in new revenue
increase in multichannel
unengaged customer attrition
Faced with rising levels of customer attrition, our client was looking for a way to keep its customers engaged – throughout the entire customer lifecycle. We helped design and launch a plan for long-term success.
This financial services firm has roots that stretch back almost 100 years, and had enjoyed decades of uncontested business handling pensions, retirement and wealth management for a particular professional demographic. Like many companies that used to dominate a niche market, this client had taken theirs for granted. Long-term pension customers, having never received more than a minimal amount of ongoing interaction from the company, were now being courted by active competitors and leaving our client in droves. The client recognized the problem on its own – it needed a new approach that would keep customers engaged throughout the customer life cycle. The firm’s marketing organization was new, and it had initiated a company-wide database and data management overhaul; but deployment was well over a year away. Our solution was designed not only to bridge the gap and address the attrition issue, but also to leave the client in a prime position to leverage their new technology infrastructure once it was complete.
Our analytics and research gave the client valuable insights into its customers, and also uncovered immediate revenue opportunities. We identified 63 different combinations of channel interaction, and used this data to develop a personalized marketing approach for each account. Many of our client’s customers were older and nearing retirement, and had no idea that they could take a more active role in their financial planning. Our analysis showed that at-risk customers began to research the competition an average of five months before taking action. We deployed a targeted, multichannel engagement strategy that reached out to members who were identified as unengaged, and also those who had not paid their premiums in two months – a clear indicator that the customer was preparing to leave. Data was consolidated into one relational database, and we established an inbound / outbound sales team to convert this new understanding of the customer life cycle into profitable interaction. We supported the client who conducted an online webinar entitled “Close Your Retirement Income Gap” as a way to cultivate engagement; that one-hour session brought in 1,200 attendees and $69 million in increased assets. Webinars are now an ongoing part of the client’s engagement strategy.
We had 500 associates hired and trained in two weeks for the launch, which was dialed back to 75 within two weeks due to the success of the launch, and also the adaptability of the workforce solution. Today, the contact center continues smoothly with less than ten associates active at a time – retaining the high customer satisfaction the client prides itself on, while still providing round-the-clock support to healthcare providers.