Results
Stronger differentiation, aligned messaging by segment, personalized customer experience, creation of new roles, and enhanced member engagement through active listening
Context
This case study presents the strategic support provided to a regional financial institution facing a gradual decline in its customer base and a significant drop in cross-selling over a five-year period. Despite having a large customer base, the organization was steadily losing market share to direct competitors.
Symptoms
Decline in customer base and cross-selling performance.
Objective of the Approach
Understand the root causes of the decline in customer base and cross-selling, and adjust communications and service offerings to better meet the needs of various customer segments using a customer satisfaction survey.
What We Accomplished
- Large-scale Customer Satisfaction Survey: distributed to the entire client base, generating an outstanding response rate (approx. 17,000 responses) Customer Satisfaction Survey – Maieutyk
- In-depth Segmentation: identification of behaviours, needs, pain points, and expectations unique to each segment Customer Satisfaction Survey – Maieutyk
- Competitive Benchmarking: analysis of services used with competitors and reasons for switching or for not using the institution’s services
- Co-creation Workshop: collaboration with the executive committee and board of directors to interpret survey results and extract a tailored strategy. Customer Satisfaction Survey – Maieutyk
The Outcomes
- Aligned communication messaging by customer segment and values
- A more personalized customer experience approach implemented
- Creation of two new roles to improve relationship-building and structural practices
- Enhanced differentiation from competitors through active member listening