 Case Study Management Change |
Spotlight on success—see how we have helped businesses thrive.Case Study #4 Management Change New opportunities. Explosive outcome. After two decades of service, the President and CEO of a regional bank entered the next phase of his life: retirement. This left the organization with opportunities to expand in new directions, and the incoming management team wanted to explore fresh strategies and employ innovative tactics that would seize these untapped possibilities. But despite an otherwise flourishing market, they faced two hurdles: overcoming a stagnant growth period and turning around declining profits. To tackle these challenges, the team knew they needed to understand the dynamic relationship between internal and external forces—so they turned to our consultants and advisors for help. We dug into the underlying mechanisms of the organization, including existing strategic materials, marketing collateral, and financial details, and we broke down the transactional patterns, balance information, behaviors, and demographics of the bank’s customers via SPSS analyses. To round out our holistic view of the enterprise, we conducted interviews with management, branch, operations, HR, finance and management staff, performed secret shopping evaluations, and examined customer and employee surveys. Once we had a clear picture of how everything worked together, our consultants and advisors were able to identify ways to reduce attrition, leverage the power of cross-selling products, improve product profitability and sales channel effectiveness, and strengthen the relationships of both the banks’ customers and employees. This culminated in an unprecedented opportunity for the bank to increase net profits by 50 percent within two years. But all it took was 18 months of employing our ideas for the bank to report two of its most profitable quarters ever—and boost profitability by more than 25 percent. |