Most businesses look to do more with less in a competitive and efficiency-focused world.
Consider IndianMoney, a large India-based financial company. The company offers advice to help customers make wise financial decisions and investments. Credible advice on insurance, loans, capital markets, mutual funds, credit cards, and investments attract customer trust and loyalty.
Problem Statement
While their sound and practical advice attracted visitors regularly to their website, very few signed up to buy products that generated revenue for the business.
IndianMoney also wanted to improve productivity and efficiency, cut costs and optimize ROI. The call centre was a prime area of focus. Since their website was very popular, they received a high number of callers, which left the call centre agents busy and stressed. Productivity was not optimum.
Solution – AI platform, Buyer Rhythms Engine
IndianMoney zeroed in on Suyati’s Buyer Rhythms Engine (BRE). The company used the Artificial Intelligence powered BRE platform to develop a Machine Learning model that ranked website visitors. The algorithm predicted the customers more likely to buy.
Suyati’s data engineers connected the BRE platform to IndianMoney’s core system. IndianMoney could seamlessly push data into the analytics engine in real-time. The analytic engine vetted the data on website visitors and made a live prediction on a visitor’s intent. It identified prospects ready to buy in double-quick time, offering call centre agents a priority list for engagement.
The Result
The call centre, hitherto busy engaging with contacts, now received only prospects with a high propensity to buy. Productivity and efficiency went up manifold. There was a 3x increase in conversion.
Benefits from adopting the BRE include:
- Big savings in HR cost: Reduced call centre loads translate to lesser agents. The advanced customer insights drop up to 93% of effort wasted in cold calling prospects. More free time to agents increases the capacity to handle more leads, improving efficiency ratios.
- Better employee engagement scores, conversion rate, and customer satisfaction scores: Call centre agents, with more time on their hands, engage with each customer deeply and constructively. Higher quality of engagement improves customer satisfaction, which drives more sales and referrals.
- Up-sell and Cross-sell: The deep analysis of customer needs enables understanding the customer better. This helps for closing the immediate sale, and provides up-sell and cross-sell opportunities.
So how can Buyer Rhythm Engine deliver such results for you?
Customized BRE for Your Business and Problem
Suyati’s experts modified the Buyer Rhythms Engine to suit IndianMoney’s business. Customizing the analytics solution to suit your business metrics delivers a strategic advantage. The experts can
- Identify the relevant business problem needing priority attention
- Identify relevant datasets for the immediate problem to be solved, and consolidate it to build detailed customer profiles.
- Improve data quality to get the relevant insights. For example, they structure the data, set hierarchies, and create relationships between data sets, as required.
- Conduct data acquisition, augmentation, and enrichment as an on-going exercise. This includes managing new datasets and discarding invalid or irrelevant data.
- Aid business stakeholders to drive personalization. BRE analyses user interactions on the website, social media, and other data sources to understand customer needs and wants clearly
- Adopt flexible and innovative ways to analyse data. For instance, if it is not possible to fix poor data quality, the workaround is a cold start or zero data technique.
Advanced Analytics
The insurance industry thrives on data. BRE offers advanced analytics solution that extracts deeper insights from the data. The engine keeps customer data as the central focus and builds the Customer Data Platform (CDP) around it. Suyati’s skilled engineers and data scientists feed the algorithms with data sets tuned for each product.
BRE delivers data centricity. The analytics engine aggregates data from a multitude of sources. The platform integrates:
- Operational data including data from finance, sales, marketing, call centre operations, and CRM.
- Customer behavioral data, such as website clicks, time-per-page, and online interaction logs. The visible social media activity also reveals rich customer insights.
- Other legally acquired data from third-party sources.
Analysing such data delivers comprehensive insight on potential customers and their expectations. Actionable insights allow call centre agents to communicate effectively with prospects, and make an emotional connect with them.
Real-Time Predictions
Buyer Rhythm Engine offers advanced analytics based on real-time data, on a sustained basis. The engine feeds from live data sources, to update customer analytics consistently.
The strategic value of sustainability derives from the ability to expect and react to the changes. BRE offers a strong and powerful platform for businesses to achieve holistic CX vision. The analytical platform offers:
- Rapid implementation capabilities backed up by the ability to course-correct quickly.
- Rapid iteration, to ensure the continuous improvement and relevance of the data and the algorithm. Machine learning operations workflows and automated data operations facilitate continuous iterations.
Spin-off Benefits
Buyer Rhythms’ analytics platform offers a host of spin-off benefits for clients. These benefits become valuable sources of competitive advantage in its own right.
- Regulatory compliance: BRE offers a “privacy by design” approach that complies with GDPR and other legal stipulations. Hosting Buyer Rhythms solutions on the client infrastructure improves security and latency.
- Quantifying Marketing ROI: Calculating ROI requires quantifiable variables. The analysis of customer and operational data helps with demand trends, the ROI of marketing campaigns, and other valuable insights. Such insights improve the accuracy of customer-facing metrics such as customer retention rates, customer acquisition costs, and product or service profitability.
The Bottomline
Buyer Rhythm Engine’s agile and iterative analytical platform enabled IndianMoney to excel in customization, personalization, and deliver superior customer experience. Suyati’s skilled and resourceful implementation team ensured optimal implementation, and delivered the best value for the investment.
