The Impact Of Effective Brand-Vendor Collaboration

As the marketing and advertising industry become more challenging, marketing technology vendors are looking to leverage the industry trends to create better opportunities and gain a competitive edge. A global bank had its heads scratching trying to understand customer intent and engage with them in a more personalised way. The bank wanted to build high-value […]

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  • As the marketing and advertising industry become more challenging, marketing technology vendors are looking to leverage the industry trends to create better opportunities and gain a competitive edge.

    A global bank had its heads scratching trying to understand customer intent and engage with them in a more personalised way. The bank wanted to build high-value relationships through targeted campaigns for different segments and then measure the results. Multiple legacy systems were already used to gather customer data and several communication channels to connect with the customers. What the legacy company needed was a seamless omnichannel pathway. Enter, Evam.

    Evam helps enterprises connect with their customers through sustainable, mutually rewarding journeys as a next-gen customer engagement provider. When the bank approached the team with their problem, Evam knew that the critical point was to create a seamless omnichannel interaction with the customers and increase the campaign success rates.

    The Challenge

    The bank had been using batch data to apply its business strategy. However, they required a real-time system with analytical depth and improved speed to understand their customers. They envisioned seizing every opportunity for cross-selling, up-selling, offering a loan, or increasing the credit card limit to create satisfied and loyal customers and a revenue boost.

    The Solution

    While the company organised a tender for streaming data, Evam was chosen to run a proof of concept (PoC) over two weeks. The business problems that the team selected for the PoC resulted in well-designed customer journeys. Evam provided compatibility with existing systems and the ability to gather information from various applications and channels. It created an essential advantage for business users.

    The Impact

    After the successful collaboration, the bank achieved a holistic customer-centric approach with Evam at the centre of their systems so that they can listen to all the customer interactions on each channel, both inbound and outbound. A dynamic customer engagement approach helped the company increase their campaign success rates by an acceptance rate of 12 per cent, increased conversion rates, and customer satisfaction rates.

    A well-strategised customer engagement strategy with next-gen tools can help enterprises overcome irrelevant offers and the inconsistent messages that batch systems caused. Instead, they can communicate more appropriately through multiple channels such as mobile applications, call centres, websites or company branches.

    Meanwhile, retention is more important than acquisition. While it’s a debatable statement, it holds enough truth for the following: A churn rate over 10 per cent indicates trouble, and two of the most dangerous outcomes of churn are financial instability and the risk of losing competitive reputation.

    Consider another Evam case study. It demonstrates the possibility of high campaign success rates and reduced churn rate. All one requires is the right customer engagement mindset and set the best course of action to possess a competitive edge.

    The Challenge

    A global telco provider that operated in EMEA wanted to reduce churn and increase customer loyalty, specifically with enterprise users in Turkey. But the company lacked a system to create real-time personalised relationships with its subscribers. The primary goal of the business users was to increase average Revenue Per User (APRU) and overall revenue. The company required a solution that could use real-time data to be aware of what is happening, which subscribers are the best to offer certain products and services, and which subscribers are a potential churn risk. The solution also needed to be capable of drawing complicated customer journeys, from the onboarding process of a subscriber to up-sell and cross-sell opportunities.

    The Solution

    With customer journey orchestration capabilities and drag and drop screens, the telco now had various scenarios for pre-paid and post-paid subscribers to create more loyal subscriber relations. The drag and drop screens specifically helped business users make necessary changes without IT teams’ support and apply their strategy instantly.

    The Impact

    By analysing subscribers’ behaviour in multiple channels such as the mobile application, call centre, or website, the telco could increase output performance on business strategies. As a result of end-to-end subscriber scenarios, it increased the campaign uptake rates by optimally interacting with the subscribers. This also allowed them to decrease the churn rate while increasing ARPU by catching the up-sell and cross-sell opportunities by 10 per cent.

    Despite hoarding data and available technology, many brands struggle with a holistic and clear understanding of their customers. With the dawn of crumbling cookies, it will get more challenging for brands. The only way to gain a holistic understanding of customers, have seamless customer journeys and strengthen loyalty is to gather more information about customers from trusted, protected and ethically sourced portals and collaborate with potent vendors.

    *Get top-notch insights from leading marketers at Vibe Martech Fest. Register here.

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