Fostering Customer Retention Calls for a Full 360-degree Perspective
CUSTOMER RETENTION IS KEY FOR SALES PRODUCTIVITY
Sales and account managers are in a constant battle to increase sales. But as institutions move more capabilities online, and customers demand a more engaging, personalized experience, it’s become challenging to deliver great customer experiences that lead to client loyalty and high retention rates, key drivers of sales productivity.
McKinsey studied financial institutions that converted to real-time, individual customer profiles. They found that this personalization often led to double-digit gains in new-offer acceptances, compared to untargeted, ‘average customer’ offers. As a result, companies that restructured around this strategy typically cut costs by up to 25% and boosted revenue generation by as much as 35%.
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