A financial services company, ranked #1 in client satisfaction 9 years in a row, launched a brand new digital platform. It was the first professional marketing resource for small & medium business owners. The platform was a resource centre helping more than 2000 clients create a strong brand.
However, it wasn’t a complete success. 1 year after the launch, user growth stalled. Clients logged in just to check out the main features, but didn’t come back.
“We’ve built this entire platform no one uses!”
Said one of the senior managers in a moment of frustration. Management didn’t know how to move forward with the project.
“How can we help our clients grow?”
Was the main question of the leaders.
In the search for an answer, they turned to data.
Senior management aimed to understand the user’s behaviour in the platform. But there were too many data sources to process manually:
“We’re wasting productive hours cleaning up the database and analysing the customer touch points in separated silos”
We started to work together because our customer insight services provides invaluable support in such situations. During our initial discussions, we agreed to build a business intelligence solution to free them hours spent on pulling data, gaining them more time for strategic decisions.
The solution?
Customer Insights Report
Here was our working methodology:
(1) We conducted 20+ meetings to understand the user’s needs and agreed on the end benefits of the solution: unifying customer touchpoints to help them make informed decisions on how to help their clients, while sparing them from moments when they’re drowning in Excel.
(2) We created detailed requirements for the in-house engineering team, who were responsible for providing clean datasets. Our aim was to integrate these data sources into a centralized model:
- Clients names and their working history with the firm from the company’s CRM.
- User’s sessions from Google Analytics.
(3) Using Power BI, a market leading business intelligence tool, we built front-end reports that load in less than 5 seconds, allowing users to access critical information quickly. The report scanned this data and displayed it in an easy-to-understand manner, helping users make sense of the information.
For example, by clicking through the report pages, senior management could easily:
- Segment the clients according to their level of engagement with the platform: Idle Users, Regular Users, Power Users, Heavy Adopters.
- Explain what features of the platform were mostly used.
- Identify at what point the clients stopped using the platform.
This comprehensive analysis, facilitated by customer insight services, allowed senior management to gain deep understanding and actionable insights into user behaviour.
Technology used for the business intelligence solution: Microsoft Power BI, Azure Data Factory, Snowflake.
When we presented the reporting solution, senior management delved into the reports, their eyes fixed on the screen. The main insight from the reports was that the majority of the clients used the platform at least once, but the problem was retention: Only 15% of the users came back for at least 3 months.
As a result, they reached out to these 15% regular users to better understand their needs. These interviews convinced senior management to listen to user’s feedback and change course: Instead of helping clients create a strong brand identity, they created 2 new goals for the platform: assisting users in client acquisition and client retention.
6 months after the change, the rate of regular users jumped from 15% to 40%: From all users visiting the platform, 40% of them returned to the tool and used it regularly. When senior management noticed this evolution, they immediately reacted:
“We’ve been waiting for this for years!”
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