Challenge
A multinational company needed an effective partner to maximise new sales opportunities within its existing small- and medium-sized business client base. With millions of customers worldwide, it was a challenge to determine where to prioritise and how best to reach them with the right offers.
Our solution
TTEC provided robust, advanced analytics based on customer data supplied by the client. This data covered revenue and volume of spend for more than 8.5 million customers worldwide. The data was then augmented with additional information mined from third-party firmographic sources and the public domain to create an enriched data set to be us used for predictive modeling. Examples of the data gathered included SEO ranking, web traffic, advertising budget and spend, social media activity, funding information, revenue, employee size, technology use, and news and events.
Customers were scored using this model, upon which TTEC added its own analysis to build a profile for each customer based on their fit to the client’s business and growth strategy, their intent, and ability to spend.
Analytics unveil ideal customers
An “ideal customer profile” was created, based on the activity of existing customers, and the predictive modeling assigned a probability score to each customer depending on how close they matched this ideal customer profile. Effectively this showed how similar a customer was to the target profile and the likelihood of the customer exhibiting the same behaviour as the target company.
The analysis was based on three models; A growth model that identified customers with growth indicators like new product launches, opening of second locations or established businesses in growth areas such as healthcare, manufacturing, or hospitality; a spend model for based on their current spend for similar products and services; and a business retention model based on key indicators that the customer was at risk to churn.
The result was a ranked set of customers with whom to engage to deliver additional sales. Sophisticated statistical analysis and machine learning algorithms helped create call lists and campaigns, and identified accounts for the TTEC team to focus their efforts on.
Combining data analysis with people power
Most analytics efforts end there. But TTEC’s end-to-end efforts combined technology and people for maximum results. TTEC sales associates personally placed calls to more than 180,000 of these customers, relying on our industry expertise, established inside sales training programs, and customer-first culture to ensure a quality outbound sales customer experience.
Results
TTEC was selected over seven years ago to conduct the work, which has grown to 300 associates based in three centres. TTEC currently handles over 8.5 million accounts in Asia-Pacific and North American regions, with plans to take on more business in Europe, the Middle East, and Africa.
At the start of the relationship, approximately 1.2 million accounts were analysed and 40 percent engaged. The team now handles more than 8.5 million accounts globally. Nearly 98 percent of the most potentially valuable clients are contacted in each cycle of the operation, of which approximately 9 percent convert to additional sales. Where appropriate, leads are referred to in-house field sales teams.
A very significant return on investment (ROI) was achieved by the TTEC team, which drove additional revenue over and above the existing base of for this Fortune 500 company.
TTEC’s sophisticated analytics engine ensures that maximum effort is expended in the areas most likely to deliver increased sales, giving an efficient and effective ROI. Within the top tier of target 40,000 accounts, TTEC is delivering incremental sales of over 100 percent each month from an average daily net revenue of $10.81 to $22.32 per customer.
TTEC also adds value to the client’s business with continual innovations in technology and processes. These are presented to the client during ‘Innovation Days’ where best practices and technical or process innovations are proposed. The client values this pro-active input, which it does not get from other vendors.
The client has been delighted with the performance of the team and values the innovation and expertise the team has brought to the organisation, along with the impressive sales results.