intelligent interactions: improve your response rates by getting to know your customers through data...
DESCRIPTION
Customer modeling can drive results on multichannel acquisition campaigns. Utilize the business intelligence you have to reduce costs and increase retention.TRANSCRIPT
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Intelligent Interactions
Improve Response Rates by Getting to Know Your Customers Through Data Analytics
Steve BrubakerChief of Staff
InfoCision Management Corp.
www.infocision.com
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Agenda
•The impact of modeling on acquisition
•Using business intelligence to drive results
•Online lead generation
•Multi channel marketing using business intelligence
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Traditional Marketing
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What is Business Intelligence?
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Define the current
customer base with profiling
Apply the model to list and segment
prospects
Model the current
customer base to target for acquisition
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Psychographic
Demographic Transactional
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Demographic Transactional
Psychographic
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Generating Quality Online Leads
• Create Informative Content
• Launch a Resource Website
• Optimize for Search Engines
• Test Paid Search
• Offer Answers Via Social Media Networks
• Nurture Leads
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Rapid Response Routing (R3)
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Here’s how it works: Fast Response
A request comes in from yourwebsite
Quick Routing
An InfoCision communicatorpromptly contacts the lead
Intelligent Transfer
Calls are transferred to agentsor counselors if needed
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Rapid Response RoutingMarket Applications:
EducationStudent requests
information about specific campus or educational
program
FinancialProspect requests more
information about a specific type of loan or
offer
CommercialCustomer expresses interest in a specific
product line or service
Calls are routed to Agents or Counselors who are trained and knowledgeable on
those specific products and markets
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Testing Rapid Response Routing (R3)
When InfoCision began working on a program for a national cable and internet provider, the average callback time for online requests was 15 minutes.
• manually go to the client’s website and pull customer requests
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How Rapid Response Routing (R3) works
Step 1:Customer enters information on client’s website and submits their request.
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How Rapid Response Routing (R3) works
Step 2: Contact information comes into InfoCision queue and is instantly routed to the most skilled Communicator available.
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How Rapid Response Routing (R3) works
Step 3:InfoCision Communicator promptly calls the customer to complete the request.
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Results of Test• 90% of customers contacted within 3 minutes
• Improved customer service experience
• More upsell and cross-sell opportunities
• Reduced the cost per unit by 26%
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Technology allows us to:→ provide better service to customers→ fuel operational efficiency→ manage regulatory compliance systems
But in order to maximize the value of technology you need to hire and keep the best people!
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Increasing Efficiency in a Difficult Market
Utilizing Multi-Channel and
Business Intelligence
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Client Profile: • National wireless provider with millions of customers• Regional competition driving variable offers that are hard to manage• Brick and mortar stores carry significantly higher cost structure
The Challenge:• Shrinking retention budgets• Increasing mail costs• Diminishing response rate to static direct mail offers• Basic segmentation strategy did not accurately reflect “churn”
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Control Retention Program:• Basic segmentation strategy • Direct mail offers only• Drive inbound phone calls• Starts 90 days to expiration through 60 days after
The Solution: • Business Intelligence • Variable offers and segmentation• Multi-channel and cost-progressive strategy• Multiple call center strategies
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IDENTIFICATION
TEXT MESSAGING
DIRECT MAIL
OUTBOUNDPHONE CALL
Multi-Channel Customer Retention Strategy
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Payment issues
2.225 m customersto be targeted
Certain geographies
Do not contact
2.25M customersto be targeted
Filter out
Propensity to churn
Over-utilization
Contract expiration
Old equipment
Low usage
IDENTIFICATIONM’s of customers
TEXT MESSAGING
DIRECT MAIL
OUTBOUNDPHONE CALL
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Keepcustomeraway from
retailoutlet
160kcalls
8 % RR
Do not textNon-
responders
Old equip/No text
capability
225kremoved
E-VerificationE-Contract
Offer Basedon
BI Model
Offer Basedon
plan type
Phoneexclusive
offer
InboundCall
PersonalizedText2.0M
Filter
IDENTIFICATION
TEXT MESSAGING
DIRECT MAIL
OUTBOUNDPHONE CALL
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Keepcustomeraway from
retailoutlet
55kcalls
4% RR
Do not mail
Non-responsive
to mail
ROI Filter:Usage/
profitability
461kremoved
Phoneexclusive
offer
Demographic/psychographic
drivers
Geography
Offer Basedon
plan type
Offer Basedon
BI Model
Highlyspecific &
individualized
E-VerificationE-Contract
InboundCall
PersonalizedMail Piece
1.38M
IDENTIFICATION
TEXT MESSAGING
DIRECT MAIL
OUTBOUNDPHONE CALL
Filter
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Keepcustomeraway from
retailoutlet
74kcalls
More stringentROI Filters
Do not call
Non-responsiveto phone
Respondentsto text or
direct mail
Billing Cycle
649kremoved
Phoneexclusive
offer
Based onplan type
Offer Basedon
BI Model
405kcontacts
made
E-VerificationE-Contract
Inboundcalls
OutboundCall675k
IDENTIFICATION
TEXT MESSAGING
DIRECT MAIL
OUTBOUNDPHONE CALL
Filter
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Control Multi-Channel
Customers Saved 202,500 340,912
Direct Marketing Campaign Cost $25,725,000 $4,994,261
Cost per Customer Saved $127.04 $14.65
Sales Revenue of Saved Customers $96,130,800 $161,837,687
Percent of Saved Revenue Spent on Direct Marketing Efforts
26.76% 3.09%
Multi-Channel Campaign Summary
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The Future of Data… Forbes May 9, 2013: “A Very Short History of Big Data”
US Internet of 2015 will be at least 50 times larger than in 2006 US IP traffi c could reach one zettabyte by 2015
1 ZB = 1000000000000000000000bytes = 1021bytes = 1 billion terabytes.
The Future of Data…
Forbes May 9, 2013: “A Very Short History of Big Data”
• U.S. Internet of 2015 will be at least 50 times larger than in 2006
• U.S. IP traffic could reach one zettabyte by 2015
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Intelligent Interactions
Improve Response Rates by Getting to Know Your Customers Through Data Analytics
Steve Brubaker, Chief of StaffInfoCision Management Corp.
For more information please visit www.infocision.com
To download the featured case studies please visit www.infocision.com/CompanyInfo/Resources