From The Questionnaire:

1) Type Of Customer Information Collected:

Information such as

• Names,

• Email Ids,

• Age,

• Contact No and

• Gender

• Forms a part of the basic information collected.

• However, information about customer preference on various segments and

facilities forms the primary information.

• The information is used to design various aspects of the website by giving due

importance to high scoring preferences.

2) Way in which they collect this Information:

They collect this data from the customers in the following ways:

• Hiring people/agencies to collect information from the TG

• by personally meeting and explaining the survey.

• Telephonic surveys.

• Surveys

• Polls.

Page 18: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

3) How they use this Information:

a) Since icrave.in is a website that deals in providing information about the latest

products and services, it uses customer information to determine:

• customer preferences

• tastes

• likes

• dislikes

• needs

• current trends

• latest fads

• customer behaviors

• traditions

b) Based on this the website utilizes this data to enhance the demand, need and popularity

of their web site by Providing the customers with the information they require.

C) This thereby helps increase their profits.

Page 19: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

PART B

APPLYING THE ARTICLE

What additional customer information will we collect?

How will we obtain this information keeping the hurdles in mind?

What use will we put that additional information to?

Since we visited 3 companies, namely

• Mercedes Benz from private sector

• State Bank Of India from Public sector

• P Square- A start up we believe is similar to and has the potential to be a web based

Infomediary In the future.

We will take each company one by one and address the following questions-

1. What additional customer information will we collect?

2. how will we obtain this information keeping the hurdles in mind and lastly,

3. What use will we put that additional information to?

Page 20: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

MERCEDES BENZ

1) What additional customer information will we collect?

A) Customer Buying Behavior for High End Luxury Goods:

• Since Mercedes Benz is a high end luxury product, a lot goes into purchasing its

products.

• Understanding the complex Customer Buying Behavior especially with respect to high

end luxury products can be immensely beneficial

• As it will give a great insight into the minds of the customer, we would collect

information regarding the buying behavior of customers with respect to high end luxury

products.

2) How will we obtain this information?

We can obtain this information by the following means:

• Research

• Secondary research: Detailed study of current and past data available on buying behavior

of customers with respect to high end luxury products.

• Deductions based on past sales data.

• Primary research: to go out and collect relevant data by interacting with customers via

interviews, polls, questionnaires, internet etc.

3) What use will we put that additional information to?

• This additional information will give a great insight into the minds of the customer,

• We would use this information to understand what drives a customer to purchase our

goods and thus,

• Use this information to leverage sales and increase our profits.

B) Feedback: A Measure of Service and Customer Satisfaction:

Mercedes does not have a structured feedback system hence,

• We will collect information regarding the level of satisfaction after purchase of the

product.

Page 21: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

• The reasons for this satisfaction

• Services provided by the company post sales

• Any additional features needed

• Suggestions from users

• Requests for customization

2) How will we obtain this information?

• Through feedback forms,

• e mails,

• letters,

• telephone follow up’s,

• Interviews at the time of vehicle servicing etc.

3) What use will we put that additional information to?

• Improving quality of service

• Improving customer experience

• Retention of customers

• Innovation

• Customization

• Attracting new customers etc

Page 22: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

STATE BANK OF INDIA

1) What additional customer information will we collect?

A] Customer Satisfaction Feedback:

• SBI currently does not have a structured customer feedback mechanism.

• Thus in order to satisfy the customers, their feedback is extremely important.

• This helps in increasing the quality of service provided.

• Retention of existing customers.

• Tapping into potential customer pools

• Customization of products and services. etc

2) How will we obtain this information?

• Feedback forms

• Interviews

• Surveys

• Tele calling

• Market research

• Analyzing past database about customers and their behavior

3) What use will we put that additional information to?

This information will be useful in the following areas.

• This helps in increasing the quality of service provided.

• Retention of existing customers.

• Tapping into potential customer pools

• Customization of products and services. etc

B] Transaction based Interpretation:

Q2) How will we obtain this information?

• By maintaining an updated database system

• Questionnaire

• Interviews

• Surveys

Page 23: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

• Client preferences

• Market research

Q3) What use will we put that additional information to?

• By maintaining a database of the purchase behavior of customers.

• This will enable the bank to predict the future purchase patterns of customers

• This will also enable the bank to add value by providing additional and unique services.

• Mailing greetings to customers on happy occasions: eg, congratulation cards on the birth

of a child along with a broacher on child insurance policies, educational loans etc.

• Elite customer cards eg: platinum,gold and silver cards for different levels of customers.

• Providing regular updates through SMS’S.

P Square

1) What additional customer information will we collect?

A] Will customers be willing to sell their information for benefits or rewards?

1) How will we obtain this information?

• Surveys

• Interviews of existing client base

• Marketing the idea of an Infomediary to customers

• Marketing the benefits of an Infomediary to companies.

• Events etc

3) What use will we put that additional information to?

• Scoping out avenues for a new added venture such as an Infomediary will help broaden

the horizons for P Square.

• This information will be used to assess the feasibility of investing into an Infomediary.

• As P Square is half way there, this information could be beneficial in adding another

business venture to their already existing one thereby

• Increasing revenue.

B] Will companies be wiling to purchase customer information from infomediaries?

Page 24: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

2) How will we obtain this information?

• Surveys

• Interviews of client base

• Marketing the idea of an Infomediary to customers

• Marketing the benefits of an Infomediary to companies.

• Events etc

• Promotions etc

3) What use will we put that additional information to?

• Gaining added business avenues

• Increasing opportunities

• Increasing revenues

• Acting as a broker of information thus adding an additional business venture.

PART C

BLUE OCEAN WE CARE FOR BOTH, THE SERVING AND THE SERVED

OUR MODEL FOR AN INFOMEDIARY

Our Vision:

Our vision is to become a leading infomediary globally by ensuring that the information of the

customers is best utilized thereby creating mutual trust and satisfaction.

Our Mission:

Our mission is to sustain and grow a long term relationship with our customers as well as

our clients and thus act as the best link between them.

INTRODUCTION:

Just like the infomediaries will emerge to help people negotiate the best deals with companies for

data about their transactions we would like to develop an infomediary model catering to the

needs of the automobile sector at first targeting all the three segments of customer viz. Premium,

Middle, Lower segment. This could help the companies identify their most loyal customers and

target them with the customized services. Our company would profit from the registered business

clients over time and at the same time would attract more and more satisfied customers for these

businesses with the help of continuous feedback system.

Page 25: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

Feedback

Information Information

Updates

FEATURES:

• Blue Ocean will operate across India.

• The various businesses which can register or tie up with the infomediary are

1. Auto Dealers

For example,

a) Premium class: Mercedes Benz, Audi, BMW, etc.

b) Middle class: Ford, Hyundai, etc.

c) Lower class: Tata, Maruti Suzuki, etc.

Other dealers in 2-wheelers, 3-wheelers, LCV’s will also be included.

2. Auto Insurances

3. Tours and travels

4. Rent-a-Car businesses

5. Motor driving schools

6. Auto maintenances

7. Spares parts

8. Used Car Dealers

9. Customized maps for GPRS

10. Safety Tutorials and Travel Gears

11. Modification services

• It will contain information about local as well as corporate businesses.

• It will get calls from customers for information regarding various companies’ products

and services related to the automobile and allied sector.

Companies tied

up with the

infomediary

Valued

Customer

BLUE

OCEAN

Infomediar

y

Page 26: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

WHAT SERVICES WILL BE PROVIDED?

• Blue Ocean will offer 3 types of services- telephonic, personalized services and website.

• Blue Ocean will offer free listing of various interested companies as well as exclusive

services will be given to the businesses ready to pay premium charges.

a) Free listing: Companies will be listed on the server/website of our

infomediary but the prospective customers will be informed only on

rotation basis.

b) Premium listing: Here the company will have to pay premium charges

wherein they will get an added advantage over free listed companies.

WHAT INFORMATION WILL BE COLLECTED?

• While collecting the information from the business customer, information like

a) Company profile

b) Area of operations

c) Products and Services offered

d) Contact person

e) Mobile number

f) Landline number

g) Fax

h) Email id

i) Address

• If a customer asks a query to the operator the results generated are usually sent by sms

and email. For this purpose the information taken is.

a) Name

b) Mobile number

c) Email id

d) Business based enquiry or individual enquiry

• This information will be stored in the database for further reference incase the same

customer comes up with an enquiry again.

• To avoid spamming and wrong numbers the information of the query generated will be

sent to the customer by SMS. By this the authenticity of the customer will get checked.

GUIDELINES:

• Special discounts and value added services are given to the premium registered business

customers only. No any benefits are enjoyed by the regular customers who call for

sorting out their query.

• The system will be totally automated for short listing the companies to be free listed on

the rotation basis.

• Blue Ocean would have to pay onetime fee if the message is delivered to the customer,

higher fees if the customer actually considers the information and then even higher fee if

the customer avails the service.

Page 27: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

• Blue Ocean will maintain software which captures a broad range of financial data about

the user. Moreover we will be maintaining much broader profiles of their own activities,

preferences and transactions.

• Blue Ocean will maintain a continuous process of updating the customer information. On

the website there will be edit listing option. From there any business customer can edit

their information. After this a mail will be sent to the server. A team at Blue Ocean will

then verify the same by calling up the client. After this the information will be changed

and updated.

PLANNED PROMOTIONAL ACTIVITES:

• To promote the business of Blue Ocean and to increase its business span we will have

SMS campaigning. In this a record of enquiry generated is kept. This presentation is then

shown to the freelisted company for whom it was generated. This helps to convert the

company into a premium client.

• For the first few prestigious customers we would be charging the company with 75% of

the actual amount.

• Blue Ocean will print brochures and send it to the companies they want to tie up with.

• Hoardings on buses and key locations of the city will be put up to make the customers

aware of the same.

• Conducting free seminar to introduce our infomediary in the market.

BLUE

OCEAN

Auto

Dealers

Auto

Insuranc

Rent-a-

Car

Spare

Parts

Used

Car

Driving

Schools

Safety

Tutorials

Valued

Customer

Page 28: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

VALUES WE OFFER:

1. Any enquiry generated with blue ocean will be responded with 4 premium listed

business and 1 free listed business.

2. 10 customers will be chosen at random daily and will be requested to give their

feedback about our service and the changes they expect from us.

3. We would be helping the companies reduce their marketing and research cost by

intimating the companies of the changes customers expect from them.

4. Blue Ocean assures that the information of both end customers is not put to any

misuse for any tangible value offered.

5. The people converted by the business clients into their customers are provided with

updated and new offers. Here Blue Ocean will regularly take updates from the

businesses and look forward to convey this information to customers.

FUTURE PROSPECTS:

• In the long run infomediaries will emerge to help people negotiate the best deals

with companies for data about their transactions. Instead of focusing only on a

specific set of information we would actually exploit cross category information

thereby ensuring that our infomediary grows vertically thus managing more

integrated and comprehensive profiles.

• This will cater to the need of all other business sector and classifications.

Financials of Blue Ocean

Capital Investment Statement

S.no Particulars Amount(Rs)

1. Registration cost 8500

2. Deposit 40,000

3. Equipment cost

a. Computer (2*20,000) 40,000

b. Printer 2,000

c. Fax machine 3,000

d. Telephone 500

Total equipment cost 45,500

4. Furniture

a. Computer table (2000*2) 4000

b. Chair (250*8) 2000

Total furniture cost 6000

Total cost 1,00,000

Page 29: Customer Relationship management and customer information management  assignment 3 Indira Institute of management Pune

How will we generate revenue?

a. Each client will be charged a registration amount of Rs. 1000/ - or Rs. 500/- depending

upon the size of the business and the services they provide.

b. For every lead given to the client we will charge a lead price of Rs. 50/- and Rs. 100/-

depending upon the company.

c. For every conversion we will charge a conversion price of Rs. 100/- and Rs 200/-

depending upon the company.

d. For every visit to our website we will be receiving nominal revenue.

Learning’s from the Assignment:

• All organizations value customer information and follow privacy policy to abide

by the Customer Information protection policy. This we learnt when we were

turned down by few companies who were reluctant to provide any information in

this regard.

• Customer information plays a pivotal role in every sector of the economy. This

we understood by visiting companies under various sectors like State Bank Of

India, Mercedes Benz, Planet ford, Bajaj Auto ltd etc.

• The main aim of setting up an infomediary is authentication and privacy of

customer information which can be misused to a larger extent if stored by the

company.

To understand the working of an infomediary we visited Just Dial. Our learnings

from Just Dial are as follows:

• From the working of justdial we got valuable insights on how an infomediary works

and techniques of overcoming the barriers encountered while collecting the customer

information.

• As the system itself has got loopholes there are many complaints of misuse of the

company information. Such cases are found in Mumbai. Here people made fake

inquiries and then troubled the businesses by calling and trying to sell different

products. So we have tried to overcome this problem by keeping a feedback system in

place wherein calls are made at random to check the satisfaction level of the

customers.