Marketing Goal
Improve customer profitability by retaining top customer segments, moving others up the value chain, and reducing the drain of lower segments.
Target Market
WordCom would identify three segments:
- Highly Profitable: represents approximately the top 10% of the bank’s customers and approximately 120% of the bank’s profits.
- Marginally Profitable: represents approximately the next 30% of customers.
- Unprofitable: represents about 60% of customers.
Program
WordCom’s unique Customer Improvement Program™ is a new way to:
- Identify and retain your best customers
- Find customers who have potential to move up and expand their relationship
- Price services to those with no potential
- Improve retention and profitability
An increasingly smaller number of your customers make up a larger portion of your profit. Because of this, more attention and care needs to be devoted to these highly profitable customers. And in an effort to maximize profitability, it’s pivotal that you can identify the next tier of profitable customers without wasting efficiency by communicating to those customers that lack potential entirely.
WordCom’s new Customer Improvement Program™ is a proprietary blend of our selection process and predictive modeling, combined with 27 years of bank Intelligent Target Marketing to create a total program that will mine your customer data to identify these critical segments.
Results
With a total marketing program, you will better retain top customers and improve the profitability of selected segments below them.