How Symantec Increased Revenue By 13% With Conversational Commerce Solution
Consumer and Business Software
Internet Security and ThreatManagement Solutions
Symantec’s Revenue Background
A major leader in cybersecurity, Symantec earned an impressive $4.8 billion in revenue in 2018. A major driver of that revenue is the company’s Customer Retention Marketing Team. Part of Symantec’s larger Consumer Business Unit, the Customer Retention Marketing Team is responsible for reducing Symantec’s churn, increasing average revenue per user (RPU), and increasing customer lifetime value.
Symantec’s frontline support team, while strong in customer and technical support did not have any real sales expertise. Further, the support team was viewed as a cost center and as such were trying to reduce the number of contacts being funneled to them. They did not offer live sales assistance in their purchase flow for visitors who needed help. It was assumed that every visitor was going to convert on their own, which Symantec acknowledged wasn’t necessarily the best avenue.
To address this, Symantec’s Consumer Business Unit tested a number of pilots to increase revenue. Unfortunately, many of these pilots failed and illuminated a number of key challenges:
In order to meet their customer’s needs and increase their conversions, Symantec knew they needed a solution that would address each of these challenges.
Solution: MarketLinc’s Conversational Commerce Solution
While aware of live chat solutions, Symantec was very skeptical that the technology would fully meet their needs.
“Chats can be interruptive and you might not be speaking with the right customers, and we had concerns about cannibalizing sales that would have happened anyway.”
Retention Marketing Manager for Norton Canada.
However, following a meeting with MarketLinc, Symantec was introduced to the broader concept of conversational commerce — a live chat solution that encompasses many different channels to meet customers at all points of their journey. It was here that Symantec learned how a conversational commerce solution could address each of their current challenges — giving them a solution that would allow them to scale, provide accurate revenue calculations and predictive capabilities.
How MarketLinc Increased Symantec’s Revenue
With the green light, MarketLinc ran a 3-month pilot to fine-tune Symantec’s processes and validate the incremental revenue forecast MarketLinc developed prior to the pilot.
This pilot followed a 4 step process that included:
The conversational commerce pilot proved to be a great success, resulting in rapid expansion for Symantec.
These exciting results were all made possible from MarketLinc’s holistic conversational commerce solution, which provided Symantec with:
- Fully managed turnkey end-to-end solution
- Predictive profiling ensured they would be talking to the right customers and not cannibalizing sales
- Personalized and contextually appropriate engagement for different customer flows
- Highly skilled, dedicated sales resources meant not having to cross-train their own tech support agents
- Accurate attribution and incremental reporting satisfied the requirements from Symantec’s finance and analytics teams
- Detailed forecast of the incremental revenue to be delivered
“It’s been a great relationship and stresses the importance of knowing who the right customers are to talk to on your site, making sure they aren’t falling out, and providing a platform to upsell and cross sell them to increase revenue per visitor and customer lifetime value.”
Thanks to conversational commerce, Symantec’s support team is able to do more by providing their human agents with extra coverage while also increasing customer satisfaction through a targeted support journey.
The MarketLinc Conversational Commerce Solution enables eCommerce businesses to capture up to 20% more revenue. Our real-time, managed live chat solution delivers everything your business needs – advanced targeting analytics, proactive live chat software, expertly-skilled live sales assistants and performance attribution reporting – to rapidly increase conversion rates, decrease abandonment rates and maximize your ROI.