Reduce attrition rate of 22 percent among new customers.
Solution:
A database-driven welcome program consisting of a customer survey and segmented offers.
Results:
Mail group is consistently outperforming control group for retention offers.
While it is not uncommon in the financial world to have 25 percent to 30 percent of new customers drop off before enjoying a piece of proverbial anniversary cake, a large Midwestern regional bank was far from satisfied with its 22 percent attrition rate among first-year customers..
Wanting to retain more of its customers as well as improve cross-sell ratios, the bank turned to CCG strategists who devised a complete "on-boarding" program that would strengthen the bank’s relationships with new customers. CCG’s recommended database-driven welcome program included:
Using a customer survey as the main driver of the program to get to know the customers’ needs and level of satisfaction with the bank.
Merging individual survey results with demographic and account data to place customers in distinct segments.
Want your customers to make more of a commitment?
Call Greg Sultan, VP, National Marketing Manager,
at 513.947.9102, or send an e-mail to greg@customer.com
