Revenue Quality Enhancement
Problem
In this example, pricing was loose, resulting in misalignment between operations and commercial, causing lost profit opportunity.
Solution
- Detailed assessment of market pricing and acceptability
- Design and change of client contracts
- Redesign of operational capture methodology and equipment
- Business case for installation
- Project team consisting of people from all affected functions
- Billing automation to accurately reflect contractual charges
- Weekly performance reviews and proactive management of accountabilities
Output
Simplified, agreed and contractually binding pricing structure, producing an increase in over £1m per annum to the bottom line.
Risk and Relationship Management
Problem
Due to having no relationship / risk tools in place, this company experienced high client attrition and low existing client growth, which had a direct impact on operational productivity and therefore profitability.
Solution
- Simplified ways of recording and monitoring relationship impact factors;
- Hygiene factors included product type, volume, margin, systems, financial performance and contract term
- Softer factors were number and level of contacts, mirrored management, personal knowledge of client contacts, external / market factors
- Created dashboard to flag risk of loss – actions reviewed weekly
- The review process included representatives from all functions
- Common risk led to focus in specific areas that required policy change
- Installed on the Salesforce.com CRM tool for ease of use & reporting
- Proactive Account Planning tools subsequently added
Output
Attrition reduced by 68% and client growth increased by similar margins through improved relationship strength.
Driving Customer Experience
Problem
With 86% of clients saying feedback from their customers influenced decision making when choosing a supplier, this company did not understand what their clients’ customers thought was a great experience and what key satisfaction attributes drove decision making.
Solution
- An invite, triggered by each completion event, was sent to the end customer to participate in a short online survey.
- Results presented in a Company-wide dashboard showing NPS (Net Promoter Score) and CSAT (Customer Satisfaction) percentage plus negative and positive verbatim data.
- Clients given access to the same live, instant customers feedback
- Each function and each person delivering the service had individual NPS and CSAT broken-down and targeted against
- Real time consumer verbatim shared with those delivering the service and used to reward or train to improve performance.
- Proactive Customer Service using negative feedback captured.
Output
10,000 responses per day which enabled improved service performance and increased NPS by 13 points and CSAT by 12 percentage points. Feedback received prompted creation of new products with text analytics to address the real issues that matter to consumers.
