Case Study: Increasing Product Sales
Assessing an underperforming product, our solution enabled the client to pinpoint miscues in channel delivery and quickly roll out revised product dialogues.
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Achieved a 300% increase in conversion rate: |
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91% of MindSwift dialogues increase conversion rate by at least 0.8% |
Situation: When a Top 10 credit card company identified a strategic but underperforming product they problem was identifying the barrier to sales. Was it the product attributes, the population or the way the product was being delivered to customers in the channel?
Like most card companies, sales staff were trained in the product sales pitch but actual delivery to customers varied dramatically from rep to rep. A set of structured experiments was constructed to discover if there were key approaches that could improve sales rates and diagnose customer objections and if not, determine the attributes of the product that were unappealing to the customer base.
Solution: Implementing Mindswift enabled our client to establish a dedicated proactive team to discover the winning combination of scripts and treatments to increase product sales. A ‘test kitchen’ environment was established to create a structured experiment where hundreds of dialogue variations could be tested against customers via inbound and outbound calls.
Over the course of three months, the team dialogue tests focusing on understanding customer needs, transitioning to the offer, and securing customer commitment for product use.
Impact: Conversion rates on new scripts far exceeded the performance of existing dialogue, with ultimate conversion rates peaking at 300% of the baseline. Findings were immediately rolled out to the general population through revised product offers.
