“I had a vision for how I thought we could connect to our customers, but never truly understood the impact of making the connections like we have. The Think Tank Partners team has advanced our initiatives beyond our expectations.”
J.L. – Executive Vice President
Our customer is a top-tier, international financial organization that provides banking and financial products and services to its expansive member base. The customer is a considered a leader in consumer and business banking, with services that range from basic banking to wealth management to insurance and everything in between.
Like most large financial institutions, our customer grew rapidly through a series of acquisitions. With each acquisition, insight into the customer relationship grew increasingly difficult to understand. As a result, former executives of the organization decided that all marketing and sales initiatives would follow a one-size-fits-all model. This approach was seen as a cost-effective way to reach as many customers as possible. While costs were relatively low, take rates and conversation rates were far below expectations – negating any value from the cost savings. Additionally, customer complaints skyrocketed as every customer who contacted this division received the same cross-sell/up-sell offer, regardless of the extent of their relationship. To make matters worse, the majority of customers that expressed an interest in an offer where declined the product or service because they were ineligible.
The company decide to appoint a new Executive Vice President to revive the struggling sales organization. Although this executive had similar turn-around experience in other organizations, a broader set of issues faced the company than the executive’s expertise reached.
Think Tank Partners worked with the new Executive Vice President to develop a customer-centric model that would support his long-term vision for his organization.
Our approach was focused on resolving the customer data issues that limited the organization’s understanding of the relationship with the broader financial group. Once data issues were resolved, we applied our business intelligence tool set to develop a set of customer segments based on key relationship criteria. This analysis yielded a set of strategic customers that were deemed to be the most valuable to the company. Subsequent tiers were established to account for the remaining customers.
Think Tank Partners used the traits of each of customer segment to re-define the service interaction. Overall treatment strategies were modified and the user interface design was overhauled to align with the improved level of customer intelligence.
The results speak for themselves. Through the targeted use of Think Tanks Partners’ business intelligence tool set and strategic guidance, the company was able to identify key customer segments to support their sales objectives. Numerous metrics were tracked to monitor performance, most notably;
– 19%increase in sales revenue year-over-year.
– 54%reduction in the number of customers who were presented with a sales offer. Fewer, more personalized, offers were presented to qualified customers.
– Targeted offers increased the value per sale by26%.
How many customer segments are right for your business?
Let Think Tank Partners show you how a customer-centric strategy can work for you