Using Customer Journey Maps to drive £2.8m incremental revenue
Client was trying to encourage customers to consolidate all their pensions held with different providers into a single scheme. However only a small proportion of customers completed the process after showing initial interest. They needed to understand where customers were dropping out of the process and make any necessary changes.
Summercall segmented the base by average consolidation amount and then produced a detailed customer journey for each segment, mapping out all of the touch points along a process which could take up to 10 weeks to complete. Various “pain points” were identified and a set of automated triggers and manual communications were put in place to ensure the customer did not leave the journey at these crucial times.
After this analysis was completed and the various communications put in place, the client was on target to consolidate an incremental £2.8m over a 12 month period.