The process of leads nurturing is a critical step in acquisition management, however one which is frequently missed by mobile operators. In most industries, sales people spend most of their time performing “leads nurturing”– viewing sales leads not as disposable, one-off cold calls, but rather as an important process that generates interest, buying intentions on the part of the prospect, enriching the prospect profile and looking for the right timing and the right contact channel to approach the lead.
The graph on the left shows a typical result of a mobile telemarketing acquisition campaign. As can be seen, more than half the leads don’t answer the calls (either because the number is invalid or inactive, or simply because they do not answer such calls) ; between 20%-30% of those who answered turn out to be the operator’s subscribers (sometimes due to data problems, sometimes because leads are mostly fixed lines) ; at least another quarter are not in the relevant segment – for instance a business lead when the offer is a private contract ; typically a quarter of the relevant
leads, in the correct segment who answered the call are interested in the offer – they either agree to receive another call, call back the call center or agree to set a meeting ; and finally – about 20%-30% of those interested actually buy. Overall conversion rate of this process is typically under 1.5%.
Increasing Conversion Through Leads Nurturing
The process of leads nurturing can dramatically increase the resulting conversions by handling the different factors shown in the graph above. Similar to the data an operator has in its CRM on existing subscribers, important information on prospects can streamline and improve the entire telemarketing process. The information for this can be provided from various sources:
- Open web data – places like forums, listings, ads, blogs contain very rich data on many of the prospects, which can be harvested to significantly improve acquisition performance
- Call center past campaigns – during the campaigns, a lot of data is collected on the failed prospects – names, locations, contract information, calls unanswered, and more. This data should be recorded and reused in later campaigns.
- Past CRM data – given the high churn rates in the mobile market, more than 50% of the subscribers in a given country were with at least one other operator in the last 2 years. This provides abundant information on personal details, usage patterns and contract information.
- Other information sources
All this information can now be tamed to improve every step of the acquisition process:
- Telemarketing call setup – the CSR needs to be informed of critical available data before making the call, in order to maximize the amount of relevant, answered calls. First, a good method for screening existing customers is important to reduce the campaign’s negative impact. Secondly, selecting the right customer to call at the right time based on available data significantly increases resulting interest.
- Call scenario data – having key data such as name, region and segmentation of the prospect is key to generate a successful telemarketing call. This data can help the CSR get past the opening sentences and into the actual offers, and thus generate much more interest.
- Sales – bottom line sales ratio is of course dramatically increased when the limiting factors in the graph above are improved.
Effective leads nurturing requires adequate call center systems, integrated with various data sources into a central acquisition data base. Such solutions exist in the market, and have been proven to significantly improve acquisition results in a number of mobile operators.