Professional Documents
Culture Documents
The projects main objective is to study the Customer Relationship Management. The other objective is to study relation of satisfaction with various other parameters. The project consists of the Broking industry profile, which gives you deep insight of the industry. There is a brief study of Edelweiss Broking Limited and what are the products they offer. The research was done with existing clients. The questionnaire was conducted via telephonic interview. The analysis is done based on the answers given. Graphical report of each and every question is generated with the valid interpretation given by the RMs of Edelweiss Broking Limited, Dadar Branch. The analysis focuses mainly on how to manage relationship with customer and what really affects the satisfaction of the customer. The findings are based on the analysis done and the results generated. The findings came out with various limitations. Proper suggestions based on the limitations are provided related to relationship building with the customers. This research would be beneficial for the company to improve their relations with the customer and help them to overcome various limitations. The focus on the satisfaction in the project with relation to various parameters will help the company to know the area of improvement.
1. Introduction
Customer Relationship Management (CRM) is a business approach which recognizes the importance of customers as the driving force behind the success of failure of any business. It enables the business organization to maintain, analyze and act upon the information which the business identifies as relevant to improve its relationships with the customer, and thus enhance its chances of success. Customer Relationship Management (CRM) helps companies improve the profitability of their interactions with customers while at the same time making the interactions appear friendly through individualization and personalization of services. This management includes Data Mining with the help of which Customer Life Cycle can be managed well in Acquiring new customers, increasing value of the customers, retaining good customers. The basic steps of Data Mining for effective CRM are:
3. Explore Data
5. Build Model
The company can then use the information to learn about the behavior of its customers and improve the way it does a business. It can look at recurring complaints from multiple customers to solve a problem which would otherwise go unchecked with a normal formats and management system of the company. The main objective of my project is to find effective solution for the Customer Relationship Management and accordingly increase the credibility and profitability of the company. This study is more related to consumer behavior and perception about the facilities and convenience provided by the company, Customer Satisfaction is emphasized in this management. Helping an enterprise to enable its marketing departments to identify and target their best customers, manage marketing campaigns with clear goals and objectives, and generate quality leads for the sales team.
Assisting the organization to improve telesales, account, and sales management by optimizing information shared by multiple employees, and streamlining existing processes (for example, taking orders using mobile devices)
Allowing the formation of individualized relationships with customers, with the aim of improving customer satisfaction and maximizing profits; identifying the most profitable customers and providing them the highest level of service.
Providing employees with the information and processes necessary to know their customers, understand their needs, and effectively build relationships between the company, its customer base, and distribution partners.
Profitability Increment
The heart of CRM is not being customer centric but rather to use customer profitability as a driver for decision making and action. Before exploring this assertion, it is useful to review the process of resource allocation as it is practiced in most organizations. The budget process largely consists of an extrapolation of the past. Resource constraints pit function against function with back room deals that are based on internal politics versus the marketplace. This decision process has little insight as to what is working and what is not working (as it applies to the marketplace) or for that matter why? Without insight relative to cause and effect, the organization has no choice but to follow intuition and anecdote. It is analogous to the story about the marketing VP who admitted that half the advertising budget was wasted; the problem was he did not know which half.
3. Company Profile
Edelweiss, a rare flower found in Switzerland. You will discover in our identity: A graphic flower that represents ideas. Around it, the protective arms of the letter e: We believe ideas create wealth, but values protect it. It is the practice of this core thought that has led to Edelweiss becoming one of the leading financial services company in India. Its current businesses include investment banking, securities broking, and investment management. We provide a wide range of services to corporations, institutional investors and high net-worth individuals. The core inspiring thought of ideas creating wealth and values protect it is translated into an approach that is led by intrapreneurship and creativity and protected by intellectual rigor, research and analysis.
Approach
Client Focus
Edelweiss is driven by the emphasis we place on building long-term relationships with our clients. We work closely with our clients to equip them with the ability to address large, fast growing market opportunities. Our emphasis on long-term relationships also means that we have a significant ongoing involvement with almost all of the clients that we work with.
Execution Orientation
We focus obsessively on delivering high quality execution through our experienced team of professionals. Each team is led by senior personnel and is highly research and ideas driven. We place strong emphasis on confidentiality and integrity in a sensitive business environment.
Culture
Edelweiss fosters a culture that is entrepreneurial and results-driven and that emphasizes teamwork and intellectual rigor. Our team is encouraged to display higher levels of initiative, drive, and hunger for learning and taking on additional responsibility.
Professional Integrity We place a strong emphasis on confidentiality, honesty and integrity in our business dealings. We expect our people to maintain high ethical standards, both in their professional and personal lives. We strive to be fair in all our dealings. We respect our competitors. Research Driven All our businesses are built on a research and analytics foundation. Our understanding of underlying market trends and strong analytical expertise has resulted in a demonstrated ability to identify emerging trends and themes early. We seek to provide the highest quality research and investment opinions to our clients
Board of director
Ideas create, values protect is how we define what Edelweiss believes in. But when we say values protect what do we mean? Heres a handy guide to the values and principles we will live by and live up to.
We will be a Thinking Organization. We will constantly bring thought to everything we do. Our clients and our own success depends on our ability to use greater ideation and more imagination in our approach.
We will be Fair to our clients, our employees and all stake holders. We want our clients and our employees to be richer for their relationship with us.
We will take care of our People seriously. Our policies in spirit and in letter will ensure transparency and equal opportunity for all. We will go beyond the normal goals of attracting, recruiting, retaining and rewarding fine talent: We will ensure that every individual in Edelweiss has an opportunity to achieve their fullest potential.
We will operate as a Partnership, internally and externally. Though individuals are very often brilliant, we believe teamwork and collaboration will always ensure a better and more balanced organization. We will also treat our clients as partners and show them the same respect and consideration that we would toward our internal team members.
We will focus on the Long Term. Though the world will change a lot in the coming years and our assumptions for the future may not hold up, we will reflect on the long-term implications of our actions. Even when making short-term decisions we will be aware of the long-term implications.
Our Reputation and image is more important than any financial reward. Reputation is hard to build and even harder to rebuild. Reputation will be impacted by our ability to think for our
We will Obey and Comply with the rules of the land. We will maintain the highest standard of integrity and honesty. When we are unclear we will seek clarifications.
We will respect Risk. Our business is going to be a constant challenge of balancing risk and reward. Our ability to constantly keep one eye on risk will guide us through this fine balance.
Our Financial Capital is a critical resource for growth. We will endeavor to grow, protect, and use our financial capital wisely. The following is the product profile of the company.
Equity Broking - BSE and NSE Derivatives Futures and Options Internet Broking- Online Trading Commodities Trading - NCDEX & MCX Institutional Broking Depository Services - NSDL & CDSL Portfolio Management Services NRI Investments Initial Public Offerings (IPO) Mutual Fund Investment
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Investment Banking
Overview
Our Investment Banking business is dedicated to providing corporations, entrepreneurs and investors, the highest quality independent financial advice and transaction execution. Our professionals offer a full range of services and transaction expertise, including private placements of equity, capital raising services in public markets, mezzanine and convertible debt, mergers and acquisition and restructuring advisory services. We have a track record of successfully closing more than 100 transactions to date. Our focused effort and research-driven approach enable our professionals to be among the most knowledgeable and best in the business. Our business has been built on strong relationships, innovation, and uncompromising ethical standards. We aim to create significant value for entrepreneurs and mature companies by helping them execute the right capitalization strategy
Long standing relationships with marquee PE funds - Access to key decision makers at PE funds gives us an unparalleled edge in optimal structuring and efficient closure of transactions. High quality execution - An experienced team of professionals ensures complete confidentiality, strong focus on implementation and quick turnaround time. Focus on long term relationships - In addition to handholding the client across the entire transaction process, we provide continued support post-transaction and have the capability to cater to investment banking needs of the client throughout his business lifecycle. Having achieved a leadership position in the Private Equity advisory market, we believe that we are ideally placed to advise promoters and companies on the key considerations in a PE fund raising exercise.
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Promoter Funding Promoter financing is mostly done to enable promoters to raise their stake in the company. The financing is usually against collateral of shares or other securities held by the promoter in any of the group company. The transaction helps in unlocking the value of promoter shareholding by raising additional funds. It can also be structured to refinance a loan raised against the same shares by the client earlier.
Acquisition Financing There has been a significant increase in the number of acquisitions by Indian companies, both domestic as well as overseas. Acquisition financing plays a critical role in the success of inorganic growth planned by the acquirer. Based on each clients unique requirements, we have advised on acquisition financing through appropriate stacked financing structures which comprise foreign currency senior secured debt with recourse to parent companies, rupee senior secured debt with recourse to parent companies, equity investment by the promoters, nonrecourse debt, guaranteed mezzanine debt with equity upside.
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sector knowledge backed by professionals with a range of training and experience that spans across multiple cross-border deals and our relationships with large corporate. Edelweiss advises companies in the entire transaction process this range from target identification to deal closure. We provides both buy-side and sell-side advisory services as part of our M&A advisory offering. Our services include identification and short listing of target universe, strategic planning of an acquisition and arranging finance for the transaction, if required.
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Within the practice, we provide opportunities for clients to raise funds through the following Initial Public Offering (IPOs) Follow-on Public Offerings( FPOs) Qualified Institutional Placements(QIP) Rights Issues Preferential Allotments Foreign Currency Convertible Bonds(FCCBs) Global Depository Receipts(GDRs)
Besides, our Equity Capital Markets practice also caters to the entire spectrum of capital market needs through other services such as managing takeovers, delisting and buyback.We assist innovative and exciting companies in accessing the equity capital market. We believe that our strength lies in identifying present and future market leaders, working with them closely in understanding and fine tuning their business model, and showcasing the investment opportunity to the right set of investors. Our equity capital markets team has successfully managed/are managing transactions for clients across numerous industry sectors including: Aviation Chemicals FMCG Hospitality Infrastructure Media and entertainment Metals Real estate Technology Telecom Textiles
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We bring to the table our various strengths including industry insights and experience, expertise in transaction structuring, grasp of the regulatory environment, understanding of market dynamics, networking with domestic and foreign institutional investors and wide retail distribution network. We work closely with our clients to develop and maintain the rapport and dialogue with investors and thereby receive investor support in the primary as well as the secondary markets. We lay emphasis on developing a long-term relationship with our clients and escorting them in their future endeavors. Keeping in mind this philosophy, Edelweiss Capital Limited offers clients a bouquet of products encompassing primary offerings, secondary equity offerings, buybacks, open offers and delisting, with the objective of continuously creating and maximizing value for all stakeholders including companies and investors. We have the merchant banking and underwriting licenses from the Indian securities market regulator, the Securities and Exchange Board of India.
Infrastructure Advisory
A critical ingredient for sustainable development in India is the pressing need for Infrastructure creation on a commercially viable basis. This signifies immense opportunities and challenges for the sector. Recognizing this, Edelweiss new Infrastructure practice has been formed to provide innovative solutions tailored to the unique financing and advisory requirements of Indian infrastructure projects and developers. Our team has a dedicated focus on the infrastructure sector, with considerable experience, a deep understanding and a vast network of key relationships. We provide Infrastructure project companies and developers the full range of capital and advisory services. Our offerings include Capital Raising
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Private Equity Project Equity Structured Finance Project and ECB Debt
Advisory Services Mergers & Acquisitions both Sell side and Buy side Divestitures, Corporate Restructuring and Spin offs
Assessment of sustainable debt in the given circumstances Dealing with unsustainable debts innovatively Approaching lenders and other stakeholders with definitive strategies Devising strategies and instruments for raising additional funds for operations as well as for refinancing existing debt
At Edelweiss we have a very competent team offering comprehensive debt restructuring solutions, both under the formal Corporate Debt Restructuring (CDR) mechanism as well as negotiations with lender/consortium of lenders. Our team of senior ex-bankers and restructuring
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specialists have unparalleled experience of restructuring debts worth over Rs. 75,000 crores, and an ability to provide complete solutions and support to the Corporates.
Institutional equities
Overview
Edelweiss Securities Ltd., a subsidiary of Edelweiss Capital Ltd., is the equities arm of the Edelweiss Group. The company is a corporate member of both The Bombay Stock Exchange and The National Stock Exchange of India Limited, providing equity broking and research services, as well as marketing of equity related products, including IPOs/FCCBs, to domestic and foreign institutional investors. Institutional Equities Insightful Research. Winning Strategies In our approach lies our difference. In a short span of six years, Edelweiss Capitals Institutional Equities Business (IE) has become one of the top five domestic brokerage houses and top three derivatives desks. We are the only brokerage on the Street with a quant desk that provides a wide product range, servicing all investor categories. Our innovative mindset, unparalleled research, agile sales teams, and intensive execution systems have enabled us to relentlessly service our clients in newer and different ways. We cater to a wide clientele comprising leading domestic and international institutional investors, including Pension Funds, Hedge Funds, Mutual Funds, insurance companies, and banks.
Asset Management
Overview
Edelweiss Asset Management offers a range of investment products and advisory services across the risk return spectrum to individual and institutional investors. Our close focus on client requirements is our inspiration in designing products which offer the best opportunity for asset
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growth with a constant focus on risk and preservation of capital. Over the past 7 years we have significantly strengthened our equity product offerings to cover the entire gamut of products. We have developed significant expertise in providing advisory services in the alternative investments space through a deep knowledge of non traditional asset classes such as derivatives. Our products are designed to provide our clients with superior performance through market cycles by virtue of our deep understanding of the equities markets and our analytical approach to risks and return.
Wealth Management
Overview
At Edelweiss, Wealth Management is a Practice; it is a specialized profession where our experts combine their efforts to meet the wealth planning, investment, and financial management needs of individuals, families, family offices, or corporate.
More than just Financial Services, Edelweiss Wealth Management takes one step closer to you, by providing an "all-in-one approach.
Customized Financial Solutions, Advice on asset allocation and thereby creating customized financial solutions for HNWIs, NRIs, Trusts and Corporate. Wide range of Innovative Advisory services, We offer advisory services on Structured Products, Portfolio Management, Mutual Funds, Insurance, Derivative Strategies, Direct Equity, IPOs, Real Estate Funds and Art Funds.
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Our main objective is to provide clients with all the tools and services they need to reduce the administrative burdens of managing money and focus on what you do best - maximizing your trading performance, building your business, and attracting new sources of capital.
Capital preservation is key - Capital gains follow from a well-thought out investment strategy. Invest in stocks with a long term view. Use a combination of top-down and bottom-up approach to arrive at a basket of investment worthy stock. Invest on the basis of fundamental analysis of companies taking into account market sentiments. Maintain discipline in booking profits and use index futures to manage short term volatility.
Financing
Overview
Edelweiss Housing Finance Limited (EHFL) is a Housing Finance Company incorporated under the aegis of the National Housing Bank (NHB). It is part of the Edelweiss Group of Companies. EHFL has an array of loan solutions which can be tailored to your requirements. If youre
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looking for a Home Loan, do apply to EHFL for the highest loan amount in the shortest time.
Our Contribution to the Company Post Assigned: Jr. HNI Task Assigned: Client Acquisition Portfolio Designing Client Servicing
First of all we attended one week training sessions on products offered by Edelweiss and we also learnt how to do pitching with the client. We had to do tele-calling and speak to customers for meetings. In the meetings we discuss various subscription plans offered by the company. We explain them about the fundamental and technical research done by analyst. We also explain them the online and offline mode of training. I as a Jr. HNI did meetings with four clients out of which two converted. There is discussion done with clients over their current portfolio and how to modify it. We not only went to our own meetings but also Then the client servicing is done by
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the RMs assigned to them. We were also assigned task of meeting various corporate parks to bring quotations for stall setup for Edelweiss marketing. A proper analysis of area was done which would be getting highest exposure and would be profitable for the company. Then when the company launched Commodity plans we also started pitching the existing client over commodity.
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4. Industry Profile
While regulation and reforms have made major improvements in the quality of the equity markets in India, its rapid growth and development are largely due to strong and efficient market intermediation. The robustness of the Indian markets today is attributable to a healthy blend of the quality of market Structure and efficient intermediation. Even as several countries are instituting procedures to commence. Equity derivative markets, India ranks amongst the top five countries globally in this segment, in less than five years of its introduction. This is an example of the proactive and progressive nature of the Indian brokerage industry.
In the last decade, the Indian brokerage industry has undergone a dramatic transformation. From being made of close groups, the broking industry today is one of the most transparent and compliance oriented businesses. Long settlement cycles and large scale bad deliveries are a thing of the past with the advent of T+2 (Trading day + 2 days) settlement cycle and dematerialization. Large and fixed commissions have been replaced by wafer thin margins, with competition driving down the brokerage fee, in some cases, to a few basis points. There have also been major changes in the way business is conducted. Technology has emerged as the key driver of business and investment advice has become research based. At the same time, adherence to regulation and compliance has vastly increased. The scope of services have enhanced from being equity products to a wide range of financial services. Investor protection has assumed significance, and so has providing them with education and awareness. Greater need for capitalization has induced several firms to access the capital market; foreign firms are showing increasing interest in taking equity stakes in domestic broking firms.
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nature of the memberships is enabling broking firms to expand the realm of their operations into other exchanges as also other product offerings. Memberships range from cash market to derivatives to commodities and a few broking firms are making forays into obtaining memberships in exchanges outside the country subject to their availability and eligibility.
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mobilization has become available. The recent past witnessed several leading brokerage firms accessing capital markets for financial resources with success.
7. Online broking
Several brokers are extending benefits of online trading through creation of separate windows. Some others have dedicated online broking portals. Emergence of online broking enabled reduction in transaction costs and costs of trading. Keen competition has emerged in online broking services, with some of these offering trading services at the cost of a few basis points or costs which are fixed in nature irrespective of the volume of trading conducted. A wide range of incentives are being created and offered by online brokerage firms to attract larger number of clients.
8. Compliance oriented
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With stringent regulatory norms in operation, broking industry is giving greater emphasis on regulatory compliance and observance of market principles and codes of conduct. Many brokerage firms are investing time, money and resources to create efficient and effective compliance and reporting systems that will help them in avoiding costly mistakes and possible market abuses. Brokerage firms now have a compliance officer who is responsible for all compliance related aspects and for interacting with clients and other stake holders on aspects of regulation and compliance.
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of the brokerage industry being very dynamic, changes could be rapid and so as the challenges that emerge from time to time. A brief description on some of the prospects and challenges of the brokerage firms are discussed below.
11. Fragmentation
Indian brokerage industry is highly fragmented. Numerous small firms operate in this space. Given the growing importance of technology in operations and increasing emphasis on regulatory compliance, smaller firms might find it constrained to make right type of investments that will help in business growth and promotion of investor interests.
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to be followed up in regard to financial markets. South Asian economic integration will provide greater opportunities for broking firms in India to pursue cross border business. In view of several of common features prevailing in the markets, it would be easier to make progress in this regard.
Equities
What is equity?
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Funds brought into a business by its shareholders are called equity. It is a measure of a stake of a person or group of persons starting a business.
Dematerialization
What is Demat?
Demat is a commonly used abbreviation of Dematerialization, which is a process whereby securities like shares, debentures are converted from the "material" (paper documents) into electronic data and stored in the computers of an electronic Depository. You surrender material securities registered in your name to a Depository Participant (DP). These are then sent to the respective companies who cancel them after dematerialization and credit your Depository Account with the DP. The securities on dematerialization appear as balances in the Depository Account. These balances are transferable like physical shares. If at a later date you wish to have these "Demat" securities converted back into paper certificates, the Depository can help to revive the paper shares.
What is a Depository?
A Depository is a securities "bank," where dematerialized physical securities are held in custody, and from where they can be traded. This facilitates faster, risk-free and low cost settlement. A Depository is akin to a bank and performs activities similar in nature. At present, there are two Depositories in India, National Securities Depository Limited (NSDL) and Central Depository Services (CDS). NSDL was the first Indian Depository. It was inaugurated in November 1996. NSDL was set up with an initial capital of Rs 124 crores, promoted by Industrial Development
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Bank of India (IDBI), Unit Trust of India (UTI), National Stock Exchange of India Ltd. (NSEIL) and the State Bank of India (SBI).
5. Literature Review
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Historical Background:
Customer relationship management (CRM), a concept that has been around since the mid 90s, has its roots in the technology of sales automation and call center operations. At that time, it was thought that merging the customer data from the field (sales) with the call center interactions would result in more informed interactions with the customer. The concept resonated with user organizations and soon mergers and acquisitions created a host of software vendors all claiming to have an integrated set of capabilities that became known as CRM.
On a parallel track, Internet-based tools such as e-commerce, Internet marketing, personalization, and self-help were evolving. These products competed outside of the CRM sphere due to the newness of the technology, and they were referred to as e-business. When the concepts of CRM and e-business melded together there was a short period of e-madness where vendors talked about eCRM and e-everything. There are still vestiges of this transition in the industry such as essentially using e-business to add value to vendors and referring to it as partner relationship management (PRM) or providing tools for employees and referring to it as employee relationship management (ERM). Similarly, enterprise resource planning (ERP) vendors realized that the 360-degree view of the customer has to include transaction data, so they have likewise developed an integrated package with CRM capabilities. Thus from a technology perspective CRM consists of a set of applications that address the needs of customer-facing functions that in turn feed a common database that is supported by business analytics. Each vendor has variations on this theme. On the other hands, CRM can be defined as a process or methodology used to learn more about customers needs and behaviors in order to manage and develop stronger relationships in an organized way with them.
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Components of CRM:
1. Contact an Account Management:
Relevant data for customer profile is captured with the help of the software. Necessary information is captured from prospective customers. CRM system stores data in common customer database. The database integrates customer account information and presents it in desirable format to the company. The data is used for sales, marketing, services and other applications.
2. Sales:
Sales process management follows a customized sales methodology with specific sales policies and procedures. Sales activities include Product information, Product configuration, sales prospectus and sales quote generation. CRM also provide the history of customer account so that the sales call can be scheduled accordingly.
personalization. Customer response and requests can be quickly scheduled and hence sales contacts.
The essential link between Marketing, Sales and Customer Service: Too often, the three key functions that directly affect customers -Marketing, Sales and Customer Service operate independently of one another. This can create confusion and inconsistency in how you communicate and service your customers. For examples, marketing staff may come up with a price promotion. However, if that is not communicated to the sales team, the result could be
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incorrect billing, which may take time or resources from the customer to rectify and could create ill will and mistrust, making it seem like your company does not adhere to its word. Similarly, if a salesperson makes a sale and gives certain guarantees to a customer but those are not communicated to the customer service team or even to the other sales team members, then the customer may fees as if the company is not standing behind its assurance. This can be particularly problematic if there is employee turnover and poor communication between or even departments. This silo effect where information is between vertically in departments that may or may not communicate with each other- could actually damage your business.
With comprehensive CRM system, however, customer communication is captured and housed in an accessible database, making the most current information available to anyone who needs it and has access to the system. By breaking through barriers between various business functions and making communication transparent, your company can act in a more consistent and unified fashion with its customers, instilling a greater level of trust and strengthening customer relationships.
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6. Research Methodology
Research Design:
Research design means adopting that type technique of research which is most suited for the research and study of the problem. For the study and the research of the problem proper material has to be selected and collected for the investigation. A research design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure. In order to know about effectiveness of Customer Relationship Management in Edelweiss Broking Ltd., it was necessary to interact with the customer. The sample taken comprised of respondents from Mumbai city. A questionnaire had to be designed to collect valuable information from the different customer groups. The questionnaire was designed suitably to meet the objective of research work.
Nature of Research:
In this project report I have undertaken quantitative type of study.
Type of Analysis:
The analysis done in this particular project report is statistical.
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Sources of Data:
a. Primary Data: The Primary data are those data which are collected fresh and for the first time and thus happen to be original in character. The primary data that was collected through interview conducted in Regional Branch with daily visiting customers. The primary data sources include copies of questionnaire and data of their respective responses.
b. Secondary Data: The secondary data are those which have already been collected by someone else and which have been passed through the statistical process. Secondary data was collected through company websites http://www.edelweiss.in/.
Contact Method:
I as a researcher interviewed the respondents by interview on telephone. Approximately 200 people were called out of which 30 responded. The questionnaire is designed with lesser options so that customers can answer quickly
Sampling Plan:
a) Population: The population covered in this project report refers to the existing customers of Regional Office, who have their trading and Demat A/c with Edelweiss Broking Limited.
b) Sample Size The sample size undertaken by me for this particular project report is 100 respondents.
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c) Sample Element The respondents contacted and interviewed in this project report are all from different domain some of them were Businessmen, High Net-worth Investors, Proprietors, even Students also invest in Share Market.
d) Sample Extent As a researcher, I conducted this survey only for the customers in Edelweiss Broking Ltd, Dadar Branch, who have opened their Demat account on various subscriptions.
e) Sample Duration The survey was undertaken from the 13th June, 2011 to 25th June, 2011 i.e. for two weeks.
f) Research Instrument Questionnaires containing both open ended and close ended questions were used as a research instrument in this particular project report.
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Questionnaire
1. Name:__________________________________________ 2. Contact Number:_________________________________ 3. Occupation:______________________________________
4. Income Group (Annual): 10000- 1Lakh 1Lakh- 5Lakh
5Lakh- 10Lakh
5. How do you find Company Interaction via Email and Telephone calls?
Poor
Fair
Good
Very Good
6. Do you find companys research on the markets useful and beneficial? Yes No Cant Say
7. Where do you rate Edelweiss Broking Limited on the scale of 10 in terms of Services?
10
Intraday Trading
Delivery Trading
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11. Are you satisfied with the services provided by Edelweiss Broking Ltd.? Yes No
13. Since last how many years you are in field of trading?
14. What improvement do you want be done in companys services? ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________
15. Which service do you like most in Edelweiss Broking Ltd.? ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ _________________________________________________________________ _________________________________________________________________
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Respondents
Respondents
No of Individuals
Business
9
HNIs
3
Individuals
15
Proprietors
3
Business
HNIs
Individuals
Proprietors
10%
30%
50%
10%
Interpretation:
Above pie chart represents that research contains 30 respondents which are Businessmen, HNIs, Proprietors and Individuals and they are 9, 2, 15 and 3 respectively in numbers and percentages.
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Income Group (Annual) Income Group No of Individuals 10000-1Lakh 1Lakh5Lakh 5Lakh-10Lakh 10Lakh & above
14
10
10000-1Lakh 5Lakh-10Lakh
10%
10%
47%
33%
Interpretation:
Above pie chart represents that the research contained 30 investors and customers of Edelweiss Broking Ltd. All the people were from different Income group which are in numbers shown above. We can clearly see sample includes more customers from first income group i.e. INR 10,000 1 Lakh and second income group i.e. 1 Lakh 5 Lakh. The indication is simple people with lesser income are more interested in investment and wealth creation rather than the high income group. So basically there is requirement to concentrate on high income group, there is need to educate them to invest for wealth expansion.
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Interaction Respondents
Poor 3
Fair 14
Good 7
Very Good 6
Poor
Fair
Good
Very Good
20%
10%
23%
47%
Interpretation:
From the above result of Company Interaction via Email and Telephone calls, we can imagine the satisfaction level of customers and accordingly Customer Relationship is managed through electronic media to maximize the wealth of customers. In Edelweiss mostly dealers and RMs are in touch of regular traders and customers also get loyal to the company through this practice. Every call is taped by default for the evidence of orders to buy or sell the stocks and Emails too. The over all result is fairly good. But the following answer can also be based on the interaction of the retail employees, where language barrier is an issue. They find it difficult to interact with customers sometimes because of lack of knowledge of the language spoken on the customer side.
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Research Respondents
Yes 25
No 4
Can't say 1
Yes
No
3%
Can't say
14%
83%
Interpretation:
When it was asked sudden and on the time answer was the same of maximum people, it means the credibility and trustworthiness of the company is on the height. Its nothing but the result of Relationship Management. It is said that Share Market means Well of Loss, nevertheless Edelweisss Customer dont have any tension in investing because they believe in Companys Researchers and Analysts and their research on the market too. Edelweiss has research done on each company based on technical and fundamental aspects. They provide various research and strategy based on the research done by the analysts of the company. These are the same research which is done for various Foreign Institutional Investors (FII) clients, who have their investments in crores.
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3. Where do you rate Edelweiss Broking Limited on the scale of 10 in terms of Services?
4/10 2 Bad
6/10 11 Satisfactory
8/10 13 Good
10/10 4 Excellent
Rate4
13%
Rate6
7%
Rate8
Rate10
37% 43%
Interpretation:
These scores are given out of 10 by the customers. From the above answers Customer Relationship can be very well highlighted because out of 30, every customer has his own value and consideration about Edelweiss because they invest their Hard Earned money and take risk to earn more cause of Edelweisss Services and Attachment and it is all the output of Customer Relationship Management. Many people have rated Edelweiss 8, which means they are happy with the overall performance of the company. One of the person who gave rating 4 said that the companies performance is poor. He was the one whose form processing took 1 month and in trading went into loss. One of the person who gave rating 10, got his account opened in very less time and also made high returns on his investments. Here the luck factor also comes into picture.
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Investment Respondents
Equity Commodity 20 3
F&O 4
Currency 3
Equity
Commodity
F&O
Currency
Interpretation:
One general question was asked in questionnaire to know the investment flow of customers towards Edelweiss Services. When it was asked why they invest in specific area mostly then it was answered by many people that liquidity market is easy to make money out of investment and take money out whenever we feel not to put. And other reason many customers dont want to invest for long time. And about currency some people were not interested. There are less people in commodity because Edelweiss launched it last month i.e. June 2011.
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Intraday 4
Delivery 26
Intraday
Delivery
13%
87%
Interpretation
From the above view of graph we come to know that minimum people, 13% customers trade in Intraday Trading. On this customers say they like to trade in Intraday because of Short term investment and high level of excitement and sometimes they feel their money seems to sink. Its like One Day Cricket play for many customers. The intraday research is done on technical research which is not that strong and there is a fear of losing money. In Delivery, people say here is No / Low Risk, More Money. The Delivery Trading is done on Fundamental research of the company which is strong with proven reports. That is why people invest more in Delivery. Hence we find people hesitate to invest in Intraday and confident to trade in Delivery trading. Eventually Edelweiss is the Broking firm which doesnt lose its attention from making money for its customers and lose its attention from Customer Relationship Management.
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Yes
No
20%
80%
Interpretation:
Above pie chart represents the minimum people have their Demat account and Trading account somewhere else also nevertheless they say they trade from Edelweiss only and few of their other account are put Non-Operating by them. Here we get a fact that Edelweiss Customer Relationship Management really has something very attractive and attachable to emotions cause of services.
Few of them were hesitating while answering this question, feeling that their relations may spoil with Edelweiss and RM would not give good performance.
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7. Are you satisfied with the services provided by Edelweiss Broking Ltd.?
Satisfied? Respondents
Yes 24
No 6
Yes
No
20%
80%
Interpretation
Above chart represents us the output of Customer Relationship Management with the help of the services and customers satisfaction can show a mirror of the efforts of the company towards making their customers loyal to them. Here 73% customers have selected and stated that they are fully satisfied with the services that they are getting from Edelweiss Broking Ltd.
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Yes 22
No 8
Yes
27%
No
73%
Interpretation
The company sells subscription on yearly basis and makes business. If the company is able to provide good service to the customers they are bound to come back after their subscription expires. The company wont find any difficulty in getting the business. Here we can see 27% wont buy subscription next time. The reason could be dissatisfaction. Sometimes the RM leaves the company and leaves the clients under him in mess. Thats why company should go into the reason of the dissatisfaction of the clients, to retain them.
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17%
23%
60%
Interpretation:
This question was asked intentionally to know the loyalty of customers with Edelweiss Broking Ltd., since how many years they have been investing. These figures show all things are the proud of Edelweiss and its customers are also very proud to be in Edelweiss. Edelweiss is newer than most of the broking firm hence there are very less clients in the More than 5 year pie. And the More than 1 year shows that most of them are satisfied with Edelweiss and have brought the subscription once again after expiry.
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7. Correlation
In statistics, dependence refers to any statistical relationship between two random variables or two sets of data. Correlation refers to any of a broad class of statistical relationships involving dependence. Familiar examples of dependent phenomena include the correlation between the
physical statures of parents and their offspring, and the correlation between the demand for a product and its price. Correlations are useful because they can indicate a predictive relationship that can be exploited in practice.
Analysis of Correlation
In simple words, Correlation is a statistical measurement of the relationship between two variables. Possible correlations range from +1 to 1. A zero correlation indicates that there is no relationship between the variables. A correlation of 1 indicates a perfect negative correlation, meaning that as one variable goes up, the other goes down. A correlation of +1 indicates a perfect positive correlation, meaning that both variables move in the same direction together.
on the research done by the analysts of Edelweiss Broking Limited. The Research helps the customers to take investment decisions and the positivity of the investment done on research leads to customer satisfaction. Satisfaction & Trading in another broking firm: The analysis gives the result that they (satisfaction and trading in another broking firm) are negatively correlated this shows that if customers are dissatisfied with the services then there is possibility that they will approach other broking firm for their investments. Satisfaction & Re-buying Subscription: Here a positive correlation is observed between satisfaction and re-buying subscription. If the customers are satisfied with the product it contributes to customer retention. As a new branch if Edelweiss looks into providing proper services then the customers will buy the subscription again when it expires.
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9. Findings
Customer Relationship Management Business Drivers and Benefits
It empowers management with a real-time pipelines and forecasting so they can build and focus on high profit, sustainable relationships.
It empowers staff with customer intelligence and best practices to increase their likelihood of successful transactions.
It increases customers acquisition, retention, loyalty, and profitability by integrating information across the enterprise.
CRM should be kept and handled and carefully kept inside the company only otherwise Customers Database can be misused by rivals.
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This data is called Primary Data, which is considered very genuine but in this case it misrepresents the Reality and Credibility.
Some people, its felt that they gave fake response, with impression that this questionnaire is from Edelweiss Broking Ltd. internal.
Some people did not take it serious because this was not important to them as they are busy for trading at dealing Room.
Every data interpretation and statistics cannot be trustworthy from their results because this study is for only two months altogether.
Companys Limitations:
The language problem in the retails, which led to interaction problem. The time involved to re-inward the form after rejection. No service given to lower plan subscribers. Too many rules leading to form rejection. More concentration on client acquisition rather than client servicing. More number of customers assigned to one RM.
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10. Limitations
1. Many consultants, vendors, and analysts today define CRM in terms of being a customercentric business strategy that is enabled by a set of applications that support customer-facing functions and management decision making. That may capture the essence of what CRM is, but while it does not concentrate on the extra expenses occurring on Companys A/c due to increment in expenses in serving customers all the ways and Return on investment means consideration may not be more than expected. Customer may not give that much business transactions which is estimated or expected.
2. It may need specific staffs to handle all the tasks of Customer Relationship Management because the data that is feed in system cannot be handled merely by Relationship Managers who has to make new customers and take care of their dealings and also to accomplish their additional responsibilities.
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10. Suggestions
1. Short Duration:
Project research duration was only for two weeks; in this tenure neither study nor observation can be done properly. For example, we saw sample plan in that only 30 customers could be contacted and now the problem is- from this samples we cannot think of Macro Level Perception of customers. Many people may be from same point of view and many may not and those 30 people may not contain these types of people. So duration of Research Project should be more than two weeks.
2. Overcoming Limitations:
Language Barrier: The employees in Edelweiss at least need to know three basic languages i.e. Hindi, English and Marathi, its very essential because at times the language barrier of the customer leads to the call drop which is not at all desirable. So company needs to hire employees having good communication skill and command over basic languages. Form Rejection: The forms which gets rejected needs to be worked on fast to avoid delay because it always adds to dissatisfaction among the customers. Also the rules for form rejection should be minimized to some extent, because it delays the account opening. Lower plan service: The customers who have lower plans should be given basic training for how to invest, since they dont have an RM. Client servicing: there is requirement to do client servicing for retaining the customers rather than client acquisition. The RM should be assigned a limited amount of customers to service and he should not be given the assignment of client acquisition. Its better to keep the department separate. Consumer Complaints: There is a need of consumer complaint department, where consumers can directly complaint, so that the problem can be worked out instantly.
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3. Customer Category:
To find effective Customer Relationship Management, Broking firm can do one more thing which will be very beneficial to them in finding Asset Customers from the bottom level management to top level management. Edelweiss should adopt system of allotting Customer Categories according to their transactions, due payments, exposure, loyalty, frequency of trading and all.
In this system at all the level where CRM is handled and watched by Top class officials of the company, they also get to know the list names and details of the loyal customers and CEO or Board of Directors also get to know total customers and at last their turnover of the total transaction.
With the help of it companies CRM will help it to get height of success and dominate the world of Services. Because CRM affects Marketing, Sales and profitability and these all can be achieved by CRM.
For E.g., Edelweiss Broking Ltd. can play few awareness documentaries and Advertisement, this will result in getting more and more customers to serve and accordingly Edelweiss can become the first ranker in turnover very soon.
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References
By: Mithas, Sunil; Krishnan, M. S.; Fornell, Claes. Journal of Marketing, Oct2005, Why Do Customer Relationship Management Applications Affect Customer Satisfaction? Vol. 69 Issue 4, p201-209. Ryals, Lynette. Journal of Marketing, Oct2005, Making Customer Relationship Management Work: The Measurement and Profitable Management of Customer Relationships, Vol. 69 Issue 4, p252-261. Edelweiss Broking Limited, 2009, accessed 3rd July 2011, <www.edelweiss.in>. Edelweiss Capital Limited, 2008, accessed 3rd July 2011, <www.edelcap.com>. Hair, Bush, Ortinau, 2008, Marketing Research within changing Information Environment, Tata McGraw Hill, Third Edition. David, V.Kumar, George S. Day, 2009, Marketing Research, Wiley India Edition, Ninth Edition..
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