Marketing is no longer art, it is science.
Metrics should drive everything modern marketers do. More CEOs are demanding more data.
Without data marketers are like a pilot flying blind over a mountain range. There is peril on all sides.
Data keeps you alive.
But amid the flood of data, marketers sometimes get bogged down. What’s really important? We’ve compiled 4 key metrics that truly data-driven marketers need to heed.
How ‘sales ready’ are your leads? Specifically, how sales ready are your phone leads?
One of the incredible data points that Conversation Analytics extracts from phone calls is a Sales Readiness indicator.
Basically Convirza analyzes the words of the call itself and then runs the words through a series of complex algorithms. These algorithms compare sequences of words and phrases to determine how sales ready the lead is.
The data is displayed in a a 0% to 100% score or ‘indicator.’ Basically the number is the level of confidence our system has that the lead is sales ready. For example, if the lead has a sales readiness score of 67%, that means Convirza is 67% certain that the specific lead is sales ready. Generally scores over 80% would be considered incredibly sales ready.
Again, this data is gathered strictly based on the words said by the lead during the call.
Valuable, valuable information.
Based on the words said during the call itself, Conversation Analytics can actually determine how high quality the lead is.
Now, this is slightly different than a sales readiness indicator. Sales readiness determines how close the lead is to purchasing your product or service, while a lead score indicates how valuable the lead is.
In other words, lead scoring phone calls can help you analyze campaign effectivness and ROI.
Perhaps, you have a campaign that generated 756 phone calls in a week but the average lead score from the campaign was only 40%. That may not be the best campaign even though a lot of calls were generated.
Every marketer needs to know their running CPL. How much does it cost to get a lead? Marketers need to know this information for their entire marketing plan, but more importantly perhaps, they need to know this information on a campaign by campaign basis.
If marketers are ignorant of their CPL data, they simply won’t be able to determine which campaigns are better than others.
And keep in mind that you can’t determine a true CPL unless you are tracking phone calls as well.
I am constantly surprised by the number of businesses that don’t seem to know how much it costs them to acquire a customer. This is the most important marketing metric of all.
This metric should be constantly on your mind and on the tip of your tongue. You should know this metric like you know your kids’ names.