The challenge
Enhance customer satisfaction and increase lifetime value (LTV) while reducing churn by leveraging customer data shared between marketing and service teams. This collaborative approach would enable re-engagement with customers who abandoned applications (such as credit card applications) and optimizes inbound service calls.
Solution
- Targeted Segmentation: Utilize Data Cloud to create a segment of online credit card application abandoners. Identify these individuals by analyzing website signals captured throughout the customer journey (such as incomplete forms or workflows). Then, consolidate this data with your CRM and offline sources to gain a holistic view.
- Personalized Re-engagement: Leverage Marketing Cloud Engagement and Personalization features to activate the segment. Create personalized journeys with relevant touchpoints, including email, SMS, and in-app notifications, guiding applicants to return and complete their application.
- Seamless Service Experience: Enrich CRM data by leveraging insights from Data Cloud. This process creates a shared view of each customer for service agents. With the complete customer journey context, agents can tailor their interactions and recommendations during inbound calls, addressing specific concerns faced during applications.
Key benefits
- Incremental revenue from completed applications, via re-engagement.
- Improvement in Customer Satisfaction (CSAT).
- Reduction in customer churn rate.
- Reduced service costs due to reduction in need for application customer support.
