Retention
Driving Customer Retention
- Outcomes
Four distinct experiential segments identified.
Each with four different contexts, needs & positioning.
Offering, communication & technology deployment for each of these segments was redefined.
The redefined customer engagement platform delivered a close to 30% increase in customer retention.
- Industry
Financial services; one of India’s largest financial services groups, B2C & B2B2C.
- Problem
Low switching barriers for existing customers.
Commoditized environment & a close to 80% dormant customer base.
- Tools
Terragni experience score
Terragni experience grid
Experiential segmentation
Driving Reduction In Cost Of Service
- Outcomes
The Effort Assessment platform defined the points of friction in the customer journey & the areas of repeated physical intervention.
The journey was redesigned with a focus on the peak-end-rule.
As an example, the loan approval process went down from 5 days to one and a half-day.
- Industry
Banking; one of the India’s top 5 banks, B2C.
- Problem
Lending is a commoditized environment and margins are thin. Therefore, the cost of service is an important contributor to the bottom line. This cost of servicing each client was creating a negative impact on margins and customer acquisition costs.
Driving Loyalty Program Engagement
- Outcomes
4 experiential segments amongst the very HNI were defined.
The loyalty program was redesigned towards contextual experiential benefits as opposed to only points & products.
Friction was eliminated in the loyalty journey.
Elements of positive surprise and motivation built in the journey.
- Industry
Banking; One of the India’s top 5 banks, B2C.
- Problem
Creating higher engagement with very HNI individuals and families for cross-selling and up-sell opportunities.
To increase wallet share from such HNIs.
To encourage the gen-next of the HNIs to engage with the bank.
- Tools
Experiential segmentation
Effort Assessment Score
Elimination of friction & the redesigning of motivation
