A Wireless Provider Proves that a Multichannel Mix is the Right Mix
A multichannel sales model lets customers be served the way they want to be served. And, a multichannel approach – using a mix of sales force expansion to reach different sizes of customers, channels, and approaches like up-sell and cross-sell – is integral to the strength of any successful business model.
However, the consumer path to purchase has changed. Customers and prospects can access product information and reviews through a multitude of devices and channels. Conducting outbound calls is no longer sufficient in reaching valuable prospects and customers. Therefore, it’s essential to apply sophisticated analysis and segmentation models and personalized treatment strategies that appeal to individual customers’ buying histories, needs, and channel preferences.
Revana achieved such a personalized multichannel sales strategy with a leading provider of voice and data services. When the company embarked on an ambitious up-sell and cross-sell account review timed to review the B2B customers’ first bill, as well as a retention program to retain at-risk customers to reduce customer churn, Revana answered the call and implemented a multichannel strategy that ultimately yielded billions in sales for the wireless provider.
The company chose Revana’s Revenue and Account Management Services to implement a multichannel model that lets customers be served the way they want to be served. Revana established a multichannel approach using a mix of sales force expansion to reach different sizes of customers, e-commerce, and service centers. Revana then focused on three main goals: selling mobile application capabilities to current customers, cross-selling and up-selling to existing customers, and reducing customer churn.
Under the cross-sell and up-sell initiative, Revana completed quarterly account reviews and customer surveys in order to generate relevant and personalized offers.
Under the customer churn reduction initiative, Revana performed sales outreach activities that were designed to encourage SMB customers to upgrade their phones or devices and renew their service contracts.
The Revana solution went beyond making outbound sales calls. More than 70 customizable e-mail marketing pieces were created for direct marketing efforts that nurtured sales leads and enhanced the lifetime value of existing customer relationships. Multitouch e-mail campaigns created effective cross-sell, up-sell, retention, and reactivation programs. The team targeted more than 250,000 customers, and sent as many as 15,000 e-mails in one quarter. The content was personalized for each unique customer or prospect, and the e-mail campaign results were tracked and analyzed.
Additionally, the Revana inside sales team supported the wireless phone company’s field sales team to execute outreach programs targeting large-account prospects, current customers, and specific customer segments.
The fully integrated sales, marketing, and analytics services enabled the company to stay engaged with its customers at every stage in the customer lifecycle. Flexible sales and e-mail touchplans provided loyalty campaigns and churn reduction programs that could be initiated after a sales conversation or after a point of sale, and could also span over a longer time period. Event-triggered e-mails were automatically generated and catered to customers’ unique profiles. The sophisticated technology tracked e-mail open and click-through rates to help the sales team pinpoint interested customers and follow up with the most engaged sales leads first. Additionally, Revana’s marketing analytics team analyzed, segmented, and prioritized the contact list so at-risk customers were immediately addressed.
The customer segmentation and in-depth analysis provided valuable insight that allowed management to identify customer needs and enhance innovation. Empowered by the research, Revana and the wireless company’s management team implemented a new regional pricing strategy that customized and strengthened sales offerings for each demographic represented within the contact list.
Multichannel sales engagement yields strong results
The strategy soon saw ROI, as the wireless provider delivered $1.5 billion in annual sales revenue through the management of 250,000 SMB accounts, increased new lines of service by 45 percent over the previous year, boosted phone and device upgrades by 91 percent over the previous year, saw open rates of 47 percent in 2011 due to more relevant and personalized sales and marketing efforts, and achieved a 58 percent one-call close rate.
Revana’s three-pronged sales, marketing, and analysis solution delivered new customers and measurable improvements in sales revenue and customer churn.
As the wireless provider has proven, a multichannel sales approach is becoming increasingly important because customers are changing the way they acquire and share product information. In a traditional sales environment, sales organizations set the agenda and customers obtained information from one-way media such as advertisements, direct mail, and outbound calls. Today, customers research information on websites and take account of the opinions of other customers on product review sites, niche communities, and through social media. They also expect companies to provide information that they can access via smartphones or other mobile devices. To succeed, companies must deploy an effective and relevant engagement strategy in all these channels, and personalize outreach to individual prospects and customers throughout their buying lifecycles.
This approach paid off for the wireless provider. The company didn’t just implement a new sales team; it built a highly personalized, hyper-connected, multichannel strategy that transformed high-level business goals into bottom-line impact.