The benefits are noticeable shortly after making the switch to this algorithm-based thinking.
How we connect the dots?
From each consultant’s customer interaction, Opti-Connect learns from the historical data of lead conversations and determines their characteristics. It then predicts and optimises future prospects for each consultant.
The lead characteristics are assembled in a simple SQL, using basic variables such as occupation, age, gender and income. For extra insight, we partner with external data companies to provide additional variables that can link with the leads and their characteristics.
The predictive algorithm also gives insight into the strengths and weaknesses of each consultant while allowing for interactions. E.g. Opti-Connect can tell you that Consultant X has the best results when communicating with females between the ages of 30 and 45 who earn a high income.
The algorithm allows for strict optimization, where leads are allocated to a particular consultant, as well as a democratic system, which provides each consultant with a set of optimal leads. The two approaches can easily be combined and measured separately using our tool.
The tool is totally scalable. It uses parallel architecture for both optimization and the predictive algorithm.
Each lead is randomly assigned to either a treatment group (Opti-Connect) or a control group. For the whole duration of the experiment, the ratio of the treatment group to the control group is kept constant. This allows constant comparison of the control group to the treatment group’s performance, and external factors such as better deals, changing economic conditions and varied consultant training do not impact the measurement. It can take between 2 and 6 weeks, depending on the campaign size and control group, to measure the difference in performance with a 95% to 99% significance.
By selecting prospects only from bins 5 to 8, the campaign has the potential improve by an incredible 34% – and that’s over and above the Opti-Connect consultant performance.
Client X ran three outbound campaigns over a period of 8 months, each with varying team sizes and locations.
- Campaign A: New Client acquisition for 24 month mobile contracts, with 70 consultants across two different locations
- Campaign B: Upgrade existing mobile contracts, with 5 consultants
- Campaign C: New vehicle insurance quoting and underwriting, with 25 consultants
Thanks to Opti-Connect, the results were great. The reports (see graphs below) revealed the following:
- The talk time per lead on the treatment group was on average 10% higher, with a 21% higher turnover.
- Statistical error bars showed the 95% confidence interval
- 95% – 99% significance level
- Higher turnover, which directly translated into an increase in revenue.
In this case, the only extra cost was the additional talk time required for these sales-driven calls.
Total Talk Times Per Lead
|Talk time Increase||Extra Sales||Extra Product Sold||Revenue Increase|
Predictive Dialer integration
Opti-Connect, dialer integration with predictive or preview dialing depends highly on the dialer software used. Although it is a simple, well-established concept, there is a trick to getting it right. Currently, integration with a leading state-of-the-art American Interactive predictive dialer with skills based dialling adheres to the 80% of the lead assignment of Opti-Connect without impacting the performance of the dialer. So you can still get all the performance improvements of Opti-Connect on top of the dialer efficiency.