Page 110 - DMGT308_CUSTOMER_RELATIONSHIP_MANAGEMENT

Unit 4: Customer Retention, Acquisition and Expectation

Inasmuch as credit protection services are a primary revenue stream, Synergy was asked Notes
to implement a retention program which had the capacity for up to 100K calls per month.
Synergy’s Solution

After several “fact-finding” sessions, synergy utilized a comprehensive approach, focusing
on systems, processes and people to develop a foundation for success with this challenge.
Systems

Because the nature of this program required CSRs to access highly sensitive data including
customers’ credit reports, Synergy underwent an extensive “build out” for this campaign,
including installation of a walled area with separate entry, card access and security cameras
that was separate from Synergy’s other client programs. A hybrid technology platform,
comprised of the partner’s customer account system and Synergy’s sophisticated technology
interface, was created to insure the highest level of confidentiality and data security while
enabling dynamic scripting, contact tracking and reporting/analytics.

Using these tools, along with the banking partner’s existing Customer Satisfaction Surveys,
Synergy was able to capture and understand Voice of the Customer data, which drove
process improvement and ongoing training efforts.
Process
Through continuous interaction and collaboration with both partners, a customized
recruiting and training program was developed to cultivate the highest level of CSR
success. In keeping with the stringent security requirements, all CSRs were required to
undergo an extensive background and credit check as well as other screenings. After
completing an extensive initial training period, which focused on the benefits of the
various fee based product offerings, CSRs were intensively monitored and coached via
“on the-job-training” for a period of time prior to full certification.
Only after certification were CSRs given a marginal amount of flexibility to work with a
dynamic script, which provided for specific “touch point” requirements (topics which
were required for each call), while allowing for innovative and creative responses to
customer objections. This approach significantly increased the conversion rate because it
enabled CSRs to overcome objections with a variety of consultative selling approaches
that focused on the product value and benefits to that specific consumer. Ongoing call
monitoring and reporting enabled Synergy to coach and reinforce best practices.
Synergy also leveraged its direct relationship with the Bank to better understand the
Bank’s business model and service levels. Because Synergy also provided outbound telesales
and inbound up-sells directly for the Bank for the same product they were able to create a
“closed loop” information channel between the retention groups and the front end. This
enabled all teams to create better scripting, rebuttals and training materials, which focused
on the goal of long-term retention.
Synergy used this closed loop process to build on best practices and more effectively coach
CSRs. Weekly one-on-one coaching sessions established rapport and trust between the
CSRs, supervisors and trainers and drove continual improvement and engagement. Product-
specific coaching sessions (developed in a collaborative effort between the partners and
Synergy), required the CSR to select a recorded call he/she had completed that day; listen
to the call with his/her supervisor; and identify opportunities for improvement and areas
of focus.
The supervisor was responsible for coaching the agents on both strong aspects of the call
and areas of opportunity. This business intelligence was then used for role playing with
the CSR and to inform the entire team via daily “Rally Notes.”
Contd...

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