Increasing Customer Lifetime Value with Predictive Analytics

This is our story of leveraging our Sales Center of Excellence and , a digitally integrated Customer Experience (CX) solution, to co-create analytics-driven revenue growth for a leading media company.

As we know...

An effective CX strategy is key to media houses improving their engagement with existing customers and enhancing loyalty. Firms that retain their customers’ attention and maximize subscription renewals grow their wallet share substantially. Two key strategies in effective customer engagement are cross-selling and upselling. When executed with foresight and precision, they boost the average order value, encourage repeat purchases and build great brand advocates.

Predictive analytics, underpinned by Artificial Intelligence (AI) and Machine Learning (ML) algorithms, can help companies implement a data-led approach to deliver hyper-personalized customer experiences.

The challenge for the media company was…

To increase revenue generation through cross-selling / upselling post-pandemic. The subscription renewal team responsible for cross-selling and upselling manually prioritized lead conversion in the absence of standardized and intelligent sales practices. A high variation in agents’ sales pitch efforts had also led to a drop in customer experience – reflected through a diminishing rating on one of the largest opinion sites.

The client wanted to streamline and advance its sales efforts while adopting an insights-led approach to drive hyper-personalized customer experiences and grow revenues.

Here’s what we co-created as a solution...

WNS tapped into its data-to-insights expertise, and proven experience in CX and sales to deploy a holistic solution for the media company. We undertook a joint analysis with the client to study historical customer data and understand subscription behavior, attributes influencing this behavior and dynamics across the publishing industry.

We adopted a phased approach to implementation – completing two critical phases and in the process of executing the remainder.

• In the first phase, we implemented our proprietary Sales Center of Excellence (CoE) – a framework built on the ‘sales through service’ approach – to improve sales conversion rate and quality of customer conversations. Driven by smart tools and techniques, the framework enabled the client to empower the sales team through vital cross-sell and upsell cues, coaching and feedback, standardization, and reward and recognition.

• In the second phase, we deployed ElevateEX (an integrated analytics-as-a-service platform), a key microservice of WNS EXPIRIUS, to build a predictive and AI / ML-led hyper-personalized sales recommendation model.

  The model helped intelligently prioritize magazine titles for sales pitching based on the highest probability of conversion. Furthermore, we harnessed an agile methodology to manage the project lifecycle, continually fine-tuning the model through a feedback loop from front-line agents.

Armed with incisive insights from the predictive analytics model…

The media company hyper-personalized the customer experience. Importantly, our comprehensive solution enabled the client to build a robust, data-led sales culture. Other key benefits include:

• 46 percent higher cross-sell conversion

• 83 percent higher average revenue per call

• 42 percent higher 4 and 5-star ratings for the team