How analysis of predicted sales led to a modified fulfilment package which helped one Mexican telemarketing bureau to reduce marketing costs by 3-5% – providing cross-sell and upsell opportunities into the bargain.
An international bank in Mexico was running a telemarketing campaign and asked us for cost savings. When securing a sale during the campaign, the TSRs (Telephone Sales Representatives) had the option to add up to three beneficiaries to the file. In reality a sale was considered complete with only one beneficiary. Capturing an additional beneficiary was therefore unnecessary and increased the length of the call by 71.32 seconds for each name captured. On average each policyholder had 1.42 beneficiaries.
This gave the bank the opportunity to cross-sell and upsell to these customers
Using predictive sales models, our telemarketing manager determined there would be 170,000 sales that year. She recommended that the company could save over 1000 hours – equivalent to 220,000 pesos, or 3-5% of the marketing costs – by capturing additional beneficiary information through a modified fulfilment package. This gave policyholders the option to add more beneficiaries by calling the customer service centre.
As an added bonus, this gave the bank the opportunity to cross-sell and upsell to these customers.
Marketing costs were reduced by 3-5% – providing cross-sell and upsell opportunities to new customers.
Thinking through the sales funnel can reveal opportunities to streamline and improve customer service at the same time.