Evolution of Data Knowledge without action is wasted effort Action Knowledge was created as information accumulated over time and was supplemented with analysis and human imagination Knowledge As data elements were blended and reviewed using reporting tools, information was created Information Data became a critical tool in marketing as systems made the creation and collection of data economically feasible and timely Data
Knowledge Transformation “The ability to take data—to be able to understand it, to process it, to extract value from it, to visualize it, to communicate it—that’s going to be a hugely important skill in the next decades” Hal Varian , Google Chief Economist
Answering the phone is a basic dependency measure to increasing the goal of increasing the number of appointments set
Ad Source and call handling performance is secondary of the call isn’t getting picked up
Large SW PMCo reaps the rewards of starting with the basics
70% increase in appointments set in 30 days
By keeping-it-simple and focusing on the basics of answering the call, time management and setting the appointment, this Southwest company significantly improved their core operational measures in 1 month
Which ad sources produce appointments?
330 area code displayed trend change in appt. producing ad sources
Print in 2010* led to more appointments set than in 2009
2010sample Appt Set Calls by ad source type 2009 sample Appt Set Calls by ad source type
330 Area Code top* appointment producing ad sources
Appointment set rates for top ad sources in the sample ranged from 44%-57% in 2009 to 48%-65% in 2010
Top 10 ad sources in 2010 sample Top 10 ad sources in 2009 sample Sample: based on sample
Case 2: Look Toward the Horizon A Path to Transforming Data into Action Creating Knowledge
Monthly analysis of payment trends suggested a shift began in 2008 with Finance related cash flows increasing while Credit Card and Check/Cash/Debit options decreasing
Next, Gain Knowledge through Analysis
The decrease in share percentage of Credit Card cash flow closely mirrors ‘cost-of-money’ indicators like the 30 yr conventional mortgage rate
As credit companies tightened their limits, customers looked for alternate financing options
Eighty-eight million accounts and credit lines, representing $751 billion in credit, have been closed since September of 2008.
In September 2008 credit card debt hit an all-time high of $975 billion. Banks shed nearly $76 billion in card account balances over the 11 months preceding August 2009. The Fed reported the total outstanding credit card debt at the end of August 2009 was $899 million.
*Interest Rates sourced from Federal Reserve: http://www.federalreserve.gov/RELEASES/H15/data.htm#top Financial Sources: www.cardtrak.com, September 2009, www.federalreserve.gov
While economic indicator trends remain constant and credit is tight, campaigns centering on OAC are most appealing to this target group of customers
When economic conditions begin to improve, credit begins to “loosen”, new campaigns such as discounts should be retested for impact
Teach, train and transfer knowledge to partners and assist them with identifying triggers of economic improvements that best predict a change in process that will affect them and how they can test waters to keep them ahead of competitors
Case 3:Finding look-a-likes Profiling
Profiling: what do you know about who chose you?
Customers who purchased products between Oct09 and Mar10* tended to report addresses within 6 to 9 miles of the location they visited
Large proportion traveled less than 20 miles to location
farther distance nearer
Are your customers coming from the same areas that are driving the most calls?
Mid-West states of IO, IL and IN received more calls and sold more units
GA, NC, FL and CA received higher than average calls but sold fewer units
More Sold Units sold/pop Less Sold More Calls Connected Calls Less Calls
Deeper look at a single location shows an opportunity
All person’s who purchased in Feb10 from Carlsbad came from within a 10 mile radius
3 of the 4 purchasers came from zip codes with lower call volumes
More Calls Connected Calls/pop Less Calls
Closer….Closer Still…. Median HH Income: $69.5k Median HH Income: $54.6 Median HH Income: $57.8k Median HH Income: $48k Median HH Income: $63.7k Median HH Income: $65.3k Median HH Income: $68.9k Median HH Income: $63.7k Median HH Income: $97.8k Median HH Income: $99.6k Median HH Income: $64.7k More Calls Median HH Income: $81.9k Connected Calls/pop Less Calls
Case 4: Lead Handling That which is focused on, improves
Can the outcome of a call be influenced by how it is handled?
A lead call can be viewed as having a particular series of ordered events where each of these stages has a measurable impact on a desired outcome, a lease
Analysis indicates that particular industries can successfully influence their desired outcome by focusing on key, relevant, stages of a call
Automotive Call Handling’s Influence on Setting the Appointment
Very strong correlations exist between the call-to-appointment conversion rate and the well Handling of Objections
Hearing Aid Call Handling’s Influence on Setting the Appointment
Significant correlations exist between the call-to-appointment conversion rate and the well handling of the Qualifying Needs section
Multi-Family Call Handling’s Influence on Setting the Appointment
Consistently, strong correlations exist between the call-to-appointment conversion rate and the well handling of the Introduction and Lead Information section