Financial Literacy Institute Adopts Paramantra
Unemployment rates are surging globally and professionals are taking this opportunity to learn new skills. Online education aimed at skill enhancement and employability is seeing unprecedented traction in economies worldwide and in developing economies, even more so. Our customer is part of the world’s biggest financial literacy education provider operating in over 150 centers globally. This institute is based in Delhi, India, and needed a robust system to handle their online sales as well as managing training schedules, deliverables, and certifications in this new e-learning economy. Our customer went live with Paramantra in two weeks from purchase. We’ve decreased response time on new leads by 93% and increased inquiry to counseling/consultation ratio by a staggering 75%.
1: Response Rates*:
This educational institute was not fully prepared for a surge in demand for its courses. With Covid, the online vocation based courses have replaced classroom-based short term courses. With leads coming by way of telephone, landing pages, and via social media (primarily FB), our customer needed greater cohesiveness from their previous software. In their previous set-up Cloud Telephony, landing pages and social media were all integrated but just could not handle the complexities of scale, leading to missed opportunities that never made it to the sales team. We implemented our embedded telephony stack built specifically for sales management that provided for the flexibility sales people need which vanilla call tracking solutions do not provide. Additionally, our direct integration with Social media marketing not only created a more “leak-proof” connection but also reduced the time between a form fill on FB and allocation to a representative.
2: Online Lead Response Time**:
Our customer business model is built around highly personalized inquiry management that can be seen as an alternative to an in-person meeting. There is a lesser dependency on sending promotional emails throughout the process since the sales cycles are short. Digital marketing generated from all over the globe gets allocated to team members, and a call is completed in 5 minutes of lead origination. This solution does automatic allocation, de-duplication, prepares the representative to have that discussion, and upon verification a warm, efficient, and sometimes a live handover to a counselor/consultant. By reducing response times to near real-time, we have been able to increase conversion ratios (lead to consultation) by over 75%.
3:Marketing Attribution for ROI:
The outgoing system was unable to depict granular information about the lead source and attribute to the marketing effort. Since our customer advertises on multiple platforms, it is not unusual for prospects to browse through information across various marketing assets. Our solution has helped in recognizing the role of these multiple sources. This is used to calculate weighted contribution-based return on investment which gives a clearer picture of direct and indirect (also-ran)expenses on a lead.
4: Activity Management:
There are several functions that operate in tandem in order to complete a program. From completing payments and documentation at the time of enrolling to conducting entire courses, evaluation, and certifications. Additionally, the growing marketing team was overburdened with competing priorities. To address these concerns we implemented our activity management module that provides a flexible platform for faculty, admission, sales, marketing, operations, and vendors to manage, create, and track their deliverables.
Our next phase of automation is going to be in the area of tighter integration with their e-learning platform, alumni engagement, and reducing human intervention in post-program operations.
Response Rate*: Got 20 unique inquiries, next step of the sales process(response) completed in 20: that’s 100% response rate
Response Time**: Got an online inquiry, called back in 2 hours: That is 120 minutes of response time.
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