Intelligent Interactions: Improve your response rates by getting to know your customers through data...

transcript

Intelligent Interactions

Improve Response Rates by Getting to Know Your Customers Through Data Analytics

Steve BrubakerChief of Staff

InfoCision Management Corp.

www.infocision.com

Agenda

•The impact of modeling on acquisition

•Using business intelligence to drive results

•Online lead generation

•Multi channel marketing using business intelligence

Traditional Marketing

What is Business Intelligence?

Define the current

customer base with profiling

Apply the model to list and segment

prospects

Model the current

customer base to target for acquisition

Psychographic

Demographic Transactional

Psychographic

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

Rapid Response Routing (R3)

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

Rapid Response RoutingMarket Applications:

EducationStudent requests

information about specific campus or educational

program

FinancialProspect requests more

information about a specific type of loan or

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

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

How Rapid Response Routing (R3) works

Step 1:Customer enters information on client’s website and submits their request.

Step 2: Contact information comes into InfoCision queue and is instantly routed to the most skilled Communicator available.

Step 3:InfoCision Communicator promptly calls the customer to complete the request.

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%

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!

Increasing Efficiency in a Difficult Market

Utilizing Multi-Channel and

Business Intelligence

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”

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

IDENTIFICATION

TEXT MESSAGING

DIRECT MAIL

OUTBOUNDPHONE CALL

Multi-Channel Customer Retention Strategy

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

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

InboundCall

PersonalizedText2.0M

Filter

IDENTIFICATION

TEXT MESSAGING

DIRECT MAIL

OUTBOUNDPHONE CALL

retailoutlet

55kcalls

Do not mail

Non-responsive

to mail

ROI Filter:Usage/

profitability

461kremoved

Phoneexclusive

Demographic/psychographic

drivers

Geography

Offer Basedon

plan type

Offer Basedon

BI Model

Highlyspecific &

individualized

InboundCall

PersonalizedMail Piece

IDENTIFICATION

TEXT MESSAGING

DIRECT MAIL

OUTBOUNDPHONE CALL

Filter

retailoutlet

74kcalls

More stringentROI Filters

Do not call

Non-responsiveto phone

Respondentsto text or

direct mail

Billing Cycle

649kremoved

Phoneexclusive

Based onplan type

Offer Basedon

BI Model

405kcontacts

Inboundcalls

OutboundCall675k

IDENTIFICATION

TEXT MESSAGING

DIRECT MAIL

OUTBOUNDPHONE CALL

Filter

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

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

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