To measure the campaign's success, the CRM team matched new accounts against the list of households, and saw a 40-percent lift in the number of accounts opened during the same period the previous year.
Data in Action
This knowledge also has to be transferred and put into the hands of the people who are on the frontlines and who interact with customers—the financial advisors and sales support personnel.
To achieve this goal, the CRM Group developed the Business Intelligence System (BIS). Powered by Business Objects' Web Intelligence Solution and delivered through the company's intranet, BIS delivers a series of reports that provide a holistic view of Morgan Stanley clients with critical information that enables the sales force to better understand and thus better meet the needs of the clients.
Says Dougan: "Our ability to segment our clients and use that information as well as internal data has been applied to existing client bases so that financial advisors can understand who they should be spending more of their time with." He explains that some clients expect frequent contact and a good deal of interaction with their financial advisors, while other clients prefer to delegate responsibility and don't need as much interaction or frequency of contact.
To make this a reality, Dougan built a predictive model financial advisors could use to determine into which segment a new client falls—without having to become a statistician. Strachan says he knew the most efficient way to get this information out to its sales force in a user-friendly manner was via the Web. And so after evaluating various tools, Morgan Stanley developed a Web-based application to address this need.
This application allows financial advisors to enter clients' responses to a set of survey questions directly from their workstations. The application then delivers to financial advisors—in real time—the segment of a client to allow for a customized sales approach on the spot. It also sends the results to the CRM data mart so this critical attitudinal information can be used in future efforts to better understand and meet the needs of the clients.