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Care Not Cash

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Oct 19 2009

We work with a fortune 100 financial services company that has over 10 million customers and a strong focus on marketing through their call centers.  We were working with them on a contact management strategy for their high value segments, with particular emphasis on the call center where they'd been unable to translate some of the analytics insight they'd rolled into their direct mail and online programs. Call center reps were taught to sell, sell, sell and this mentality was actually hurting the firm with their most valuable customers. 

The financial services firm wanted to better understand customer response behavior in order to achieve more effective dispositioning, handling, product retention and growth.  In partnership with the CMO and marketing management team, we used value and retention modeling to determine treatment strategies for the call center and IVR efforts.  We encouraged more proactive, outbound communication with their most profitable segments with patterns that pointed to possible product attrition and developed insights from those interactions to drive more effective outbound efforts.  In addition, we made the case for dedicated agents to handle all inbound and outbound communication with these customers.

Marketing execs at the company understood the correlation between customer experience and a customer's willingness to broaden their product portfolio, and therefore agreed with a focus first on customer care followed by cross-sell and up-sell opportunities.  This proactive approach resulted in more effective call handling and lower attrition rates, laying the ground work for increased asset value in their most profitable customer segments by almost 10% Y/Y. 

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