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CMO: GC deploys personalized retention strategies

Nalin Jain, the Chief Marketing Officer of Godrej Capital, shares the customer retention strategies implemented by the company:

CMO: GC deploys personalized retention strategies

Ravi Lalwani: What are the underlying data and solutions/applications that support customer retention activities?

Nalin: At Godrej Capital, we put our customers at the heart of everything we do. We believe in listening to their needs and wants, understanding customer trends, and taking both proactive and reactive measures to address their concerns. Despite being a late entrant in the non-banking financial lending space, our customer-focused approach has helped us achieve the industry’s highest Net Promoter Score (NPS). We centralize our efforts across business operations to monitor and analyze data, drive training and development programs, stay up to date with emerging technologies, implement omnichannel service platforms, and foster a customer-centric culture to ensure a seamless customer experience.

We have an entire team dedicated to customer retention activities, where we answer and resolve customer queries and use data analytics to perform predictive analysis, identify customers at risk, and devise effective communication strategies to retain them.

To go above and beyond for our customers, we recently launched Nirmaan, a one-stop platform that goes beyond financing and provides a range of value-added services from a carefully curated selection of partners. We aim to help businesses expand while also building customer loyalty by giving them access to discounted pricing on a host of services, thereby presenting our long-term retention strategy for the business.

What metrics do you use for measuring customer retention? What has been the impact of the 3 activities on those metrics?

Godrej Capital values customer satisfaction and therefore takes measures to track customer retention. In today’s increasingly competitive landscape, effective utilization of data analytics plays a critical role in retaining customers. The Net Promoter Score (NPS) is our primary metric to measure customer retention, and we constantly monitor and analyze feedback from NPS to predict customer behavior proactively and to take pre-emptive measures to mitigate attrition risks.

We use technology-enabled processes and statistical models to perform extrapolative analysis, which helps us uncover patterns, trends, and correlations that provide valuable insights into customer behavior, preferences, and needs. By studying foreclosing trends, repayment and foreclosure propensities, and other relevant criteria, we leverage the power of predictive analysis to make well-informed and data-driven decisions on retaining customers. At Godrej Capital, we strive to ensure a seamless loan journey for our customers and continuously explore ways to add value to their experience.

What are the intangible parameters (brand attributes) your organization is communicating to boost customer retention?

We take pride in our best-in-class NPS and the change we can bring by understanding and acting on the feedback received from our customers. Godrej Capital also ensures that all our business operations remain aligned concerning the communication we build with customers in their lifecycles. These attributes include reliability, trustworthiness, and transparency. By consistently delivering on these attributes, we aim to establish ourselves as a reliable and trustworthy lending partner, instilling confidence in our customers. Additionally, we emphasize our commitment to transparency by providing clear and concise information about our products, services, and terms. Following the Godrej Group’s time-honored legacy and excellence of 126+ years, Godrej Capital’s reliance on these intangible parameters contributes significantly to enhancing customer retention rates.

In which customer segments are your retention activities most successful?

Our retention efforts have been successful across a variety of customer segments, but some segments have seen an even greater impact. These include customers who consistently make payments, those with high credit scores, and those who engage with our additional financial services. By focusing on these segments, we’ve seen higher customer retention rates, as these customers are more likely to continue doing business with us.

Our strategic approach, coupled with data analytics, helps us identify key customer segments and create targeted retention initiatives. By segmenting our customer base based on demographics, credit history, and engagement patterns, we’re able to pinpoint high-value customers, those at risk of leaving, and those with potential for upselling. Armed with this knowledge, we implement personalized retention strategies that address the unique needs and challenges faced by each customer segment, maximizing the effectiveness of our efforts.

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