The Problem:

The digital age has dramatically changed the way we conduct business. Perhaps no other sector has felt the impact more than 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 branch out in new and innovative ways.

They called on us to help identify untapped opportunities and explore new avenues for 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 identifying how to use that position to overcome a rapidly declining check-writing business.

Our Solution:

The institution noted that one of the first transactions customers undergo when joining a bank is receiving a new box of checks—and 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, along with 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 customers transformed into a dynamic thought-piece for the industry that the company was able to distribute to banks—thereby helping them leverage powerful insights to expand and strengthen their own customer relationships.

From there, we helped the company change by identifying new strategic customer segments and developing marketing materials that conveyed the right message to each audience.

The Results:

When all was 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. A true win-win for everyone involved.

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