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Historical Calling Data was segmented to 3 categories on the basis of the FSA codes and then analysis was carried out to determine the reasonable number of call attempts that should be made.
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Case Study: Segmentation of Historical Calling Data to Identify the Call Attempts to be made
Case Study: Segmentation Of Historical Calling Data To Identify The Call Attempts To Be Made
Segmentation Of Historical Calling Data To Identify The Call Attempts To Be Made.
Company Background: A highly diversified financial services organization with total assets of 587 billion as of July, 2014, and approximately 47,000 employees. It provides a broad range of retail banking, wealth management and investment banking products and solutions.
Project Overview: Segmentation for Insurance product sales on the basis FSA codes of the historical calling data to understand the attempts to be made in future, which will lead to effective utilization of sales acquisition costs, by our real-‐time analysis, reporting, and data analytics group. Their objective is to maximize the efficiency of our global staff for both inbound service and sales programs as well as outbound sales campaigns.
Our Approach: The project was guided with the following objectives:
• Profiling existing bank customers with their gender, age, location, past sales success, and the number of call attempts, Understand the gender, age.
• Based on the profile the FSA was categorized to determine and model the number of sales expected based on the number of call attempts that each FSA required.
Results: • The analysis showed fair and fruitful no.of trials we should incorporate in our practice. • Region wise more precisely FSA Code wise lead conversion let us to draw and prepare a
feasible goal for agents as well as for commitment to client. • On analyzing the data there were a disproportionate number of calls placed to certain
FSA locations that did not yield as many sales as other FSA locations. • Secondly we determined we could attain over 80% of the expected sales by reducing
our call attempts to these areas by 70%. • Overall, we were able to reduce the sales acquisition cost by 30% while only reducing
potential sales by 10%. • Being aware of the past sales success of the existing customers, training of the agents
and sales strategy can be devised and focused on the targeted segment (i.e. age , gender and region wise stats.)
• Estimation of possible sales for the specific period can be efficiently executed and monitored before handed for fixation and achievement of feasible target.
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Case Study: Segmentation Of Historical Calling Data To Identify The Call Attempts To Be Made
A total of 65,693 French and 411,179 English leads were analyzed for segmentation. French English
Average number of attempts per lead 5.6 5.6 Number of attempts 367,881 2,302,602 Number of sales 2,020 7,563 Number of leads 65,693 411,179
Conversion 3.1% 1.84% Total FCA Codes 435 435
Categories for French: Category A Category B Category C Conversion > 2% 2% -‐-‐-‐ Leads > 50 -‐-‐-‐ -‐-‐-‐ Call Attempt Max 10 10 5 # Attempts/Lead 5.6 5.6 3 Total % of Peak Sales 1,585 181 154 1,920 95% Leads 44,888 2,096 18,709 65,693 100% Conversion Est. 3.5% 8.6% 0.8% 2.9% 95% Total Attempts 251,373 11,738 56,127 319,237 87%
Categories for English: Category A Category B Category C Conversion > 2% 2% -‐-‐-‐ Leads > 50 -‐-‐-‐ -‐-‐-‐ Call Attempt Max 10 10 5 # Attempts/Lead 5.6 5.6 3 Total % of Peak Sales 4,029 168 2,055 6,252 83% Leads 144,026 3,058 264,095 411,179 100% Conversion Est. 2.8% 5.5% 0.8% 1.5% 83% Total Attempts 806,546 17,125 792,285 1,615,955 70% Hence the numbers of call attempts to be made for Category A, B and C was 5.6 i.e. 6, 6, and 3 respectively.
Case Study: Segmentation Of Historical Calling Data To Identify The Call Attempts To Be Made
Snapshot showing the category analysis for French & English:
