Major Media's goal is to produce significant business results for your organization. From the beginning of each project, we work with our clients to identify evaluation criteria that are clearly linked to business performance. Whenever feasible, evaluation metrics are expressed in terms of dollars and cents. For example:
A Fortune 100 financial services organization identified the reduction of customer attrition as a strategic business goal. A team of 120 service representatives was dedicated to "saving" customers who called the company to cancel their accounts, and a number of attractive incentives were created to encourage these customers to stay. When attrition rates remained unacceptably high despite these initiatives, the organization asked Major Media to analyze the problem and design a solution.
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The result was a performance-based training and coaching program ("Customers Saved, Customers Kept"sm), which enabled a pilot group of participants to retain 16% more customers than their co-workers. Three months later, when the program had been fully implemented, the organization's retention rates climbed by 39%. These results were achieved in an industry in which a 5% improvement in customer retention equate to an 85% increase in overall corporate profitability. (Dollar figures are proprietary to the client.)
These results were validated in subsequent implementations of the Customers Saved, Customers Kept program for other Major Media clients, which resulted in:
- Average improvement of 40%, measured by percentage of customers retained.
- No decrease in revenues from retained customers, as compared to their prior levels, or average revenue levels of all customers.
Major Media’s Promises Made, Promises Kept program provides performance-based training in specific consulting and negotiating skills which have proven to significantly improve the ability of experienced collections representatives to improve their bottom-line results.The program was first implemented by one of the nation’s largest issuers of consumer credit cards. More than 1,200 of their collectors and collections supervisors participated in PMPK training. To evaluate results, each of three collections centers identified a representative group of collectors, and tracked their results, from three months before to three months after PMPK training. This control group study examined the variations in the amount and percentage of dollars-in-queue collected by these participants.
Dollars collected by members of the control groups increased by an average of 25.36% in the three months after training. As expected, active management support appeared to have a significant effect on results. At the facility which most aggressively championed performance coaching by supervisors (a central feature of the program) control group collections increased by 59%.
This achievement earned Major Media a "Bottom Line Award" for outstanding business results from Training Magazine. PMPK has consistently produced similar results at all stages of collection, including recovery and legal accounts, in subsequent implementation by other major credit issuers.
For more information on the training programs discussed on this page, click here to go to our products page.
