A private-equity-owned real estate tech company lacked strategic and operational direction and suffered from poor operational execution which resulted in high customer churn.
The multi-million-dollar enterprise provides a SaaS-based platform with accounting, site security, data storage and chat solutions for property and community managers, condominium and residential associations, builders and security companies.
The company sought guidance to identify the reasons why customers were leaving and where they could make changes.
Larx Advisors was engaged to help get the company get back on track with new leadership and new operational strategy.
Larx brought in an experienced interim COO tasked with creating a new strategy and grooming a new operational leader. This person helped the internal team develop operational roadmaps, close communication gaps and re-engineer ineffective processes.
To improve collaboration and results, Larx created dashboards to track Key Performance Indicators (KPIs) and action lists that could be managed by cross-functional teams. This helped the company establish clear priorities, agree on actionable goals, assign owners and monitor progress.
Addressing the problem of customer churn, the Larx team conducted a detailed root cause analysis. Larx facilitated a Voice of Customer (VoC) survey to identify why customers were leaving. It mapped the current state of processes and reengineered them to align with the results of the customer analysis.
Working in close collaboration with the client, Larx built a new operational strategy and management framework that enabled managers to set goals, assign tasks, and track progress that was aligned with sponsor and executive goals. The new framework provided the private equity firm and company with measurements that supported re-engineering old processes, developing new customer service strategies, reducing customer churn and significantly improving Net Promoter Score (NPS).
Specifically, Larx helped re-engineer process maps for cancellations and customer service processes where previously there was no uniformity. It also developed a servicing plan for customer back-logs, which helped greatly reduce churn of frustrated customers waiting in the “software implementation” queue.
The success of this project expanded into future work in interim financial leadership, customer conversion analysis, revenue recognition transition and data ERP implementation.
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