How to Drive Client Engagement and Increase Business from Low Revenue Customers? vania
Select Accounts Program
A global business was losing smaller clients to a competitor who was specifically targeting them. A minimal support, “low-touch” customer service model was creating reputational risk and high turnover for the company, negatively impacting client retention. Creating a special Select Accounts Program was an innovative way to support smaller clients who were most at risk for turnover and poaching from a competitor. The goal was to create proactive marketing outreach via email and monthly webinars to transform the customer experience and frequency of interactions, to reduce attrition and increase revenue from those clients.
Rethink the service model to increase interactions with smaller accounts.
Assign a dedicated account manager to a larger number of small accounts (approximately 150 vs. 40, the traditional number of accounts serviced by an account manager).
Develop proactive marketing outreach programs through a combination of client emails, direct client phone calls, on-site visits, targeted client events in local markets and regular monthly news updates and webinars.
Increase the amount of client contact significantly to boost awareness, make the business top-of-mind and generate positive goodwill.
Within 8 months, the new high service model for small accounts delivered significant benefits and turned the scales on the competition, generating over $43,000 in revenue for a $10,000 marketing investment:
Reduced attrition by reviving 10 dormant accounts, saving 4 accounts from terminating and obtaining 5 sales referrals
Increased revenues from 9 of these clients who moved from small to medium accounts
Increased monthly trading volume 100% and YTD growth 18% across the small account portfolio
Increased referrals from small client relationships
Increased client cross-selling and engagement by identifying new opportunities to introduce 4 new product growth areas to existing clients