Our team helped a major US based integrated direct-to-consumer retailer and product development company boost their conversion rate by 4.25% with an annual potential revenue improvement of $1 MM in 90 days.
A major US based integrated direct-to-consumer retailer and product development company dedicated to serving the lifestyle and healthcare needs of baby boomers and seniors.Since 1989, the company has been focused on providing smarter, better products that keep our customers moving in comfort.
Number of Agents : 40 | Volume : 24000 calls/month
With over 3 million customers, the client is an integrated direct-to-consumer retailer and product development dedicated to serving the lifestyle and healthcare needs of its customers. Interesting in realizing a higher sales potential, the client asked MattsenKumar to assess their contact center operations to identify the following:
- Performance of the sales force.
- Actionable recommendations to improve the sales conversion rate, thereby improving the overall revenue.
The project was guided by the following set of broadly stated research objectives:
- Gain complete understanding of current sales conversion rate /performance.
- Identify factors driving sales performance through detailed call listening exercise and data
- Segregate all factors into two categories – agent related and process related.
- Prioritize top drivers related to agent and process behavior.
- List the actionable recommendations based on opportunities identified to improve conversion
As a part of the sales study, our team focused on all interactions where customers wanted to either place an order or had an inquiry with potential sales intent.
Many factors were identified which affected the conversion rate which were further tagged and divided into the following three categories :
- Only Agent related call reasons,
- Both Agent and Process related reasons,
- Only Process related reasons.
There was a higher level of control over categories “A” and “B” and could be driven at a contact center level.
It was observed that a “lack of agent effort” had been found as the most significant reason for non conversion in the project call set. The further drill down study (with the help of data through the call listening exercise) helped MattsenKumar to deduce that agent effort was driven by five key agent behavior attributes. “Probing”, “Rebuttals”, “Pace of Call”, “Agent Tone” and “Professionalism and Courtesy”.
“Probing” and “Rebuttals being offered” were found as the most impactful attributes that would improve the conversion rate. It was also noted that the conversion rate for new customers was much lower than that of existing customers. New customers did not buy because of “Shipping Charges” or “Product Unavailability”. It was identified that agents did not probe or offer any rebuttals on the new customer calls.
By studying a statistically calculated sample of sales calls, our team helped the client to identify opportunities pertaining to procedural inefficiencies and agent behavior.
Through this exercise, it was found that on a significant volume of calls :
- Agents were not offering any rebuttals leading to a potentially significant financial loss,
- There was opportunity for agents to ask follow-up questions on a customer’s first objection and to offer multiple rebuttals to further improve the conversion rate,
- A lack of awareness was observed on the product benefits as agents were unable to effectively explain the features and benefits.
Our team recommended that the company should enhance awareness and knowledge about products through coaching to empower agents to consider all enquiry calls as a potential sales opportunity. To position the rebuttals better, our team recommended that agents should be coached to probe more and gain a thorough understanding of customer concerns. Rebuttals must be offered on all possible opportunities and could be driven through best practice sharing from agents who have achieved high performance. This could further enable agents to effectively ask follow up questions on customer objections after the first rebuttal and be primarily focused on external customers.
In just 4 weeks the recommendations were prepared on the identified gaps. The consolidated list of recommendations was fed to cost benefit analysis to generate opportunities for the client to improve overall sales conversion. These high-bar opportunities cumulatively translated in to potential annual revenue improvement of $1 MM and an overall increase of 4.25% in the sales conversion rate.