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

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

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Customer modeling can drive results on multichannel acquisition campaigns. Utilize the business intelligence you have to reduce costs and increase retention.

Customer modeling can drive results on multichannel acquisition campaigns. Utilize the business intelligence you have to reduce costs and increase retention.

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  • Trying to force a square peg into a round hole.Today, a customized solution is the only cost effective approach.
  • Trying to force a square peg into a round hole.Today, a customized solution is the only cost effective approach.
  • We first overlay the data we wish to model and do a profile.This allows us to better understand the audience we are modeling and allows us to better understand the model results.We then will model the records using regression analysis to determine which attributes contribute most heavily to performance.These attributes are then scored so that when the model is applied the records we are applying it too can be scored.When a new list is brought in, we score it using the model and rank order the scores into deciles.
  • These are the different types of data that we can use in the model.Transactional is the one that is built based on prior results.We will look at transactional with a focus on our behavior of interest, i.e.. Recency, frequency, monetary.This will depend on the type of model we are building.
  • Step 1: Potential customer clicks on online ad or webpage and is directed to online applicationStep 2: Customer fills out form and presses “contact me” optionStep 3: Self reported data is “pinged” against the consumer database to append additional demographic informationStep 4: Customer data scored against pre-built modelStep 5: Offer is customized and/or altered based on scoreStep 6: Call directed to appropriately skilled communicator and an outbound call is generated and routedStep 7: Calls transferred to agents or counselors if needed
  • SolutionUtilize Business Intelligence to identify likely to “churn” customersUtilize IMC best practices to unlock variable offers and segmentationPropose a multi-channel and cost-progressive strategy to increase ROI and marketing effectivenessEmploy multiple call center strategies to reduce talk time and expenseControl Retention ProgramBasic segmentation strategy based on contract expirationDirect Mail offers driven by current plan and usage onlyDrive customer to inbound phone call for contract signingTiming starts at 90 days to expiration and continues through 60 days after contract expiration
  • Business Intelligence Group and Analytical ModelingVariable Scripting and OffersOne-to-one Direct Mail/Digital PrintingTarget Routing/Skill Based RoutingIVR VerificationBest Time To Call/Bucket Calling Efficiency Based Dialing Strategies Front-end (Starter) / Back-end (Closer) Based Dialing Strategies

Intelligent Interactions: Improve your response rates by getting to know your customers through data analytics Intelligent Interactions: Improve your response rates by getting to know your customers through data analytics Presentation Transcript

  • Intelligent Interactions Improve Response Rates by Getting to Know Your Customers Through Data Analytics Steve Brubaker Chief 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
  • 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 your website Quick Routing An InfoCision communicator promptly contacts the lead Intelligent Transfer Calls are transferred to agents or counselors if needed
  • Rapid Response Routing Market Applications: Education Student requests information about specific campus or educational program Financial Prospect requests more information about a specific type of loan or offer Commercial Customer 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.
  • How Rapid Response Routing (R3) works Step 2: Contact information comes into InfoCision queue and is instantly routed to the most skilled Communicator available.
  • How Rapid Response Routing (R3) works 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 OUTBOUND PHONE CALL Multi-Channel Customer Retention Strategy
  • Payment issues 2.225 m customers to be targeted Certain geographies Do not contact 2.25M customers to be targeted Filter out Propensity to churn Over-utilization Contract expiration Old equipment Low usage IDENTIFICATION M’s of customers TEXT MESSAGING DIRECT MAIL OUTBOUND PHONE CALL
  • Keep customer away from retail outlet 160k calls 8 % RR Do not text Non- responders Old equip/ No text capability 225k removed E-Verification E-Contract Offer Based on BI Model Offer Based on plan type Phone exclusive offer Inbound Call Personalized Text 2.0M Filter IDENTIFICATION TEXT MESSAGING DIRECT MAIL OUTBOUND PHONE CALL
  • Keep customer away from retail outlet 55k calls 4% RR Do not mail Non- responsive to mail ROI Filter: Usage/ profitability 461k removed Phone exclusive offer Demographic/ psychographic drivers Geography Offer Based on plan type Offer Based on BI Model Highly specific & individualized E-Verification E-Contract Inbound Call Personalized Mail Piece 1.38M IDENTIFICATION TEXT MESSAGING DIRECT MAIL OUTBOUND PHONE CALL Filter
  • Keep customer away from retail outlet 74k calls More stringent ROI Filters Do not call Non- responsive to phone Respondents to text or direct mail Billing Cycle 649k removed Phone exclusive offer Based on plan type Offer Based on BI Model 405k contacts made E-Verification E-Contract Inbound calls Outbound Call 675k IDENTIFICATION TEXT MESSAGING DIRECT MAIL OUTBOUND PHONE 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… ForbesMay 9, 2013: “A VeryShortHistoryof BigData” US Internetof 2015 will be at least50timeslargerthan in2006 US IP trafficcouldreach one zettabyte by2015 1 ZB = 1000000000000000000000bytes = 1021 bytes = 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 Staff InfoCision Management Corp. For more information please visit www.infocision.com To download the featured case studies please visit www.infocision.com/CompanyInfo/Resources