Customer Relationship Growth in the Digital Age

Many banks and credit unions remain trapped in product and transactional thinking and haven’t made the transition to a focus on customer relationships – and building unique value that motivates prospects to choose you, refer you, and do more business with you.

As branch traffic falls and sticky digital services simultaneously reduce customer switching, the need for action is acute. Shifting to a customer relationship focus will drive near-term results including:

  • Decreasing acquisition costs;
  • Increasing perceived value;
  • Improved retention rates;
  • Increased profitability; and
  • Pricing optimization.

How does an institution shift (back) to a focus on customer relationships and lifetime customer value and away from a product focus with the speed and agility necessary to stake its claim in this new competitive landscape? Focus on the specific areas of opportunity that can yield the best result for an individual institution.

The Solution: CPG’s Customer Growth Sprint

CPG begins with a rapid assessment which allows for immediate focus on areas which will provide the most value the fastest.

Step One: Key Metric Performance – To identify immediate opportunities, we evaluate a short list of KPMs to determine
performance improvement focus areas.

Step Two: Performance Improvement Sprint – For the one or two KPMs that offer the most opportunity, we perform a “rapid sprint” using data and analytics to understand the root cause for suboptimal performance, and we provide prescriptive recommendations to generate value and growth quickly.

Step Three: Adopt the Customer Management Framework – We work collaboratively with your project team to create a strategic framework for becoming a true customer relationship management organization. Using CPG’s Customer Management Framework, we connect the dots from Steps One and Two above. In a one-day workshop, we identify opportunities to improve awareness, acquisition, onboarding, expansion, and loyalty efforts for priority customer segments. We help you identify target areas for further development and improvement. And we help you develop a process to continually strengthen your customer management capabilities.

More information about CPG’s Customer Management Framework.