One of the largest Asset Management Company in India which offers wide range of savings and investment product across asset classes to retail and institutional customers
Due to increasing competition, emergence of discount brokers etc., the client has been losing market share for the past two years. The fund house recently launched number of equity funds to plug gaps in its product basket and to increase the market share, get new investors into its fold and shrug off the negative image caused by underperformance of its key schemes.
Client decided to setup a Marketing Automation and Customer Data Analytics Platform to take full advantage of the available internal and external ‘data’ in order to make operations more efficient and use advanced analytics techniques in phased manner and benefit from the same for up-sell, cross-sell, and retention
Client floated a RFP for Data Analytics and Marketing Automation / CDP Platform, to which they received responses from 11 vendors. Scope for Marketing Automation evolved during RFP process and later on Personalization (Web & Mobile) was also added as a scope
Client requested Oneture to:
We decided to approach the solution based on time to market and time to value so that we can start driving and demonstrating business benefits soon, our key recommendation was to exploring Analytical models based on 3’rd party data (distributor led sale) that was readily available to achieve immediate value and then slowly moving to providing incremental utilisations
Marketing Automation Platform Build vs Buy – Our Initial Recommendation
Building your own complex marketing automation software in-house could take lots resources, cost and time. AI-enabled, MarTech platforms is complex and ever-changing space. Building platforms is not client’s core business and would divert lot of focus from main business operation, hence we recommended to go for solution available in market, there are many products available in market which offers off the shelf platform with journey builder, campaign automation, personalization etc.
Data Platform : Data Lake & Analytics Build vs Buy – Our Initial Recommendation
As per our experience, there is no one size fits all solution / platform available in market, secondly Client has various data sources like CRM, Customer Portal, Investor Portal, Market share data etc. which need to be integrated in one single platform, custom data pipeline needed to be developed, giving data access to any outside entity is not recommended. We recommended to develop an inhouse AWS Cloud based custom platform in Client owned & controlled environment, coupled with use of 3rd party tool like Power BI / Tableau / QlikView for data visualization
CDP Build vs Buy – Our Initial Recommendation
Our recommendation was buy, There are many of the shelf CDP product available in market, most of them can meet >80% of the CDP capabilities client need. Rest can be build/customized as needed. This can help reducing time to market, we followed Gartner’s guidelines too, as per report, Brands/Companies with lean budgets (<9% of revenue spent on marketing) should strongly consider buying instead of building. Also, CDP and other platform like Marketing Automation requires constant pace of innovation through new features and solution, pushing technical boundaries with in-house team would be difficult compare to getting it done from readily available platform
Personalisation Build vs Buy – Our Initial Recommendation
In our opinion, if done in-house, it requires major investment and you would have to either re-align existing in-house talent or hire externally. In long term buying personalization often equates to less than building it in-house. Personalization strategy needs to produce instant impact, not tomorrow, not today. By partnering with a third-party personalization vendor instead, you can jumpstart your personalization journey much faster – our recommendation was buy
Given current business needs we recommended following approach and high-level solution to be implemented