Real-Time Identification and Analytics
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This document discusses how real-time identification and lead scoring can benefit companies. It provides an overview of TARGUSinfo and InfoCision, which provide identification and lead scoring solutions. Identification involves recognizing existing customers in real-time. Lead scoring predicts prospects' likelihood to convert or purchase. Case studies show these solutions increase conversion rates, first call resolutions, and allow targeting high-value prospects. The benefits are more effective marketing and improved sales and profits by prioritizing the best opportunities.
Real-Time Identification and Analytics
- 1. Real-Time Identification and AnalyticsAcquire, Retain, and Grow High Value CustomersDorean KassDirector of Consumer Facing MarketsTARGUSinfoDana AllenderVice President, Business DevelopmentInfoCision Management CorporationJune 15, 2011
- 3. Founded in 1982 by Gary Taylor; its name derived from the words “information” and “decision”. Recognized as one of the fastest-growing private companies in America.Expanded from our initial four Agents to more than 4,200 employees today.Generated annual sales of $175 million dollars last year by providing a full spectrum of services designed to guide our clients through every step of their programs from conception, strategy, metric delineation, creative, fulfillment, and analytics.Received numerous industry awards including Customer Interaction Solutions MVP Award each year since award’s inception in 1992; regularly recognized as Best Places to Work in Northeast Ohio.Succeeded by exceeding our clients’ expectations every day in both customer satisfaction and return on each dollar invested.InfoCision Corporate Overview
- 4. You utilize an internal or external call center for:AcquisitionCustomer ServiceTech SupportDo know anything about your prospects or customers prior to handling that call?Do all your calls get treated the same?Would increasing first call resolution or automating more calls within the IVR impact your business?Do you route calls to the best-matched agent based on likelihood to convert, likelihood to churn, or potential value?What do you do with prospects that call and don’t convert?Objectives – Why are we here?
- 5. IdentificationCustomer Service and Tech Support IVR – Most organizations attempt to identify customers within the IVR using a combination of ANI match and account number.Live Agent – Manually capture consumer information Challenges: How to identify customers who call from a number not linked to their accountHow to maintain data accuracy/linkages in the CRMCosts associated with needing to route calls to multiple agentsAcquisition IVR – Utilized to automate fulfillmentLive Agent – Attempts to manually capture consumer information as part of the sales process Challenges: What about the people who don’t convert and don’t provide all of their information?Costs associated with a consumer zeroing out from the IVRIdentification and Qualification
- 6. Identification and QualificationQualification Customer Service and Tech Support:If any type of scoring/prioritization is utilized, it typically takes place at the agent level Challenges:Missed opportunity for skills based routing around cross-sell or retentionAcquisitionInbound:Routing calls based upon DNIS, product, media (print, TV, radio), etc.
- 7. Outbound: Typical approach is to use campaign and recency to prioritize outbound efforts Challenges:All leads are treated the same, regardless of their likelihood to convert, ability to pay, lifetime value, etc
- 8. Missed opportunity to leverage best performing agents
- 9. Dialer performance, agent morale, and marketing spend are all negatively impactedThe Challenge: LG Electronics takes customer service calls but has no insight into who their customers are.The Solution: Leverage TARGUSinfo’s identification solutions in real time to screen pop information to agents’ desktops.The Result: Significant reduction in call handle time – reducing costsImproved customer experience and agent morale by focusing on the purpose of the callAccurate marketing information collected to drive additional purchases of LG productsCase Study: LG Electronics
- 10. Quickly remarket to non converting inquiresAutomate fulfillment within the IVRCapture accurate marketing informationIncrease Operational EfficienciesIdentify a higher percentage of existing customersThe Value of Real-Time Identification
- 11. What is Lead Scoring?PredictiveDescriptive
- 12. What is Lead Scoring?Web FormDirect Mail800 NumberPrint AdTV Ad
- 13. 800 NumberDirect MailWeb FormHighly Profitable ProspectHigh Quality Data and Likely to ConvertHighly Likely to Stay & PayMore Likely to Buy a Lexus than a HyundaiBuys More When Dealing with the Best AgentsPrint AdTV AdWhat is Lead Scoring?
- 14. Combining Identification with QualificationHigh-ValueCallersLead ScoreANIDedicated AgentsLow-ValueCallersIVR SystemOverflow AgentsScoring Model
- 15. Responsive to Up Sell/Cross Sell OffersHigher Lifetime ValueBe More ProfitableConvertPlace Larger OrdersThe Value of Real-Time Lead Scoring
- 16. Will Lead Scoring work in Real Life?The Challenge: Understanding if Lead Scoring has any impact or value on ranking inbound calls/customer prospects from DRTV advertisingThe Solution:Develop a predictive model based on historical inbound calls and salesOnce the model is completed, monitor the Lead Scoring results over an extended period of time
- 17. Will Lead Scoring work in Real Life?The Result: Lead Scoring does have the ability to differentiate and impact inbound call conversion rates
- 18. Lead Scoring Case Study: InfoCisionThe Challenge: To become the leader in conversion rate for consumer products among the three call centers (including one in-house center) taking calls for a leading DRTV marketer, thus earning a larger share of the call traffic and increasing client ROIThe Solution: The solution is two-fold:Implementing skills-based routing to move beyond next available agent technology The application of real time scoring to further enhance results
- 19. Lead Scoring Case Study: InfoCision
- 20. Case Study: AccuQuoteA leading provider of term life insurance quotesThe ChallengeInbound leads needed to be better prioritized for the sales team“We knew that 20% of our leads were unlikely to move through to paid status – the problem was that we didn’t know which leads were which.” - Sean Cheyney, Vice President of Marketing and Business Development
- 21. Case Study: AccuQuoteThe Solution: On-Demand Lead Scoring from TARGUSinfoLeads are ranked on a scale of 1 to 10 based on their propensity to purchaseThe most likely-to-purchase prospects are then moved to the top of the queue for the outbound dialerThe best scoring leads go to the best agents, while leads that are judged to be less likely to convert are contacted through email or passed to trainees
- 22. Case Study: AccuQuoteThe Result4-5% increase in sales conversionImproved ability to predict intent to purchaseA boost to sales team productivity — freeing up an extra hour a day per agent to spend on cross-sell and needs analysis“Lead scoring is very intuitive, even to a novice. Our lead scores now touch all areas of our operations, from media buys to the call center to sales management. Lead scoring is a win-win for AccuQuote on both the expense and top line sides.”- Don Loonam, Senior Vice President of Sales, Marketing and Fulfillment
- 23. SummaryScoring is only as effective as your ability to identify a consumer/business – the two go hand in handThe benefits are clear:Identification:Improve operational efficienciesImprove customer experience/first call resolutionDrive additional remarketing effortsQualification:Sales and marketing teams more effectively value their best prospects – boosting conversion rates and improving both sales and profitsNext step: Get a conversation going
- 24. Q & ADorean KassTARGUSinfoDoreanKass@TARGUSinfo.com703.663.5705Dana AllenderInfoCisionDana. Allender@INFOCISION.COM330.670.5141
Editor's Notes
- #10: Before discussing the ways in which TARGUSinfo continues to enhance and build out our analytic capabilities, I thought I’d take a step back and do a bit of level setting. I was having dinner a few weeks back with a client and they asked me to define Lead Scoring. Apparently the term gets used a lot but there is some confusion as to what exactly it means. So I want to share with you how we at TARGUSinfo define Lead Scoring. Essentially, there are two very important components to a lead score:1 – The predictive part. This is the area that most people focus in on when they think lead scoring because, to a lot of folks, a lead score is the result of running a model. And what you end up with after running a model is a number which usually represents a probability. Whether it’s the probability that a student will enroll, that a consumer will buy life insurance or that someone will be a valuable customer of yours over time, the model is designed to predict a given behavior. Models are traditionally built from actual customer data as the best predictor of future behavior is generally past behavior. This “number” or model score is a great tactical tool. It allows you to prioritize customers in queue, route valuable looking prospects to your best agents, better allocate resources for follow-up marketing efforts, etc. What that number doesn’t do , however, is tell you anything at all about the consumer. So you know what to do with them once they raise their hand, but how do you get them to raise their hand in the first place?2 – This is where the second critical part of a lead score comes into play and that’s the descriptive component. You hear us talk a lot about transparency and this is really what we’re talking about. If you don’t have insight into who your best customers and leads are, how can you expect to find more of them? The descriptive part of the score is how you develop on-going marketing strategies. You can’t market to an “8”, but you can market to a young couple who is just having children, who own their own home and live in the suburbs.So I define a lead score as a tool that is both predictive and descriptive.
- #13: We have a financial services client that has a Premiere/Dedicated agent team and an overflow team (sourced at an external call center). They distributed calls based on capacity. If a dedicated agent was available, they got the call. The problem was, really good prospects (Defined as big spenders and long-term customers) ended-up going to overflow agents and conversion on high-value prospects went down by 40%. Likewise, unlikely converters went to the best agents and they converted at the same poor percentage as calls going to the overflow team. (show bar chart by segment). Through real-time scoring, our client is getting the most out of the response they generate. We are helping them to make better decisions, and conversion of high value callers has gone-up by 25%.