Trucking companies have a constant focus on growing revenues and improving sales. EXL’s client, a leading LTL carrier, set out to boost its inside sales capability in order to achieve these objectives. They needed to target the right accounts, reduce customer churn, and identify opportunities for improving customer service. Accomplishing all that would take capturing more data, and then using that information to continually improve the sales process.
Using its deep domain knowledge of logistics and advanced analytics, EXL created an inside sales solution that accomplished all of these goals. The carrier saw higher revenues and an improvement in top-line profit.
For many carriers, the inside sales function typically operates with little strategy or customer insights guiding their agents. Contacts and interactions are generic and transaction based. If a customer switches carriers, it can be difficult to determine what drove their decision.
EXL put a structure in place to go from this state to develop a dynamic, analytics-driven inside sales organization that actively combatted customer churn. By collecting and leveraging data, the client was able to develop better insights in areas including:
- Territory definition: Rather than determining territories based on geography, balances them based on what, when, and how frequently customers shipped to ensure each customer gets high-quality service
- Call cadence: Identifies the times customers are most likely to ship to prioritize when they should be contacted
- Workload balancing: Ensures that no customers are forgotten and every client is contacted within a set timeframe
- Customer churn: A predictive model identifies customers at risk of defecting to a competitor. Agents can then proactively reach out prevent churn before it happens
- Damage prevention: Provides insight to help agents respond when a shipment is damaged and identify the root cause of the issue, preventing the situation from arising again in the future and quickly winning back the customer’s trust
Armed with the information and insights provided by analytics, EXL’s inside sales agents could take on a more consultative role for the carrier’s customers. They could help customers better understand the impact of classification on product handling, ensure accurate quotes, and reduce the possibilities for damaged shipments.
By better balancing the agent’s workload, each agent can also provide a much more personalized experience for each customer. This reduces customer churn, increases the opportunity for cross-selling, and grows revenue.
Beyond reducing churn for existing customers, this analytics-empowered, digitally transformed sales function also enabled the company to gain new prospects and customers. By examining data on the client’s best customers, EXL’s client was able to create a comprehensive profile of its target customer. This profile was run through a database of prospective customers to create a calling list of “lookalike” prospects for agents to contact.
EXL helped the client take a holistic, data-driven approach to reducing customer churn and improving customer experience. As a result, the client gained a strategic advantage in a competitive industry and was better positioned to grow by building on its existing business. They saw new revenue grow by $60M across one year, and an 11% improvement in channel operating profit.
- Client needed assistance in reducing customer churn and growing revenue by improving inside sales
- EXL created an analytics-power solution that assisted agents with workload balancing, territory definition, call cadence, and damage prevention
- Data collected allowed for identifying new, profitable opportunities for growth
- Data provided insights enabling agents to take a more consultative approach to customers
- Agents provided personalized experiences to reduce churn, improve cross-selling, and grow revenue
- Identified prospects most likely to convert using analytics
- $60M in new revenue across one year
- 11% improvement in channel operating profit
- $300M target for new top-line revenue within three years