Improving Customer Retention
A roadmap to retain high-value customers
A large telecommunications company experienced higher than usual attrition of new customers while also challenged with increased costs to serve the existing customer base, impacting profitability.
Leadership in both operations and the contact centers faced significant obstacles in pinpointing the underlying issues with retaining customers. The lack of data to understand customer behavior and customer value coupled with the inability to drive the appropriate agent behavior was taking a financial toll on the company.
Lack of trust in data – Nearly all agents were self-reporting metrics, including the data used to pay their commissions. Metrics were defined differently among various contact centers and the tools used to capture data were mostly manual.
Insufficient visibility to agent performance – There was no single visualization tool in place to consistently define, capture and compare call center KPIs across the company. Agents and leadership typically created their scorecards each month manually.
Inconsistent definition of customer value – There was no standard calculation to determine the customer’s value to the organization, nor was there any data available to try to understand a customer’s buying habits.
Existing compensation plans drove poor fiscal results – With compensation plans that paid agents based on keeping a customer, with no regard for discount percentages or the customer’s value, the company was increasing costs while hurting margins and keeping low-value customers.
RevGen worked closely with the client to align their priorities, create consistent business metric definitions, and develop a detailed roadmap on how to utilize their sales and customer data more effectively. This included how tools and technology and new comp plans could be used to drive agent behavior which ultimately leads to positive fiscal results.
RevGen developed a detailed, targeted, multi-step plan for the client to implement.