In 2004, 1to1 Media set out on a mission to reward the best thinking and results in customer strategy. At the time, "Relationship Marketing" was fresh on the heels of the CRM revolution in the 1990s, sweeping the business world with its promise to forever change the way enterprises interact with their customer bases by understanding customer segments, delivering quality service, and increasing customer satisfaction and loyalty.
1to1 Media created the program to reward the leaders and innovators who managed to get buy-in from their executive teams to implement a customer strategy program and then saw big returns from their tireless efforts at getting them to take hold across their companies.
During these past 10 years, the industry has seen many changes: the rise of the customer, the emergence of social CRM, the advent of experiential loyalty programs, the connected enterprise and customer, advanced tracking features, mobile messaging, Big Data, the Cloud, and improvements in automation. Throughout these constant changes, 1to1 Media and Gartner have continued to award the organizations that have adapted to change, implemented innovative customer strategy programs, and as a result, thrived.
In the 2008 awards, for instance, AT&T's John Cushman, then eSales and service vice president at AT&T, created a vitality plan based on a survey of employees' goals, setting career paths and developing a timeline to orchestrate moves without negatively impacting customer support. At the end of the process, 56 percent of the employees in the eSales and service organization had new roles.
In 2005, Capital One COO Tom Farrell led his team in implementing a contact center system that made the right agent available within 12 seconds. The interview process was replaced by a database that recognizes a caller and her history with the company. The results were dramatic. Applications for 2005 were up 10 percent; cross-sell revenue was also up 10 percent. Abandoned calls dropped by 42 percent and cancellation rates dropped by 60 percent.
And in 2007 Dan Thorpe, group leader and director of analytics and senior vice president at Wachovia, led a small group of people from marketing. They built a customer equity database, and developed several econometric models to estimate marketing's impact on the components of customer equity, which for Wachovia includes customer acquisition, retention, and share-of-wallet. Wachovia saw a 19 percent rise in customer equity soon after implementing the marketing mix model.
This year the entrants to the Gartner & 1to1 Media CRM Excellence Awards program are also reporting creative customer strategy innovations and strong results. Today at 2 p.m. EST, I will announce and award this year's winners at the Gartner Customer 360 Summit in Orlando. You can check 1to1 Media this afternoon to read their stories. In doing so, you will learn about advanced innovations, as in the case of Portugal Telecom, which offers personalized television channels to its cable customers, and the City of Buffalo, which with the help of advanced analysis, is providing targeted services to various neighborhoods to improve quality of life throughout the city. I hope these stories will inspire customer strategy innovations and spark ideas for change within your organizations.
And don't forget to check www.1to1media.com on December 1, 2014 to find out how to nominate your company to receive a 2015 Gartner & 1to1 Media CRM Excellence Award.