How well do your campaigns score?
The chief benefit of campaign scoring boils down to one overarching idea:
To determine the value of the phone calls being generated.
In other words, are calls coming from Campaign A producing higher quality calls than those coming from Campaign B?
The number of phone calls that your campaigns are driving only gives you a partial view of their effectiveness.
For example, let’s say that your direct mail campaign brought in 80 phone calls and your AdWords campaign only resulted in 50 calls. On the surface, it appears as if direct mail is the clear winner.
Basing the success of your campaigns on this data alone can be dangerous. In order to gain a complete picture of your marketing results, you need to understand the quality of the leads that your campaigns are producing.
By digging deeper into the data, you would realize that although direct mail produced 80 leads, only 30 of those leads were legitimate sales opportunities. While 40 out of the 50 leads gained with AdWords were high quality calls.
Your AdWords strategy is obviously producing better phone calls than your direct mail campaign.
With Conversation Analytics, you can accurately evaluate the how well your campaigns are performing by extracting data from the actual words and phrases that are spoken on phone calls.
This technology can also be used to measure sales performance. If your campaigns are sending your sales reps high quality leads, but the leads are failing to convert, then an evaluation of the sales conversations that are taking place can be used to identify and repair weak points in the sales process.
How many of your phone calls involve actual sales inquiries?
This is something that you can discover with Conversation Analytics. By having the content of your phone calls run through our analytics engine, the words and phrases spoken on the calls are extracted to determine the purpose of the interaction.
This could include specific questions that indicate that the caller is getting ready to buy such as:
– “Can I make an appointment to test drive the 2016 Subaru Impreza?”
– “Do you have any of the premium models in stock or will I have to place an order with the manufacturer?”
– “Will I have enough time to complete the leasing paperwork today or would it be better to make an appointment for tomorrow morning?”
By analyzing key words and phrases, Conversation Analytics is able to distinguish between a call that involved a legitimate sales inquiry from other types of calls such as price requests.
While price requests can be an indication of interest, they are not as valuable as sales inquiries. When a caller is asking about prices they are usually in the research phase of the car buying process rather than the decision making stage. These types of callers are good leads but not great leads.
Our analysis of calls to automotive dealerships revealed that 61.5% of the phone calls involved sales inquiries.
These are the phone calls that you want to pay special attention to. Sales inquiries are the calls that turn into conversions.
It’s time to take a look at the metric that truly defines a successful sales call.
Phone calls that end with a conversion.
So the question is: How do we determine if a conversion took place on a call?
The average prospect call to a business contains 528 words. Those words contain buyer sentiment, customer intelligence, sales performance data, close rate, conversion data and an assortment of other information.
Our system analyzes hundreds of individual phrases in a phone call to determine if a caller converted. In the dealership industry, a caller could convert in two distinct ways. They could:
– Set an Appointment
– Or Make a Commitment to Buy
If a caller makes an appointment to test drive a car, to come in and speak with a sales representative, to discuss car leasing options, makes a commitment to complete the paperwork for a purchase, etc., then the phone call will be tagged as a conversion.
One of our clients started tracking conversion rate and suddenly saw an increase of 157% over a two-month period.
Employees knew their calls were being analyzed.
Learn more about using call scoring technology to increase sales in this free white paper: