Case Study: Value-Ad increases Digital Leads Conversion from 0.5% to 15%
Lead generation, and the quality and quantity of leads generated, continues to be a huge source of frustration for many marketers and salespeople.
We see that financial services companies engage with multiple marketing channels to generate leads to convert to sales. But question if those leads being fully utilized, and converted optimally?
For 15 years Value-Ad has specialised in optimising lead management and outcomes in the financial services sector, and one of our clients in Malaysia recently increased its digital lead conversion rate from 0.5% to 15% after using Value-Ad! Please read on to see how.
"Value-Ad increased the digital lead conversion rate
for a client in Malaysia from 0.5% to 15%"
Traditional Manual Process
Before Value-Ad was implemented, the process followed was that after prospects left their information digitally, a sales admin would download the prospect list on a regular/daily basis, filter them according to state, area, branch, and then send to the sales manager. When the sales manager actioned the file of prospects, they would allocate them to salespeople. We have seen this and similar manual processes followed in many companies many times.
The major problems in this manual process are:
- Long TAT (Turn Around Time)
It usually takes up to 3 to 5 working days to reach the salesperson to call and follow up.
- Action Rate
Once the lead is assigned, the campaign manager has no way to monitor the action rate of the lead. Thus, lead wastage is high and results are poor.
Digitalized Work Flow implemented by Value-Ad
Value-Ad’s Smart Lead Management System automates the digital lead sales process by connecting to the web capture form via an API. The digital lead is imported to the backend of the leads management system to be deduplicated and then matched to the most suitable salesperson based on factors that this client selected that include the geographical location and language spoken by the prospect.
NB! Processes and control mechanisms that help increase the conversion rate for this client include:
- Lead allocation and delivery to the salesperson in seconds.
- Push notifications that notify salespeople when they have been marched to a lead.
- Reallocating leads to another salesperson if no action is taken by the initial salesperson within 2 hours.
- Preventing inactive salespeople from receiving more leads to avoid wastage.
- Collecting feedback every step of the sales process.
- Real time reporting and feedback to management and marketing.
Getting the Leads to the Salespeople in Seconds
Salespeople receive the lead via our mobile app within seconds.
For this particular campaign, because the lead is hot i.e. expecting a callback, the salespeople are required to call and give feedback within 2 hours. Feedback collected includes whether they were able to reach the client, if an appointment or deal was done, and if not - the reasons for a no sale. If no feedback is submitted, or if a deadline is missed - this is also an important insight into the sales process and is collected too.
|Notifications Received||Lead Information||Feedback Collected|
Delivering Campaign Insight via our Reporting Tool
Managers are able to track each salesperson’s and each team's performance via the reporting tool. Reports include how many leads each salesperson has received, how many they actioned and how many had to be reallocated due to missing the deadline to make contact, no-sale reasons as well as individual conversion rates. This information gives insight into how active the salespeople are, their skills, as well as the quality of the lead source. It is also possible to record the calls made if required. Call recordings are particularly useful when it comes to training.
Prospect Summary Report
To conclude, Value-Ad’s Smart Lead Management System increases the conversion rate of your digital leads. We helped this client's conversion rate grow from 0.5% to 15% by automating their digital lead process. This included: automating the collection of the leads generated, in seconds matching to the salesperson most likely to close the deal using predefined matching rules, seamlessly distributing the lead to the salesperson, while delivering real-time reporting insights. We create bespoke workflow processes to match your needs.