Thursday, 21 December 2017
Top Tips for Training Call Centre Agents
1 – Teach them how to deal with an irate client
Whether you run and inbound or outbound call centre, the one thing you’re guaranteed to experience is an irate client. Your call centre agents should be equipped to handle these types of calls. Dealing with aggressive clients can be absolutely soul-destroying for agents, so having the skills to take control of situations like this is essential in turning the situation into a positive one.2 – How to build rapport with your client
Agents only have two tools to work with: their voice and the limited attention span of the client they are speaking to. They need to know how to quickly build a rapport with the client so that they actually want to listen to what the agent has to say. More importantly, this contributes to an overall positive experience for your clients.3 – Learn how to truly listen
Inbound call centre agents have to listen, but when it comes to outbound call centres, agents do sometimes forget to take time to listen to what the client is saying. They only have a limited time to close a sale, and their focus on the client can get lost. Many times, sales opportunities are missed because an agent did not listen attentively enough. Listen, repeat details, and if you don’t know, find out and get back to the client. This is what makes an agent a professional.4 – Every call is a sales opportunity
Regardless of whether the agent is in a sales environment or not, every time a client interacts with a brand there is a possibility that they could purchase. Teach your agents the true value of every lead they call or every call they receive and what that means to them as an agent and to the brand and or business.5 – You are the face (or voice) of the brand
So few agents realise that when the interact with a client over the phone their voice and this conversation maybe their first and their only direct interaction with your business. If they do not truly understand this, then how can they truly understand the impact of a negative experience a client may have with them? They are valuable brand ambassadors – this not only improves their self-worth (valuable part of the brand image) and self-belief but their understanding of how their behaviour can impact on the overall business.Looking for a team of professional call centre agents who will add value to your brand? Get in touch with CDA today.
Wednesday, 22 November 2017
Direct Marketing: Choosing the Right Product to Sell
Just in case you’re not in the loop, direct marketing is the marketing and sales of consumer products and services in a person-to-person context away from a physical retail location. Marketing and sales take place via sales representatives (also referred to as consultants or agents) on a range of communication channels including telephone and email.
Since sales representatives do not have the benefit of being able to talk to consumers face-to-face, one needs to be discerning about the products they choose to sell via direct marketing. Overly complicated products or ones that require lengthy explanation tend not to fare as well as simple products for this reason.
How to decide what products to sell
We’re not in the business of selling physical or lifestyle products for just this reason. When you sell via direct marketing, there are a few things to consider:- Can the product be explained in under a minute?
- Will the consumer easily be able to buy immediately?
- Will the consumer see an immediate benefit from the product?
- Will it be easy for the consumer to pay for the product?
If the answer to all these questions is a unanimous ‘yes’, then the product is probably right to sell in a direct marketing environment.
We find that simple financial services products, which require minimal individual underwriting, are well suited to sell via direct marketing, because they tick the boxes above.
Once the feasibility of selling a particular product via direct marketing activities has been established, the most important factor in determining success in any direct marketing campaign remains the quality of the data and the relevance of the product to the target market.
Contact us for a direct marketing strategy
Are you looking for a company that specialises in designing direct marketing strategies within the financial services industry? Contact us for help.Wednesday, 1 November 2017
Mistakes to Avoid When Compiling Direct Marketing Reports
Everything step you take in a direct marketing campaign should be informed and influenced by our favourite and most precious resource: data. You’ve heard us harp on about how important data is in the past, but we really can’t repeat it enough. Half of the value of a data set lies in its accessibility; the format in which it is presented. That’s why we’re sharing our knowledge on creating robust reports and how to avoid the biggest mistakes in reporting.
Relevant Reporting
When you’re dealing with large set of data, fatigue can set in quite quickly. This is especially true if you have to sift through reams and reams of irrelevant data. Having too many reports or reports with every single result and ratio possible is tiresome.Rather ensure you have a couple key results to compare with expectations. Using that information, you can then determine whether it’s necessary to drill down into the details to answer specific questions.
Real-Time Reporting
In direct marketing a small mistake or an incorrect assumption at the beginning of the campaign can have a snowball effect resulting in escalating costs, to name the least. That’s why it’s so vital to monitor campaign results on an hourly basis when you’re just launching. Properly interrogate the numbers if the results are below the expected levels and implement a solution before the problem can get worse.“Crap In, Crap Out”
Reports are only as effective as the quality of the data used to create the report. In Direct marketing where inputs are often reliant on agents capturing information (i.e. call results), the results are dependent on human intervention and can be manipulated. So, the more automated or system driven the data input is, the better the integrity of the data and the validity of the report. Simply put, effective data gathering leads to effective campaign results; or “crap in, crap out”.Timing
Timing is of the essence and acting prematurely is as bad as acting too late.For example: an Underwriter deciding to roll-out a campaign based on the 1st months successfully collected premiums, a day after the billing date, when the collections seemed particularly good is a classic example of acting prematurely. This is also where experience is valuable, as we know that it takes the banks on average 2-3 days to confirm rejected collections, which would significantly decrease the overall success rate.
Distribute Reports To The Right People
Send reports to the right people, not just all the people. The more people copied in reports, the bigger the risk of no-one paying particular attention to the details or taking responsibility for analysing, recommending changes and implementing changes.Reporting on results is meaningless unless someone actually looks at the reports and makes business decisions based on the results, monitors the validity of the decision on new results, and makes changes at the right time.
Having a
tough time getting your reports in order? Contact us for expert assistance.
Tuesday, 10 October 2017
The Importance of Reporting in Direct Marketing Campaigns
We’ve said this before, and we’ll probably say it again, but let us reiterate: 70% of the success of a direct marketing campaign is dependent on the quality of the data. But this poses the question: how do you even determine the quality of a data set? Unfortunately, this assessment can often only be made after the initial campaign results.
So now what?
So now what?
Direct Marketing Strategy
This is where it is so important to design an overall Direct Marketing Strategy for each initiative, to set realistic expectations and to carefully plan the campaign execution. Setting expectations and planning execution is heavily dependent on the level of reports available. Reports and analysis of previous campaigns to understand the relationship between the data and the campaign performance and to then set benchmarks. Detailed real-time reports and analysis to monitor and understand current campaign performance and data response rates.Research, Test, Adjust, Repeat
This is what we refer to as a progressive direct marketing strategy. It includes four distinct phases – researching your target audience, testing their response, adjusting it for improvements, and repeating the process again and again until you get the results you need. Continual analysis, testing, and adjustment are essential in ensuring that a strategy is constantly evolving and improving. The advantage of Direct Marketing is that it's relatively easy to test various assumptions or approaches to a campaign, assess results on representative samples of data easily and quickly and managing the level of risk and costs before spending millions on the roll-out. Detailed and effective reporting enables direct marketers to be agile and maximise response rates, which increases the ultimate campaign profitability.Factors you should be paying attention to when analysing data and designing direct marketing campaigns
- The most important factor is ensuring product or service relevance and appropriateness to the base
- Timing is everything – how and when to contact prospective clients based on past activity
- The higher the affinity to the brand, the better the chances of creating credibility and being given an opportunity to introduce the product and service
- Determine the source of data to refine sales process
- Appropriate distribution channel based on product and target market
Thursday, 28 September 2017
How Technology Has Changed Direct Marketing
We’re lucky enough to have been working in direct marketing long enough to witness huge changes in the sector. As technology advances, we constantly look for ways to adapt our practices and make the best possible use of that technology. The biggest catalyst for change in the past few decades has definitely been widespread internet adoption. Since the internet started to be widely available, the technology has continued to improve, to the point where today we have super high internet speeds – accessible through a device we hold in the palm of our hand.
From there direct marketing became all about mail. Companies would spend weeks typing (and later printing) letters to send to consumers. This was a hugely time consuming task, as the letters needed to be typed or printed, placed in envelopes and sent via the postal service, before having to process all the replies that came after.
Along with the proliferation of internet connectivity came huge advancements in computer technology. For the first time we were able to start collecting that all-important data that we love so much in the direct marketing sector.
The advantage of this combination of various tools is that customers can then respond using the medium they are most comfortable with. The process can be fully automated to drive the next leg of communication based on client behaviour and finally at CDA we believe that the human touch should never be lost and always an option for our customers, especially when the products one sells is one that is sold and not bought.
Need help getting with the times? Contact CDA for a direct marketing solution that uses the right technology.
Where Did Direct Marketing Start Out?
The first widely acknowledged example of direct mail marketing took place in 1,000 B.C. in Egypt. A landowner advertised on a piece of papyrus that he was offering a gold reward for the return of one of his slaves who had run away. However, this would not be a viable method of marketing for many years to come, due mostly to low literacy levels before the industrial revolution. Then, during the 19th century, while Britain was in the midst of the industrial revolution, Aaron Montgomery Ward created the first ever mail-order catalogue for his business.From there direct marketing became all about mail. Companies would spend weeks typing (and later printing) letters to send to consumers. This was a hugely time consuming task, as the letters needed to be typed or printed, placed in envelopes and sent via the postal service, before having to process all the replies that came after.
The First Leap: Telemarketing
The first considerable leap forward came with the proliferation of telephonic communication. This allowed marketers to contact consumers over the phone and speak to them in person. For a time this was the preferred method of communication, with direct mail remaining in use.The Second Leap: Email
We’ve already said just how much the internet was a gamechanger for the direct marketing industry. The ability that it gave people to connect with one another was revolutionary at the time, even though it was only at its infancy. With everybody going online, suddenly people had both a physical address to send mail to, as well as a digital address to receive email. Email marketing allowed us to reach a wider audience than ever, in only a fraction of the time.Along with the proliferation of internet connectivity came huge advancements in computer technology. For the first time we were able to start collecting that all-important data that we love so much in the direct marketing sector.
Where We Are: Automation & Multi-Channel Marketing
Today we have the luxury of using various tools to drive our message to our consumer continuously in the most cost effective and targeted manner. Imagine today a campaign that consists of finding the right target market first. Targeting our market to create awareness through social media and then to drive sales through a combination of SMS, E-mail, the web, Automated Voice Messaging and call centre interaction.The advantage of this combination of various tools is that customers can then respond using the medium they are most comfortable with. The process can be fully automated to drive the next leg of communication based on client behaviour and finally at CDA we believe that the human touch should never be lost and always an option for our customers, especially when the products one sells is one that is sold and not bought.
Need help getting with the times? Contact CDA for a direct marketing solution that uses the right technology.
Tuesday, 5 September 2017
The One Data Analytics Tool We Cannot Live Without
Data analytics is the cornerstone of a successful direct marketing campaign. Without correctly sourced and profiled data, there’s almost no point in contacting your potential customers. That would be like trying to hit a target in a completely dark room – totally pointless and probably costly.
Quality data is necessary for determining your target market, the most effective method of communication, and the most opportune time to offer them your services, as well as determining their likelihood to sign up for your product and remain enrolled for months to come.
But when you’re working with large amounts of data covering a range of complex metrics, having a robust data analytics tool is an absolute necessity. Some companies use a combination of tools that they may have licensed or bought from other suppliers, and these tools, for the most part, offer users a range of benefits. But at the same time, buying these tools and renewing the licenses for them can be an expensive exercise.
That’s why we developed our own data analytics tool, based on over a decade of collected information, machine cognitive algorithms, and advanced actuarial calculations. We call it the Optimum Dynamic Data Scoring model, or ODDS for short. Based on a unique combination of variables, it allows us to score each customer without infringing on their right to protection of personal information.
What are the ODDS?
ODDS allocates a score to each potential customer, indicating the following:- Likelihood of a client purchasing a product (response ratio)
- Likelihood of a client paying the first premium
- Expected number of months a client would pay premiums
Most importantly, ODDS enables us to help our clients maximise the data they have already available, and drive the best possible return on investment for each marketing endeavour.
The Optimum Dynamic Data Scoring model has now been tried and tested over a period of 2 years and we are exceptionally excited about the results it has delivered for our insurers and database owners.
But a great data analytics tool can only take you so far. You may be able to get all the relevant information and insights, but unless they are used smartly and effectively, there’s almost no value to the data. That’s why we believe that the best thing to compliment a great data analytics tool is a great team with solid experience.
Tuesday, 22 August 2017
You Can Use AVM To Save Time At Year-End
In just six weeks we’re going to be entering the final quarter of 2017. Crazy, isn’t it? This year, avoid the fourth quarter rush before “silly season” kicks off by putting plans in place to optimise your workflow and communicate annual increases to your clients – leaving you with more time in the fourth quarter to plan for 2018.
Snail Mail just doesn't move fast enough
Annual increases in premiums can sneak up on you. Even though the original contract or policy document are required to detail any annual escalations, from a compliance point of view, we are required to communicate and notify our clients of any change to their premium and confirm the new amount within a reasonable time frame. In the past, the preferred method of communication was printed letters mailed to the clients’ postal address, sometimes with a secondary electronic follow-up mail.Unfortunately this process is flawed for a few reasons. The first being that there is no control within the SA Postal Service’s process to confirm that the client received the letter, and the second is that we don’t receive any confirmation from the client that they have received or read the notice.
Sending these letters is costly, and it’s actually done more to ensure that we remain compliant with industry rules and regulations so that we can “tick the relevant box”. It doesn’t necessarily add value to our clients or improve our service to them. We asked ourselves: “What if we manage this process more cost effectively and efficiently, where we create an opportunity for clients to communicate back to us so that we can deal with their queries and concerns immediately?” Taking a proactive approach not only improves client relations and retention, but it also creates an opportunity to schedule annual reviews and update the client’s cover.
Speed up the process with AVM
Our solution is to utilise AVM (Automated Voice Messaging) to communicate any annual premium increases. You can read more about the benefits of AVM in our previous article. In summary, this is a cost-effective way to communicate with your customers within a short period of time through an interactive voice message. The message provides personalised information relevant to each client, monitors and directs the responses received, and then prompts the relevant internal action to deal with their response.The messages are professionally recorded (preferably by the broker themselves as they have a personal relationship with the client) and based on our experience, should achieve a contact ratio of at least 80%. Depending on the responses and requests for call backs or assistance, one could potentially contact thousands of clients within a few hours. This process is fully compliant as it records exactly which clients listened to the message and how long they interacted.
For those who were not contactable via this method would still require a physical letter of notice. When you weight up the savings in direct costs (AVM can decrease costs by 10-30% depending on the duration of the call and interaction), using AVM just makes sense. Additionally, you will see an overall improvement in turnaround time and a decrease in labour costs required to prepare all those letters.
Put the process in your customers' hands
Your customers will feel that you have given them an opportunity to respond and a platform to communicate should they wish to do so. Giving them this feeling of control will enhance your existing relationship, while an impersonal letter certainly won’t win you any brownie points.The entire process is automated and hassle-free for the client, broker, and underwriter – leaving more time to concentrate on finishing up all your final quarter obligations before the holidays start.
Subscribe to:
Posts
(
Atom
)