Redirection of Sales Leads

Situation:
A major U.S. financial institution retained Task Force to investigate a recent disproportion of advertising expenditures versus the number of clients inquiring about and subsequently obtaining loans. Client reported that it had recently increased spending on national and local advertising to over $2 million per month, yet metrics for closed business had shown no noticeable improvement.

Approach:
Task Force consultants were deployed to interview several employees in the loan sales and IT departments. Our consultants quickly determined that several of the client’s loan officers were selling leads to other financial institutions for personal gain. In addition, interviews confirmed that the client’s IT staff was grossly mismanaged and under-staffed allowing competitors to easily access proprietary computer data containing specific leads. Task Force consultants also interviewed numerous potential loan applicants who had originally called our client but were subsequently routed to a new company in a follow-up phone call by client staff.

Resolution:
In a matter of days, Task Force delivered a comprehensive report of findings and specific recommendations to client. Implementation of these recommendations resulted in a dramatic increase in the number of calls received, loan applications processed and loan approvals. Client’s return on advertising spend for the first quarter after the completion of this project was in excess of 400%.

» more case studies