Customer Case Study
We’re talking jewelry that’s worth tens of thousands of dollars!
See, Worthy.com is an online marketplace for people to sell their expensive jewelry. To ensure the value, every seller must send their items into Worthy.com for evaluation. The AE’s job is to help prospective sellers kick off the process by completing the shipping phase.
The shipping phase is the hardest because it requires a very high level of commitment from the seller. If the jewelry is sent in, chances are high it will be sold.
Question:
Could Worthy.com use Dealtale to help more jewelry sellers follow through on the shipping process?
Hypothesis:
Absolutely.
Observations:
As most organizations are well aware, staffing resources are limited and expensive, so it’s very important that AEs focus their attention effectively on accounts that would benefit from contact.Many companies use predictive technology to help with this. The problem is that predictive technology can’t tell which leads:
Will convert regardless of rep contact
Could be persuaded to convert if contacted
Will actually disengage if contacted
Have no hope of converting at all!
Actions:
Dealtale set out to not only improve the lead conversion in the immediate term but also to set the policy for future outreach. So, a subset of Worthy.com’s business was chosen for this test and run through these specific steps.
The team had to agree on which leads to test in this study.
Dealtale’s revenue scientists studied past decisions made by AEs and what the outcomes were.
After capturing the data on past decisions, Dealtale surveyed the AEs to understand why they made decisions to contact or not to contact.
Everyone decided to focus on the start of the shipping stage within the sales process because it had the greatest opportunity for value and impact.
Dealtale built a recommendation system based on how each lead would be affected by contact.
Based on this data, Dealtale’s proprietary AI was applied to specific prospects in a subset of Worthy.com’s book of business. Dealtale made recommendations about which prospects to engage with. This was then A/B tested to measure improvement.
Analysis:
Three months later…
Conclusion? By understanding the cause and effect of marketing activities, Dealtale can determine which Worthy.com leads are more likely to convert, as a result of AE contact.