How do you leverage Big Data?
That’s really the question, isn’t it? The #BigData buzz word is floating around on Linked In, Twitter and in articles that marketing professionals see every day. And with good reason. Having a wealth of data allows us to personalize our marketing offers, creating a more effective pitch while also providing the customer with a better and more engaging experience.
That sounds great in theory… but how do you really do that?
It starts with business intelligence
But let’s not put the cart before the horse. Big data is a wonderful means to an end, but before we can begin to map out a strategy, we need to first determine a calling campaign’s key performance indicators (KPI’s). Your client will have a set of KPI’s they want you to meet like service levels, call volume, conversion rates, etc. As their call center partner, you’ll have additional KPIs to consider. Once the goal metrics are identified, the next step is finding out where the data resides that will help you manage the objectives. Then you can integrate that information into your strategy.
Highly skilled IT professionals and analytical marketers working together as a business intelligence team can utilize all available data to build statistical models that show behavior and patterns, and determine which factors drive a particular type of customer. They can set up algorithms to compute this information, which is used to tailor information in call center scripts, emails, targeted web ads and direct mail pieces. All helping to increase productivity, customer satisfaction, conversions and ultimately ROI.
And it’s more than just messaging. In the call center we can use previous call history to determine the best time to contact customers, increasing our connect rates. We can determine the channel(s) of communication individual consumers are most likely to respond to favorably. We can evaluate buying and purchasing patterns that give us insight into what offers consumers may be more interested in so we can personalize their offer – even upselling and cross-selling further enhancing conversion rates. We can also identify and remove customers with the highest propensity to churn, further minimizing marketing costs. For example, on one customer retention campaign, we utilized much of what I just outlined above. Using multiple strategies we were able to drive down the client’s cost per customer saved from $127 to a minimal $14.65, while at the same time retaining an additional 138,400 customers.
Leveraging real-time Big Data in the call center
This is where it gets fun. Using intelligence and technology to determine service level differentiations to boost conversion rates, improve customer service, customize call center scripts and sales scripts — on the fly, will ultimately increase customer value and drive long-term growth. Real time analytics can also be a cost saver by driving target routing strategies (matching the appropriate agent with the sales lead), intelligent queue (prioritizing higher converting leads for quicker answer times), etc.
In the call center, as information is collected during a call, the targeted, personal message that best fits the customer may need to change on the fly. But with the right technology, the script can be adapted as the call is going on.
At InfoCision, we’ve developed a proprietary solution called Inscription that delivers a customized script seamlessly in real-time as well as comprehensive customer profiles and screen pops. This technology, which has been in use since 2004, automatically tailors the script as the call is coming in, and can allow for real-time changes based on information gathered during the call. Inscription is constantly updated based on customer call results so it provides the most recent data possible. This allows our Communicators to focus on building relationships with customers utilizing the most effective personalized offer. It’s all about relationship management and looking beyond single transaction customer contacts toward long term ROI realization.
For more information on inscription, check out the case study I mentioned.
If you have thoughts on this post or other ways to leverage Big Data, please comment below.