SEDONA Corporation Teams With Profit Resources To Provide Enhanced CRM Profitability Management; Partnership to provide powerful advantages to both customer bases
LIMERICK, Pa.--(BUSINESS WIRE)--May 12, 2000--SEDONA(R) Corporation (NASDAQ: SDNA) (www.sedonacorp.com) has announced a strategic alliance with consulting firm Profit Resources to produce major upgrades to the profitability management component of its Customer Relationship Management (CRM) application solution. The combined customer base of several hundred financial services institutions will be able to reap the benefits of this powerful technology.
Currently, SEDONA's CRM application offers a profitability management component, which assists end-users in easily evaluating their customer's account and demographic information against a range of financial profitability criteria. With the Profit Resources partnership, this component will continue to be enriched to have greater flexibility, functionality, ease of use and processing power.
"As an industry, financial services firms have tended to be rich in assets and raw data, but have struggled to make optimum use of these resources," said Larry Widel, SEDONA's Product Manager. "The beauty of our profitability management capability is that it allows financial services organizations to immediately assess the profitability of their customers, households, and markets. With this critical knowledge, our customers are honing their sales and marketing strategies to achieve highly competitive ROIs and efficiencies."
Using SEDONA's profitability management, users can determine which are their most profitable customers and the means to up-sell and cross-sell them additional products and services. It also helps determine unprofitable customers or households to enable the bank to deploy effective strategies to turn these customers into profitable ones. Further, the profitability management component of SEDONA's CRM solution can also help financial institutions determine profitability at the market or branch level to allow them insight into how to better manage their offices and interoffice relationships.
"We find that the three main questions banks frequently can't answer are: `How profitable are our products? How profitable are our customers? And how do we most profitably market our products to our customers?'," said Gene Palm, President of Profit Resources. "By integrating our profitability analysis model into SEDONA's CRM solution, we can help all of our customers find answers to those key questions. We'll help them identify the 10 percent of their customers who are providing more than 90 percent of their profits, and show them the best product offerings and marketing approaches to employ with those customers."
Of the approximately 9,000 banks headquartered in the U.S., it is estimated that no more than 3,000 presently make use of a marketing database system with a profitability calculation factor within such a system.
About Profit Resources
Profit Resources is a consulting firm that specializes in assisting clients to implement and optimize database marketing technologies solutions. Headquartered in Lakeland, Florida, the firm provides a full spectrum of financial, marketing, research and information technology-related services to the financial services and etailing industries. The firm partners with SEDONA to provide clients with targeted professional services to supplement SEDONA's CRM products. Profit Resources can be reached at www.profitres.com or 1-863-686-4385. |
