Page 9: Conclusion
The Targeting Customers process has helped YBS to define an approach to engaging with customers in a better way and the new Young Savers accounts are due to be launched in 2003. The final stages of the process include the development of a customer contact strategy based on its CRM programme and the identification of measures to define success, such as retention rates, number of relationships with the Society, brand tracking and customer satisfaction.
Existing customers are an important part of the contact strategy. The existing 'Happy Kids' account has been very successful and YBS wishes to retain these customers. Existing account holders have already been informed that the account is being reviewed and have been asked for feedback. When the new accounts are launched, existing customers will be transferred to the relevant account and immediately receive the same benefits as new customers.
By spending time and resources on fully understanding potential customers, YBS is starting to move from a product-led view of satisfying a single need of the large younger saver market, based mainly on price, to a segmented customer-led view. By anticipating individual needs of a select group, there is more focus on educating rather than advertising, and on customer development and retention as well as acquisition.