Cover Story: Taking Care of Business
For example, to generate an offer to small business customers, the IT embed uses advanced tools from the Unica (now part of the new Enterprise Marketing Management group at IBM) suite of campaign management tools to help segment and match the right offer to the right customer at the right time. In this scenario, the selected customers would either get a letter in the mail or an email, with an offer of a cash bonus if they opened a new small business savings account.
"We are performing analytics to gain an understanding of what our business customers want, trying to get a 360-degree view of their activity," Marks says. "Then we have a thoughtful approach on how we create push content in emails and also our Web content. We want them to match how the customers think about who we are and how we can help them."
First Tennessee segments its sales and services for businesses primarily based on size, Marks says. The bank has a small business segment for business customers with revenues of less than $2 million and a medium-sized business segment, which is then subdivided into segments of customers who have a specialized focus with unique characteristics and banking needs, such as hospitals and other medical corporations.
"This level of segmentation has a number of important implications for our sales coverage and marketing messages," says Marks. "We align our messages very closely with the type of business."
One advantage First Tennessee leverages is banks typically have more customer information than other types of industries. Marks says every transaction using a debit or credit card, check, or electronic debit is recorded, including the type of establishment where the customer made the purchase. Such detail provides rich analytics for analyzing customer behaviors and predicting future purchases.