Microstrategy, Naviant Announce Financial Srvcs Mktng Solutn 10.21.97 ACTION ITEMS D S *
MicroStrategy, Inc. and Naviant Technology Solutions, leaders in the development and implementation of vertical applications utilizing data warehousing and decision support technologies, announced NavimarkSM, a "One-to-One Marketing" solution they are jointly developing for the financial industry. Navimark is the industry's first One-to-One Marketing solution that integrates relationship marketing and enterprise decision support, giving banks and other financial institutions the ability to develop and maintain long-term, profitable relationships with their customers through targeted promotional campaigns.
Navimark enables banks and individual bank branches to develop, execute, and evaluate targeted marketing programs catered to each customer's tastes and preferences. Navimark leverages data from across the enterprise, giving financial institutions the ability to conduct integrated campaigns, rather than performing uncoordinated customer relationship marketing through separate, departmental systems. With Navimark, financial institutions can treat each customer as a "market of one" where every individual receives personalized promotions instead of numerous unrelated product mailings. By using Navimark to change the way they view and treat their customers, banks can increase customer satisfaction to prevent erosion of their customer base, optimize the profitability of each customer, and identify cross-selling opportunities.
"Competitive pressures are driving organizations to shift their focus from a product to a customer-centric business model," said Mike Green, president of Naviant Technology Solutions. "Navimark is the first and only solution that enables banks to make that shift by providing them with the tools to view the individual customer instead of the 'average' customer. This information can be used to understand and develop profitable customer retention strategies, resulting in an immediate and dramatic impact in the company's bottom line."
Navimark was developed using MicroStrategy's Relational On-line Analytical Processing (ROLAP) engine as the architectural backbone of the solution.
Banks can use MicroStrategy's decision support technology to analyze the overall market to determine which products and services to promote. After determining the scope of the promotion, Navimark gives users the ability to predict a campaign's success and create the optimal customer list. Once the target audience has been identified, Navimark users can design a specific campaign, execute a mailing, and receive the responses of the promotion. To complete the cycle, Navimark leverages MicroStrategy's DSS technology to evaluate the campaign's success through a series of standard, ad hoc and event-scheduled reports.
"Naviant and MicroStrategy demonstrate with their Navimark offering that they understand both the promise of enterprise-wide relationship marketing, as well as its importance and implementation in the commercial world," said Theresa Rigney, research director for Sentry Technology Group. "Financial institutions are searching for a way to customize their relationships with their best customers, and are seeking better, faster, more automated ways to retain, optimize and expand their customer base. With MicroStrategy's ROLAP engine as the core, Navimark incorporates decision support, data mining, and campaign management, making it the first solution that allows financial institutions to build and maintain meaningful relationships with their customers."
"Navimark represents the first intelligent, enterprise-wide database marketing solution based on a ROLAP decision support system architecture," said Sanju K. Bansal, chief operating officer at MicroStrategy. "The solution harnesses the power of MicroStrategy's report scheduling, 'drill everywhere,' and sophisticated business analysis functionality to give financial institutions the ability to quickly and effectively track revenue, sales, and program effectiveness. These features, combined with Navimark's campaign management and data mining functionality, enable banks to proactively work to retain, optimize, and strengthen customer relationships using a One-to-One Marketing philosophy."
Navimark uses a single web-enabled or Windows-based interface to guide users through the relationship marketing and decision support process. The web interface allows individual bank branches to remotely create promotions specifically targeted to their micromarkets, rather than relying solely on corporate marketing strategies that may not meet their customers’ needs. Corporate marketing analysts can also use the client/server version to evaluate the overall effectiveness of campaigns. This dual solution enables people at all levels of the organization to leverage the information in their data warehouse to better serve their customers, thus embodying the spirit of One-to-One Marketing.
Beta Customer Receiving Benefits From Navimark
Royal Trust, a Canadian provider of wealth management services and a wholly owned subsidiary of the Royal Bank of Canada, has incorporated Navimark as the nucleus of its relationship marketing strategy and is excited about the possibilities. "Our vision at Royal Trust is to provide superior relationship management," said Howard Morton, director, relationship sales and marketing for Royal Trust. "This means that we are determined to effectively align sales resources to provide tangible value based on client preferences, market dynamics and how client relationships have evolved over time. To realize this vision, we are investing in Navimark as an advanced decision support system that provides sophisticated analysis capabilities for our institution."
MicroStrategy and Naviant are providing the integrated analysis engine and suite of tools that will enable Royal Trust to proactively identify opportunities and risks and act on them in a disciplined fashion. According to Morton, "The key to gaining value from our data warehouse is using information to create relevant customer insights and solutions. Navimark is helping us to uncover specific customer insights that can be turned into proactive service interventions that will strengthen and maximize the mutual value of our client relationships."
Navimark is "One-to-One Marketing" In Action
Officials at MicroStrategy and Naviant said the Navimark solution embodies the "One-to-One Marketing" philosophy developed and advanced by Don Peppers and Martha Rogers of marketing 1:1, inc., a Connecticut-based consulting firm that helps businesses individualize their relationships with customers.
"Our solution recognizes the importance of taking products to customers; not the other way around," said Jonathan Kalman, vice president of sales and marketing at Naviant. "Navimark lets banks identify and present key opportunities to their valued customers."
"MicroStrategy and Naviant are developing a way for financial institutions to manage their customers, not merely their portfolios," notes Bansal of MicroStrategy. "Navimark gives businesses the technical tools necessary to implement their vision of treating each customer as an individual and not as a faceless consumer of products and services. This shift in focus will not only help businesses keep customers, but it will optimize their relationships with them, thereby increasing overall profitability."
Pricing, Platform and Availability
The Navimark solution will be available September 30, 1997, and is compatible with major relational databases running on UNIX or Windows NT servers. Navimark’s web-enabled version is compatible with standard web browsers such as Microsoft Internet Explorer and Netscape Navigator. When running in client/server mode, Navimark is compatible with Windows 95 or NT workstations. The Navimark solution incorporates MicroStrategy's DSS Server and DSS Agent products. DSS Server is the industry’s leading relational OLAP engine, delivering multidimensional analysis directly against relational databases without any limits on database size or analytical complexity. DSS Agent is the industry’s most functionally-rich OLAP interface, combining support for sophisticated, ad hoc calculations with cutting-edge functionality like data surfing, drill everywhere, and intelligent agents. DSS Server and DSS Agent may be purchased directly from MicroStrategy or from authorized resellers. The Navimark solution may be purchased directly from Naviant Technology Solutions. Pricing for the Navimark solution begins at $350,000 for small financial institutions with fewer than 1 million customers.
MicroStrategy’s worldwide customer base includes hundreds of Fortune 1000 companies such as Bank of America, Wal-Mart, Kmart, Commercial Union, MCI, CVS, Glaxo Wellcome, Sprint, AT&T, American Express, USAA, Victoria’s Secret, United Airlines, and Hallmark. In addition, MicroStrategy has developed strategic partnerships with value-added resellers and leading software and hardware companies. More information about MicroStrategy can be found on the World Wide Web at http://www.strategy.com/ or by calling 1-800-927-1868.
About Naviant Technology Solutions
Naviant Technology Solutions ( http://www.naviant.com/ ) is a premier implementer of One-to-One Marketing solutions. Using state-of-the-art technology, including data warehousing, data mining, decision support and web-based information delivery, Naviant integrates relationship marketing and enterprise decision support systems to help clients retain, optimize and expand their customer base. Naviant's clients are focused in customer and data intensive industries, including financial services, insurance, telecommunications, retail, health care and pharmaceuticals. Based in Philadelphia, with offices throughout the United States and Canada, Naviant implements solutions worldwide.
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