BACK

Retain Customers

Retail Finance Company

What we did
• Reviewed retention metrics following merger of two companies and their portfolios
• Identified and analyzed retention processes within each company
• Probed reasons for account closures
• Interviewed portfolio managers and regional sales managers
• Visited call centers to speak first-hand with retention managers and front-line reps

What we discovered
• Companies had two vastly different approaches to customer retention: one was systems-based; the other was sales force-based
• Both programs were successful and both companies’ retention strategies were ingrained into the respective cultures
• Each company had an open willingness to build a “best of breed” retention program

Strategy
• Build an integrated customer retention strategy and program for the two merged companies

Tactics
• Identified account-closing vulnerabilities and retention-eligible intervention points in the life of a loan
• Catalogued in a step-by-step fashion existing processes and how they could be cross-pollinated between companies
• Established strategic and executional options for modifying these activities to improve opportunity for retention
• Assessed issues and likely impacts surrounding each option
• Identified benefits and cost factors associated with each option
• Designed operations/systems implementation plan
• Gained internal consensus on going-forward retention processes
• Assisted client managers sell in the solution

Results
• Client sold in integrated process

BACK