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Challenges Faced In Database Marketing

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Introduction
Database Marketing
It is said that as the market changes increase and cost associated with technology declines more businesses and companies are accepting database marketing. However, only a few have been able to identify the factors essential for database marketing success. Database marketing is usually linked with customer relationship marketing (CRM), and is concerned with the application of information systems to direct marketing. The present state of database marketing differs widely across businesses and even amongst companies within the same business. Supporters of DB marketing speak quite a lot about its role as a source of competitive advantage.

Royal (1995) describes database marketing as: "When used effectively, database …show more content…

(1996) says, "some organizations have been able to harness the power of database marketing systems to achieve competitive advantage in their marketplaces; conversely, others have found themselves inhibited by the intricate human, technical and organizational problems created by the adoption of these systems".

This project covers the current state of the field, and challenges faced in database marketing. The report includes the detailed information about different marketing channels used by retail banks for different bank products and services. This report also takes in into account the different challenges faced by databases marketing. Challenges can be from different dimensions like data, technology, analytics, people, processes etc.

Database marketing is seen as a source of strategic and tactical competitive advantage by some firms and a competitive burden or strategic necessity by others. Consumers are looking for more customized products and higher service quality and one wrong move or delayed by the companies will cost them a dip in the market …show more content…

Defining Database Marketing Landscape (Channels used to market different bank products & services)
2. Determining the best practices used in database marketing industry
3. Challenges faced by retail banks in database marketing
4. Identifying various performance reporting platforms in the industry
5. Identifying few campaign workflow tool providers
6. Developing a questionnaire to evaluate the identified critical success elements
7. Performing gap analysis to determine the maturity of a client and provide solutions to help improve their database marketing capabilities
8. Developing a MS Excel based VBA tool for evaluation purpose

Project: Database Marketing Assessment For Retail Banks
Objectives
To make a benchmarking tool which can be used to rate the database marketing practices of retail banks against dimensions identified and provide recommendations to them based on responses received.
The final output is a MS Excel VBA tool which will provide the firm’s maturity level on a scale of 1 (Basic) to 5 (Best-in-Class).
Literature Survey
Main aim of literature survey is to attain sufficient knowledge to develop and implement the benchmarking framework for database marketing assessment in Retail banking

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