Customer Retention is a "Sticky" Issue
Posted on Thu, Aug 05, 2010 @ 08:22 AM
How "sticky" are your customers? In the financial services industry, there is a strong correlation between the number of products and services a customer purchases and their likelihood of "sticking" around. In fact, many customer retention strategies are designed specifically to facilitate cross-selling opportunities to ensure this "multi-product" threshold is met.
The biggest challenge with traditional customer retention programs is their inability to determine the exact moment a customer is in the market for one of these additional products and services. Our newest program, Loyalty Assurance, can provide financial services marketers with this kind of marketing intelligence within 24 hours.
This revolutionary customer retention strategy cross-references a customer database with credit activity from multiple bureaus. By flagging customers with a wide variety of credit inquiries (a.k.a. "triggers"), including mortgage, auto loan, installment loan, bank card and/or insurance, we can help financial services marketers identify cross-selling opportunities at the very moment a customer is actively in the "shopping mode".
For example, banks and credit unions can cross-reference their checking or savings account holders with pretty much all of the inquiries listed above to identify auto loan, personal loan, credit card and mortgage candidates. Mortgage companies can find cross-selling opportunities by leveraging credit card and installment inquiries to ferret out debt consolidation and/or home equity prospects. Insurance companies can utilize auto and mortgage inquiries to increase their number of dual-policy holders.
No matter how you slice it, Loyalty Assurance offers you a great way to increase your "stickiness" factor. And stickiness pays dividends in the form of higher retention rates and increased customer lifetime value.
Curious and want to learn more about this proven customer retention program? Contact us today for a FREE Loyalty Assurance ROI Analysis. We would be happy to demonstrate how stickiness pays!