In today’s dynamic business environment, re-engaging inactive customers is crucial for sustaining a thriving business. It’s generally more cost-effective to retain existing customers than to acquire new ones. Moreover, re-engaging inactive customers can result in increased revenue since customers who are familiar with your product or service are more likely to make additional purchases. Lastly, it helps build brand loyalty and strengthens the customer base.
About the Project
A customized voice bot by WWT was used to re-engage inactive customers who previously used the online lending services of the BankingFinance company. VoiceBot ensures personalized communication and effective interaction with customers with the aim of increasing conversion by 19% and reducing the cost per lead to $0.98.
Challenges and Project Goals
The customer applied for our voice bot solution with the following business challenges in mind:
- Data inaccuracy. Customer data could be outdated leading to ineffective communication.
- High costs of generating leads. The customer wasn’t satisfied with the cost of lead acquisition.
- Difficulty scaling customer communication. Managing the growing customer base presented a challenge for the customer.
- Lots of inactive customers are difficult to re-engage. Inactive customers are often disinterested or disconnected from the brand. Human workers may not be effective in working with such potential buyers.
- The main goal of the project
Create a customized voice bot solution that would enable the customer to re-engage inactive customers with high effectiveness and at a low cost, this way improving the operational efficiency of the business.
Voice Bot Solution to Customer’s Challenges
The capabilities of the voice bot by WWT allowed us to make this smart technology perform these tasks for our customer:
- Engaging inactive customers: VoiceBot makes automatic calls and provides a personalized offer to return to the BankingFinance company.
- Gathering key data points: Vital pieces of information such as contact and location details or buyer’s preferences are transformed from audio recording into text and transferred to the responsible manager.
- Information collection: VoiceBot gathers data about the needs and requirements of customers to propose beneficial lending conditions.
- Persuasion and proposal: VoiceBot effectively convinces customers of the benefits of cooperating with BankingFinance and offers individual solutions.
- Completion and confirmation: VoiceBot handles meeting or visit scheduling and confirms the readiness of customers to cooperate with the company.
Business Value Delivered
We can report the following business outcomes achieved with the use of our customized voice bot:
- Increase in conversion by 19%
- Reduction in the cost per lead from $17 to $0.98
- Personalized and effective 24/7 communication that is not impacted by human factors.
Final Take
This use case demonstrates the successful use of VoiceBot by WWT to bring inactive customers back to the banking and finance company. Thanks to effective communication and personalized offers, the company increases conversion, reduces the cost of leads, and improves relations with customers.
