What is the thing that leads to a closed deal? A charismatic sales person with a strong pitch? That personal outreach lead by client services? Or perhaps a timely phone call by a supporting sales rep?
Hunches may point to this or that, but Process Mining points to data-driven answers which reveal the true heroes of a Sales Cycle.
Minit Process Mining worked with an international Belgium bank to analyze the influence customer nurturing had on the Sales Cycle, specifically, on loan acceptance rates. By understanding which actions had the greatest impact on loan acceptance rates, our client was able to map a prospect’s route towards purchase with precision, and replicate that process for other leads.
Data Analysis Focus
- Customer nurturing phases: how does calling or not calling customers to complete documentation impact final outcome of loan acceptance?
- Market demand: what impacts customers asking for multiple offers, and how do single offer loan requests differ from multiple offer loan requests?
- Focused vs multi-pronged nurturing: how are loan acceptance rates impacted when an offer is presented in a single conversation versus multiple conversations?
Recommendations
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Calling customers to complete documentation has a positive impact on acceptance rates
mandatory call to customers for documentation completion
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Acceptance ratio increases when multiple offers are made over multiple conversations
multiple offers over multiple conversations as mandatory process
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Loan acceptance rates increase when multiple offers are made
make more than one offer
