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Introduction
HDFC was set up in the 1970s
Explicit purpose:
Providing easy, affordable loans to the middle class household , for buying their own homes
Building brand
Easy procedure
Courteous staff Excellent background work Reasonably attractive rates of interest
Challenge in 1990s
HDFC aided by subsidized funds from international
sources
Had to source its funds from the local market It enjoyed tremendous equity with the middle class Had built a great brand equity that could be used for
mobilizing funds
Collecting FDs
It went in for collecting FDs from retail investors
Deposits were of different types cumulative/non
at innovative approaches to do so
a brand preference, it will pay back many times over It was selling a me- too product Brand enjoyed good awareness and image with the investors HDFC put its agenda to build strengthen its relationship with its agents
HDFC Agents
The company listened to them and was responsive to
their needs Do delays in receiving commission 46,000 agents to enable quick payment of commission , the agents were dealt with on a day to day basis by branch offices
Relationship programme
Obj: to make the agent feel a bit closer to the brand
HDFC
Step 1
Census questionnaire to the agents
Info on the agents total fund mobilisation capacity,
key products, growth/ performance , infra structure offered, special services offered, family details, future plans, ratings of HDFC etc
Data analysis
Just 10,00 agents mattered, they were the key as they
held a huge potential Rated HDFC very high Looked forward to help from HDFC to improve their business Operated in their own names as well as family members Wanted to expand their computer base
which went out to all selected members Followed by handy booklet on how to sell an FD in HDFC Obj: provide with value addition once in 3-4 months
Value additions
Indian govt: changed rules regarding taxation
Led to confusion in agent community HDFC key partner members received a handy
pager offer Agents took the offer and well received message HDFC cares for us HDFC tied up with Aptech to offer special schemes for computer training
The result
Appreciate by all the agents
Elicited numerous thank-you letters Increased collections, loyalty, brand imagery
HDFCs