Tech-fueled, data-driven growth - Taurus Collection
Industry: Fintech
Company Background:
Taurus Collection is a B2B Invoice Collection agency, established in 2022. They offer a service for businesses who are struggling to collect their outstanding invoices. Taurus Collection offers a ‘No Collection, No Fee’ service which means they only charge a fee if the invoice collection was successful from the client’s debtors. They promise an ethical approach to their collection methods as opposed to other collection agencies which heavily rely on illegal methods such as verbal or physical forms of harassment. Their belief in this ethical approach to collection has proved even more successful than any other player. They believe in humility and treating everyone as you would want to be treated. Having soft spoken conversations with debtors, understanding them and their circumstances and working with them to clear their dues has a profound impact on the collection process.
Project Overview:
Par Marketing was appointed to
- generate awareness about availability of an ethical solution and brand – Taurus Collection,
- improve reach & leads by enhancing brand’s digital presence and
- overall enhance the customers’ journey and experience with Taurus Collection by developing an optimized and user-friendly website that also integrates with the company’s CRM, and other API’s such as WhatsApp to make communication to potential customers as seamless as possible.
Challenges:
CRM Data Integration
Due to the complexity of Taurus’s process and the volume of invoices, it proved difficult to ensure the data for a client was properly connected to the right invoices. As an invoice binds a client and debtor together, that debtor could also be linked to a multitude of other clients with different invoices of various debt amounts.
Do we develop the integration based on the client or do we develop based on the debtor? This proved to be our first hurdle and we had to make the wise choice of how we integrated the data and ensure the data was mapped correctly as this could increase our development time on this project.
The next hurdle really made us scratch our heads!
Overestimated TG engagement on performance campaigns
With our experience, generating leads is like breathing and comes natural to us. This proved to have its own challenges. We set up campaigns on Facebook, Instagram and Google. Created content for the creatives and added keywords to the ad copies. The landing pages were optimized for maximum conversions also. The ads were opened to the targeted audiences but we overestimated the engagement of this audience. The lead volumes were significantly low in comparison to other lead generation campaigns we generally run. Were our ads clear and concise? Were we targeting the right audience? Was there a demand for the service provided by Taurus Collection? These were the main questions we needed to answer to make this campaign successful.
Strategy and Results:
Software Solutions
The development team successfully optimized the CRM integration, facilitated seamless data management and client communication, leading to improved operational efficiency and client satisfaction. Taurus Collection experienced streamlined processes and enhanced visibility into client interactions.
Client portals were also developed to enhance the customers experience allowing them to seamlessly upload their invoices for the Taurus team to do the due diligence on the collection. Alongside the client portal, our development team developed a Debtors portal which integrated with the CRM. This portal allows the debtor to check the status of the outstanding dues they owe, raise any disputes, set up a payment plan and also make a payment towards a particular invoice.
By deeply integrating ourselves with the client’s processes and customer journey, these proactive steps led to reduction in TATs and significantly increasing their customer reviews (Google Reviews). Which are the pillars of ‘trust’ factor for service provider brands.
To enhance the user experience, we developed the Taurus Collection app (available on Google Play Store & Apple’s App Store). This app was developed to help customers access their accounts and has the same functionality as the portal. The app has been received with a positive response from the users, allowing them to have a stronger user experience with the Taurus team.
Campaign Optimization
For the unexpected low volume of quality leads, our performance marketing team went back to the drawing board. Our first approach was to redefine the audience and the cities we were targeting. Our team enhanced the demographics of the audience and optimized the profile of customers we were trying to generate based on industry and macroeconomic data trends.
We also acquired data of businesses in India broken down by industry which we uploaded to our campaigns to create look-a-like audiences. Our campaigns were split into various industries and we performed A/B testing on which industry was most responsive. After these tests were complete, we focused our energy on targeting that particular industry to maximize the budget and decrease the CPL. We achieved a reduced CPL of 71% in just under 1 year. Email & SMS campaigns were also run on non-contactable leads which also increased the overall lead volumes by 360% YoY. These methods all proved to make a drastic impact on the increase of leads which in turn has helped grow Taurus Collection to the level they are striving to achieve.
In conclusion, extensive A/B testing was required within the performance campaigns for this B2B product. Learning the behaviors of the TG and the industries gave us a clearer insight into how we approached our campaigns. These learnings also dictated the email and SMS campaigns which resulted in positive conversions from all sources.
Getting strongly involved with the company’s process made us streamline their invoice collection. With a number of digital developments, this greatly increased the user experience, resulting in happier customers and a more efficient team to carry out the important tasks required for their customers.
This project has enabled the Par Marketing team to quickly adapt to different industries. To understand a business, and its processes, we immersed ourselves in every aspect of Taurus Collection and with the learnings of the process, our experience helped streamline everything they do. Another successful project leads to happy customers for the client.
