“FirstHive’s reduced lead generation costs by eliminating 70% of invalid leads from the call center.”
The Results
The Results
Customer journey orchestration for lead qualification
An insurance company, figured the secret sauce to eliminating unnecessary leads out of its funnel. As the number of leads increases, cost spent on acquiring each lead brings a pattern. Most times the total cost spent on leads multiplies with the increasing lead inflow. Lead qualification is a process that brings down such costs. They used FirstHive’s campaign operations and customer identity abilities of the CDP to achieve this.
Reduce lead qualification costs with better customer journey orchestration
Poor lead qualification leading to increased lead acquisition cost.
The Problem
This leading insurance company spent a lot of money on determining the quality of leads. The call center attending to these leads were not informed about which source the leads were being generated from. Due to this the call center employees could not qualify the leads which led to additional cost towards lead qualification in terms of time and human resources spent.
The Challenges
Many of their leads were identified to be window shoppers. They could not identify how many of them were invalid and disqualified leads. The deeper problems also included that:
1. Call center employees were not cognizant of the conversation that could have happened with Relationship Manager or Sales personnel
2. Call center employees were not cognizant of where the customer dropped off if trying to purchase online and help accordingly
3. They could not upsell or cross sell products when they were speaking to existing clients.
The Solution
Customer journey orchestration for lead qualification
CDP gave the call center a better and complete view of customer and prospect activities. This immediately helped the call center employees prioritize their calls.
FirstHive’s CDP got deployed to orchestrate multiple customer journeys. This helped the call center personnel identify the journey and attribute the right qualification. This was also available to be deployed for new leads and prospects.
Customer journey orchestration helped their prospects either purchase the insurance policy online or through a straightforward process. The new process also helped the team at call center to expedite the purchase process while assisting through with a valid OTP sent to the prospect’s phone number at a preferred date and time.
If the prospect abandoned the purchase process, the team could use the online buying funnel and reach out to the prospect through programmatic channels. They could bring them back and resume the journey on the site where it was left.
Reduced costs and better lead disqualification
IMPACT
The leading insurance company experienced a huge dip in the lead acquisition and call center costs with reduced irrelevance. The team from the call center were not only able to identify the qualified leads for faster conversions, but were also able to assist the prospect in completing the purchase.
The call center costs were reduced as an effect of eliminating invalid and junk leads by 70%. They were able to reduce the average cost per lead as per industry norms.
70
Reduced junk leads
12
Reduced Costs
0
Increased quality of leads