To help identify the best potential opportunities for increasing the renewal rate, Carema Consulting led the RWS team through several exercises that included a segmentation of the home warranty owners and a Year 1 customer journey alignment. As a result, the Carema/RWS team identified three distinct strategies for driving increased home warranty renewal rates:
Convert the home warranty owner midstream in her warranty period from an opt-in renewal to an evergreen renewal.
For the existing renewal campaign targeting a home warranty owner at the time period leading up to a warranty’s end date, modify the cadence and messaging of the emails and outbound phone calls.
Win back lapsed home warranty owners, a segment that hadn’t previously been identified for marketing outreach.
Carema Consulting then created a comprehensive marketing campaign for each strategy, which the RWS team implemented.
During the first three months of implementing Carema Consulting’s plans, RWS realized an increase in total renewal revenue of more than $1,500,000.