Customer modeling can drive results on multichannel acquisition campaigns. Utilize the business intelligence you have to reduce costs and increase retention.
Creating Low-Code Loan Applications using the Trisotech Mortgage Feature Set
Intelligent Interactions: Improve your response rates by getting to know your customers through data analytics
1. 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
2. Agenda
•The impact of modeling on acquisition
•Using business intelligence to drive results
•Online lead generation
•Multi channel marketing using business
intelligence
5. Define the
current
customer base
with profiling
Apply the
model to list
and segment
prospects
Model the
current
customer base
to target for
acquisition
10. 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
11. 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
12. 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
13. How Rapid Response Routing (R3) works
Step 1:
Customer enters information on client’s
website and submits their request.
14. How Rapid Response Routing (R3) works
Step 2:
Contact information comes into InfoCision
queue and is instantly routed to the most
skilled Communicator available.
15. How Rapid Response Routing (R3) works
Step 3:
InfoCision Communicator promptly calls
the customer to complete the request.
16. 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%
17. 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!
20. 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”
21. 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
23. 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
24. 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
25. 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
26. 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
27. 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
28. 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
29. 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
Notes de l'éditeur
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