In today’s fast-paced business environment, it’s more important than ever for businesses to find new ways to generate revenue and improve customer loyalty. This was the challenge facing a large South African bank that approached Analytics Hive for help. The bank needed to find ways to generate more revenue from their existing customer base while improving customer loyalty and retention. Read more to find out how our Opportunities Mining Solution helped them boost their revenue.
|Cross- and Up-Sell Lead Generation||Banking||South Africa|
The Problem: Customer Retention and Revenue Growth
The bank was facing fierce competition in the market and needed to find new ways to generate revenue while also preventing existing customers from switching to competition. The bank’s existing customer base was seen as a key opportunity for growth, but they didn’t have the insights they needed to identify new revenue streams and increase customer loyalty.
The Goal: Using Customer Loyalty To Boost Revenue
The bank’s goal was to have customers buy more services, thereby increasing their loyalty to the bank. To do so, the bank needed to identify which services and products would be the most likely to appeal to their customer base while also providing profitable cross- and up-selling opportunities.
The Solution: A Cross- and Up-Selling Model
Analytics Hive developed a cross- and up-sell model for the bank to see how likely customers were to buy new services or upgrade their current services and products. The solution was centered around data analytics, which helped the bank understand their customers’ needs and preferences. The solution provided by Analytics Hive also helped the bank identify their most profitable customers and target them with tailored marketing campaigns.
The Result: A Massive Opportunity For Revenue Identified
The results of the solution provided by Analytics Hive were impressive. The bank was able to identify an additional R500 million in revenue in cross-sell opportunities and R120 million in up-sell opportunities per month for the corporate and investment banking division. This was a significant increase in revenue for the bank and helped them to improve customer loyalty and retention. The solution provided by Analytics Hive helped the bank to achieve their goal of generating more revenue from their existing customer base.