The now Chartered Institute of Credit Management (CICM), is the largest professional credit management organisation in Europe represev
It represents the credit profession across trade, consumer and export credit, as well as in related activities such as collections, credit reporting, credit insurance and insolvency. A centre of expertise for all matters relating to credit management for more than 50 years, the ICM is the only such organisation accredited by the Qualifications and Curriculum Authority (QCA) as an awarding body.
The Challenge of Retention
In 2006 the level of movement within credit management industry was necessitating a high level of effort to be applied by the ICM team to maintain membership volumes. The conclusion being that the ICM needed to improve their renewal and retention processes in order to improve their retention of these members. Furthermore, it was vital that ICM develop alternative member relationship strategies and products in order to both retain lapsing groups of members as well as grow their existing membership base.
Our first deliverable was to segment and prioritise the ICM’s membership database. A detailed review of the all membership related processes and procedures, including enquiries, applications, renewals and upgrades was implemented in order to identify any opportunities for improvement. An analysis of all member contact routines and contact methods was also completed.
From these assessments, the intelligence gained highlighted a general lack of engagement between ICM and its members. It was also evident that the ICM needed to review member services and benefits and look at ways of improving member engagement to ensure increased loyalty and retention.
Through the data we gained from the above analysis, more enhanced membership policies and procedures were put into place and, together with the ICM team, we developed a new and detailed implementation plan for a membership renewal and retention programme.
We introduced a member contact exercise, via telephone and email, targeting both ‘unpaid’ and ‘lapsed’ members to stimulate renewal, generate income and gain intelligence on the behaviour and attitudes of members.
The intelligence gained from the Hall Associates member contact programme highlighted a general lack of engagement between the Institute and its members. However, this immediately provided ICM with the basis on which to address their members needs and thus improve member engagement, loyalty and thus retention and growth.
In just 6 weeks we were able to work with the ICM team to design a programme to improve member retention, accelerate renewal, increase retention performance and provide the drivers for future membership growth.