To refresh the strategy, our transformation consultants helped the company redefine its core business and, accordingly, prepare one business unit for sale. A new CEO helped focus the firm on cost management and also organized the effort by appointing a Chief Transformation Officer to lead the way.
To reduce costs, the company identified fast ways to streamline IT and shrink its real estate footprint that erased 15% of its initial costs. It also reduced its advertising sharply.
To renew the focus on customers, FinancialCo began closely tracking customer loyalty, an exercise which helped it identify new customer segments to target as well as new steps to take with existing customers.
It then realigned the organization to work within the new cost base and serve customers better.