Deepen Customer Relationships for Growth

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Now that 2020 is officially behind us, it’s time for companies to get laser focused on their growth goals and strategy for 2021.

As part of our growth playbook series, we’ve described the best ways for companies to do just that: get clarity on what stage of growth they are in and then put together a strategic roadmap with actionable tactics to get there.

We’ve already covered the first 2 stages in the growth playbook and how to master them: 1. Fine Tune Profitability and 2. Aggressively Scale. Once you’ve mastered each one of these stages, it’s then time to move on to the next critical stage: Deepen Relationships.  After all, now that you’ve found your most profitable customers, what are you going to do with them? It’s much more cost effective to keep a happy customer then it is to acquire one, so it’s vital to maintain and nurture those relationships.

A company that is in this growth stage has plenty of customers but needs to improve their overall value by driving renewals, cross sells and upsells. Additionally, companies in this stage may also recognize that their churn is currently to high and they need to minimize portfolio run off. We actually worked with a mortgage and consumer lending company to help solve this challenge for them. By enlisting LQ Digital, we were able to help them not only nurture and build off their current portfolio of customers, but also improve the efficiencies of their own LO officers that were previously spending more than 40% of their time on non-sales related calls and unable to answer many incoming leads.

  • LQ handled service calls & freed up LOs time to close deals – 95% of all leads now sent to LOs are true sales calls vs. 60 %
  • LQ made outbound calls to reengage customers that had gone quiet – before they jumped to a competitor
  • Expanded new areas of business: personal loans, auto loans, student financing
  • LQ was able to increase their funded loan rate by 8 percent – resulting in additional $4 million dollars in funded loans

Watch the video to learn more:

 

If you need help building your own growth thesis and need to aggressively scale your business, we’ve got you covered. Contact us  to learn more. We also offer a free 2 week benchmark assessment along with key recommendations to help you find your best customers, just fill out our digital assessment here to get started.