Navigating a competitive market
A leading smart home monitoring company was operating in an extremely competitive market. Although many consumers were shopping for home monitoring services the firm’s acquisition growth had slowed to unacceptable levels. In part consumers were confused by dialogue surrounding the Internet of Things. It was unclear what competitors were delivering what Internet connected services and why or why not this was essential to any smart home monitoring offering.
Gaining insights and opportunities
Smart home monitoring was a confusing space. It was growing rapidly. Customer churn was high. Competitors were spending huge dollars to incent people to sign up for their specific brands. When S&P dug into the data we discovered many points of customer fallout including installation, post installation, before the first bill and disconnects. What’s more, we learned that many people moved into homes with existing home monitoring systems and they were not being addressed. All of these fallout points represented good sales opportunities.
Building a winning sales strategy
Here’s what S&P did.
We built our sales strategy for this company around our proven 360-degree selling methodology. This includes what we call an omni-channel approach to selling that includes every channel the customer uses for communications. Why limit communications and potential sales to a limited number of channels? In a world where convenience is an expected global luxury, the omni-channel approach ensures we address all avenues of communications.
Being fast, responsive and knowledgeable wins today
S&P Data believes that all leads are precious and then all leads must be handled quickly and professionally. That’s why we delivered impressive service levels on web inquires, texts and phone calls. In fact, the vast majority of our responses are completed in 60 seconds or less. For this client, a response often meant booking a residential or small business appointment with an impressive appointment-booking rate. Then, for those appointments that did not result in a sale, we conducted immediate re-sales attempts that resulted in an incremental 25-30% close rate.
Part of being responsive is the ability to know the customer’s specific situation and needs. For example, often one person moves and leaves equipment in the home. This is a typical occurrence in the home security industry. After notification of the pending home monitoring disconnects this informs us when to contact the new resident. We know they have equipment but no service. This represents an exceptional opportunity for a sale.
Leveraging existing customers
Another area for sales growth for this client proved to be existing customers. The chance to up sell or cross sell was being overlooked in prior sales plans. In this instance we converted telephone and online inquiries from existing customers into more intelligent home sales. This included selling more of what was on our clients’ platform to satisfied customers again with an impressive sales close rate.
For this smart home monitoring company the results were excellent. Through a proactive engagement the S&P team overcame barriers that resulted from some very complex client systems. We delivered exceptional performance that greatly exceeded our objectives. As a result the client increased their engagement with us growing the assignment eight (8) fold. We increased our call types five fold, which meant more web sales, more field appointments, and more web sales per hour. The results were stellar.