The Introduction:
The client is a manufacturing equipment distributor whose core operational focus lies in distribution and after-sales service of a diverse range of manufacturing equipment. In a dynamic business ecosystem with massive competition, the client was looking to improve its marketing efficacy and business growth potential.
Employing several direct response marketing tactics, the client was seeking a solution to measure the effectiveness of the marketing campaigns. The client contacted Stridely Solutions with its unique requirement that involved tackling several complex challenges.
Challenges
The company needed a solution to increase the conversion rate of its high-value subscribers within the small business segment and track the effectiveness of the marketing campaigns. This fundamentally required a sophisticated solution that would help identify the leads which were sales-ready. The core challenges involved:
- Segmenting high-volume of available leads
- Minimizing churn from existing direct response campaigns
- Eliminating the chances of redundancy and repetition in targeting
- Attracting high-value subscribers towards company’s offerings
- Maximizing revenue per subscriber without escalating costs
- Improving lead prioritization and conversion rates
Our Solution
Team Stridely understood the client’s custom requirements of building a lead scoring and segmentation solution that could make its marketing operations better. Understanding the complex nature of the requirement and the need for dealing with massive amount of data, an innovative solution was devised that uses latest technologies like machine learning.
The automated scoring solution leveraged machine learning to develop granular models based on the brand’s historical customer profiles. Based on data analytics of historical data, the solution rates the list of potential B2C customer. The solution gathers and compiles data from three different sources and possess the following capabilities:
- Automated predictive profile model development for small group of customers for scoring all prospective customers based on the model’s analysis of historical data.
- Slider control within the solution allows marketers to choose the bottom threshold for scoring a lead. This helps in targeting marketing efforts on potential leads most likely to convert into customers.
- Export feature to export scored leads via integrated API to existing CRM system or marketing platforms for implementing a marketing campaign.
Results
The lead scoring solution brought desired efficiency to lead management, CRM and marketing endeavors of the organization. Not only did the solution helped the business in increasing its conversion rates, but also helped in bringing down the marketing costs.
The implementation of automated and intelligent lead scoring solution helped company’s marketing team in understanding its customer profiles in a better way to design targeted campaigns, efficiently. All in all, the solution was successful in bringing the direct response marketing campaigns back on track while at the same time improving market understanding of the organization.
Benefits/ Key Statistics
- Boost in brand conversion rates by up to 60%
- Reduction in marketing costs by 40%
