How we helped a leading company in BFSI minimise their cost per lead by 71%
How we helped a leading
company in BFSI
minimise their cost per lead by
Cost per lead reduced by 71%
(from INR 615 to INR 161)
Client had an annual cost saving
of INR 8.85 million
INR 110 Mn
One of India’s leading company in BFSI had an issue with their internal customer relationship division. Although, their in-house team was generating good number of leads, however, they had to incur sizeable cost per lead in the bargain. So, they wanted us to trim their cost per lead and also create room to increase the lead count.
Another challenge that came into the picture was inability of reps to handle complex interactions. Occurrence of complex situations with customers would often let them lose traction over the call chiefly due to lack of knowledge or inefficient probing, leading to loss of leads and potential revenue.
Our Approach to the Solution
We worked on an efficient training method to train our reps for the client’s process and achievement of its objectives. The focus was to polish their customer handling skills by giving them mock scenarios. In place of a textbook setup, we opted for practical training methods where they would get exposure to real examples and hone their soft skills.
We defined a standard operating procedures (SOP) for the client. As a part of the process; activity monitoring and performance benchmarking became regular, which turned out to be a stimulant for agent performance. By regularly checking their targets; analyzing performance and monitoring deviations in the desired outcome became simpler. Also, by automating their dialing process, we minimized the scope for human errors and improved their lead generation count.
One of the major observations we had for our client was shortcomings in technology. We implemented our Knowledge Management Solution that facilitates quick findability with a structured flow of knowledge for efficient information retrieval across touch points. Having an effective knowledge management system in place, reps got access to interactive visual guides and probing trees, which improved their interaction quality, equipped them with right answers, and helped them close leads more effectively, exceeding their sales targets.
Cost per lead was reduced by 71%, from INR 615 to INR 161 helping our client have an annual saving of INR 8.85 million. Also, 7K+ customers were on-boarded over the project tenure. And since the time we started, efficiency of their CRM team got improved by 214%.