DEPARTED CLIENT CASE STUDY

INCREASE RETENTION RATES BY STRENGTHENING AREAS OF WEAKNESS

 

Chatham Partners recently completed a Departed Client project for a large financial company offering a broad retirement services/product suite.

Objectives

• Understand the true motivations of a client for leaving the Company in an effort to implement turnaround strategies and improve retention rates.
• Identify the products/services that clients sought when they left and selected a different provider.
• Pinpoint reasons for leaving based on product size, asset size, participant size, length of relationship, and service delivery structure/personnel in addition to other variables.
• Identify the particular competitors that clients choose at their departure.
• Ensure departed clients recognize the Company’s desire for improvement by having a third party contact them after the departure.

Chatham Solution

• Created customized telephone interview script.
• Completed in-depth telephone interviews with clients to generate unfiltered feedback on their reasons for departure.

Results

• Increased relationship management response level by 10% over a 3-year period.
• Proactively identified weaknesses/gaps in service that are linked to client departure.
• Identified improvements to escalation procedures following the identification of a “problem” account.