5000% ROI: WHAT A LOAD OF RUBBISH
The Brief
New business growth had plateaued, putting pressure on retaining existing accounts. Gasp were charged with the task of re-connecting Skillsoft with their top ten ‘at risk’ customers, whose accounts were due to expire. Improving contract renewal rates and reducing churn were the measures of success.
The Response
Such a crucial challenge required a provocative and unforgettable piece of direct mail. The internal contact was escalated from the usual Sales/Learning Consultant and sent personally by the Regional Director, to add gravitas. Received by all stakeholders, the DM consisted of a personalised letter that was crumpled up and suspended in a clear Perspex box, compelling the recipient to open and read it.
The crumpled paper visually conveyed the idea of waste, whilst the tone of the copy was designed to create ‘constructive tension’ by emphasising the client’s wasted investment with Skillsoft and challenging them to fix it. The Regional Director would then personally follow up over the coming weeks with emails, phone calls and social media engagement to try to establish contact.
Regular updates, strict focus and attention ensured that the accounts were kept top of mind amongst the team for a period of 3 months following the DM send.
Skillsoft provides cloud-based learning solutions for clients worldwide, ranging from global enterprises to government and educational institutions.
The Results
The outcome was exceptional. Nine of the ten companies responded to the campaign, and in some instances more than one stakeholder requested a meeting to discuss. Six accounts renewed, with one account signing a new 4-year contract early. The combined renewal value was £503,285. With a budget of just £10,000, that means the campaign delivered over 5,000% ROI. Outstanding.
The combined renewal value was £503,285. With a budget of just £10,000, that means the campaign delivered over 5,000% ROI.
Sarah Jones, Marketing Manager EMEA, Skillsoft
“Client retention is a real challenge for us right now. As a global company we have a US based loyalty team who usually handle this type of activity, but we knew, with new business on the decline, that we needed to up our game and take control of this ourselves. We are thrilled with the campaign and the very real return it has delivered us. It was easy to grasp and implement but the focus and support on the follow up was the real clincher. We now have a proven formula to help with client retention and we expect this activity to become embedded in our client communications.”
