The Economic Impact of Working with Regal.io: 547% ROI
95% of customers will not convert in digital only experiences. And Regal.io research shows that 65% of consumers prefer a call during the buying process for high-consideration products and services like insurance, health care, education, local services.
But legacy Contact Center as a Service (CCaaS) software is not intended for outreach. Regal.io leverages the explosion of real-time customer interactions with your brand to build a customer profile that can drive AI-powered phone and SMS outreach. We enable brands to build the highest-answering, best-converting outbound programs. To aid customer’s in understanding the potential range of impacts Regal can have on their revenue, we recently commissioned an Economic Impact benchmark study.
What’s the economic impact of working with Regal?
To better understand the benefits, costs, and risks associated with this investment, Regal’s research team conducted both an in-depth survey and interviewed a variety of customers across insurance, healthcare, education, local services and lending with extensive experience using Regal’s B2C Sales Platform.
Regal’s research team aggregated the collective experiences of the interviewed customers and combined the results into a single composite organization. The macro-level takeaway is this:
Our customer interviews and financial analysis found that a composite organization experiences benefits of $19.1M over three years versus costs of $3.5M, resulting in a Net Present Value (NPV) of $15.6M and an ROI of 547%.
Other risk-adjusted present value quantified benefits include:
- $11.4 Million in Incremental Profit: Sales leaders interviewed for this study shared that, after using Regal, their organizations’ outbound sales teams won more deals and drove incremental profit for their organizations.
- $12.1 Million in Cost Savings Over Three Years: Regal enabled interviewees’ organizations to leave archaic sales methods behind and focus on high-value tasks. As a result, sales reps said they were able to be more strategic in their conversations with clients, and therefore, were able to continue to move deals forward.
- 50% Reduction in Onboarding Time: Regal brought onboarding efficiencies to the interviewees’ organizations, resulting in faster ramp time for new hires, which allowed them to have a faster impact on pipeline.
- 400 Manager Hours Saved Each Year: Managers said that using Regal allowed them to provide more effective and targeted feedback to their sales reps. This enabled managers to monitor the effectiveness of sales pitches and the market’s response — all in far less time than it took them previously.
Interviewees also saw additional, unqualified benefits that ultimately help to boost ROI, including:
- Reduced talent attrition and increased talent retention
- Increased visibility into sales performance insights
- Increased transparency around performance goals
- Increased collaboration through integration with other tools
- Improved alignment between sales and marketing teams
Life Before Regal — and After
Our benchmark study also highlights the many procedural benefits customers reap by using Regal.
When using legacy CCaaS, our subjects reported that:
- Sales conversations lacked timeliness and context. Agents said they relied on their list of contacts and phone numbers, which meant they were rarely contacting customers at the right time, leading to low answer rates. And as agents changed leads or left the organizations, the history of the customer relationship left with them as it was rarely represented in the CRM.Sales managers lacked reliable tools for coaching and performance evaluation. Mangers only had a record of phone calls to track performance; there was no ability to analyze customer conversations. As a result, sales managers struggled to see what was happening and provide helpful feedback quickly and couldn’t determine the root cause of performance gaps among their sales reps.
- Admins were unable to iterate or A/B test outreach. Modern terms always look to test new strategies, but they were not able to do so in phone and sms outreach. That led to under-optimized outreach, and a reliance on calling fast and many times, which lead to lower answer rates, being flagged as spam and unhappy prospects or customers.
After the investment in Regal’s phone and SMS outreach platform, Regal’s customers reported feeling an immediate positive impact for their organization:
- Sales teams gained personalization capabilities. Regal’s proprietary customer journey builder enabled sales leaders to personalize and schedule customer conversations. For example, they can contact a customer in real-time when they have opened a bank account, or when they are showing signs of potentially churning.
- Customers answered more calls. With Regal’s branded caller ID functionality, and spam remediation, customers knew which brand was contacting them, resulting in higher answer rates and more trust with the brands.
- Conversion in conversations improved. Regal powered timely and “high context” conversations between sales representatives and customers, improving conversion rates across several stages of the conversion funnel and netting lift in conversion rate, at a higher average order value.
- Sales managers gained data-driven insights. Regal also recorded sales conversations, which enabled sales managers to share specific feedback with their sales representatives. The data also helped them create a curriculum for onboarding new hires and reduced ramp time by 50%.
Ultimately, Regal harnesses the power of data and insights through conversational intelligence to help companies unlock missed opportunities, enable sales reps to pivot with precision, and illuminate the best possible actions to drive more deals towards a faster, successful close. As the research shows, these capabilities translate directly into huge ROI and millions of dollars in incremental profit.
Learn about these products and services at Regal.io, read more posts at regal.io/blog or email us at firstname.lastname@example.org.