Prudential UK
The Situation:
As one of the world’s largest financial services companies, at the time 150 years old with £22B sales and 14M customers in the UK alone, Prudential was a tired incumbent with departments working ineffectively, in silo, with high cost, low productivity outputs. The challenge given was to overturn the organisational functions of both Marketing and Sales departments (136 people, £70m budget) to deliver significant uplift in ROI.
The Transformation:
Brought in by their strategy team, Melissa was given full license to discover the root cause of the problems, so started first with value chain analysis sitting alongside their uber smart actuaries. She then did a little UX mapping of current and potential future models. This enabled the design of new integrated Marketing plans for their acquisition, loyalty and retention programmes.
Melissa developed and tested customer experience maps and underlying value chain metrics to provide a more scientific approach to the: 1) setting and delivering of sales targets, 2) management of customer contacts (acquisition, cross sell, up sell), 3) allocation of resource, and 4) contingency mgmt.
She then undertook a programme of coaching this in, alongside new ways of cross-team engagement.
The Result:
£18m (25%) improvement in cost savings and 40% reduction in market risk exposure without affecting sales. Whilst a little bit of a ‘geeky’ design-led transformation project, I learnt life-long skills in value chain thinking, NPV and volumetrics, marketing pipeline performance metrics, and strategic risk management.
