Case Study Strategic Business Transformation
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Case Study #9 Strategic Business Transformation
Checking for new opportunities and cashing in on success.
The age of virtualization has instigated enormous change in the way we think about and conduct business. Perhaps no other sector has undergone a more dramatic transition from paper-based to digital transactions as the check printing industry, which has witnessed an unprecedented decline in its traditional services. This is what happened to one Fortune 500 institution largely known for its check printing services. But instead of trying to combat shrinking demand, the company leaders decided to reach out in new ways. To innovate and grow.
They called on us to help identify these untapped opportunities and explore new avenues of growth. Because the company’s largest customer base included more than 6,000 banks—and subsequently, the millions of customers who patron those banks—the leaders knew they had a strategic advantage in the marketplace. The challenge was keying in how to use that position to overcome a rapidly declining check-writing business.
They noted that one of the first transactions customers undergo when joining a bank is receiving a new box of checks—and that this fact alone presented an exciting opportunity. By delivering messages at this initial impression, the company—and its bank customers—could present new products and services to consumers. The question now centered on what kinds of ideas would work.
To help the institution better understand how its bank clients developed customer relationships and realized profits, we performed a series of comprehensive studies that drilled into banks’ attraction and retention techniques, and profitability by market segments, product lines and account types. This culminated in a thorough best practices document that helped the financial institution get a clear picture of how their customers worked. What started as a method of researching, understanding and developing new ways to connect with its customers transformed into a dynamic thought-piece for the industry that the company was able to distribute it to banks—thereby helping them leverage powerful insights to expand and strengthen their own customer relationships.
From there, we helped the company change by identifing new strategic customer segments and developing marketing materials that conveyed the right message to each audience. When it was all said and done, the institution found a way to apply fresh approaches that helped turn business around—all while helping its customers harness new opportunities to boost profits. That’s a win-win for everyone involved.