Millions of companies rely on phone calls and have a deep dependence on this revenue stream.
Unlocking call data has never been an easy job. For businesses with call tracking and call recording, the amount of information collected from the billions of words spoken is mind-numbing. Usually, the call data is arranged in such a haphazard way, that it can be impossible to use the information for better decisions.
Phone calls are a powerful indicator that your marketing programs are signaling the right types of messages to businesses and buyers. However, people drastically overlook the value of those messages.
Call data doesn’t need to be a nagging frustration or a cryptic code anymore. Call analytics are available and involve implementing call tracking software. A bit of work and you can have a permanent solution for call optimization.
This article explains and examines the topic of call analytics. To help you navigate this guide, here’s the outline:
- What Are Call Analytics?
- How to Use Call Analytics
- Before the Call
- During the Call
- Caller Confusion: What Conversation Analytics® ‘Listens’ For
- Conversation Analytics® – How It Works
- Are Your Phone Call Analytics Defective?
- Inbound Call Analytics: Say Goodbye to Marketing Frustration!
- Unique Ways Call Analytics Help Businesses
- Missed Opportunity Alerts & Recovery
- 3 Differences Between Call Tracking and Call Analytics
- Why Call Analytics Is Important
What Are Call Analytics?
Call analytics takes keywords and phrases from a phone conversation to interpret phone calls. Call analytics not only considers timing and delivery but also looks at call context. Often organizations have no idea the value their calls hold unless they go all the way down to a call analytics position.
A complete call analysis will help you know:
- When your high performing ads trigger calls
- How interested people are in your products
- What phone conversations are like
- Are your agents doing an effective job at handling calls, both on the customer service side, and on the sales side?
The importance of phone calls is fundamental, but many organizations tend to overlook their ability to optimize this critical revenue source.
How to Use Call Analytics
Call analytics provide a broad and comprehensive view of each phone call. Agencies and companies use call analytics in many ways. Two ways to break down call analytics is the data from before the call and data from during the call.
The First Level of Call Analytics – BEFORE THE CALL
The first level of call analytics focuses on what happens before the call connects. Many details are available about phone calls and combine to create an analysis that companies can use to know many things about their inbound communication.
Some of the basic call analytics are:
- Which advertising campaign triggered the person to call
- Was the call from your website or a digital ad
- What time the call was made
- How was the call routed
- Who answered the call
Many companies use a call tracking platform such as Convirza to get the first level of call analytics data. If you’re using phone numbers in offline advertising, call tracking is only one way to track those calls back to the source that drove them. It’s the only way to know your marketing is working.
You can include as many aspects as you wish in the first level of phone call analytics. Some organizations prefer to know the age and gender of the caller. Other organizations need to know the callers’ profession. No one knows your product better than you, so decide which metrics are best for your organization. Once you pinpoint these Key Performance Indicators (KPIs), track them. Check out this article about KPIs – If You Don’t Know, You’re Driving Blind.
Call tracking will not only tell you which lead source is driving the most calls, but also tell you which calls convert.
Imagine getting a hundred calls from a PPC ad but only converting two of the calls. You also get a hundred calls from your website and convert more than forty of those calls. In this scenario, you definitely need to rethink the design and copy of your PPC ads. Getting this value-driven information from calls is not available without tracking calls.
People tend to get hung up on the idea that their business is driving a certain number of calls per day. However, what if more than half of the calls are not for your business? The reality is that 50% of your inbound phone calls hold no value and you are wasting money. Call analytics help you uncover the marketing and advertising that is worth your budget because it produces good phone calls. They are worth your money since these phone calls that have a higher probability of converting into sales.
You can get powerful insights at a glance with call analytics and reporting. Convirza provides multiple reports, such as our Marketing Dashboard, that immediately show which ads produce phone calls.
Also, call analytics can determine which of your calls are not good. You do not need to spend money on sources that produce low-value calls. Call tracking provides the right analysis and also helps you allocate the proper budget and resources to your lead sources.
For example, if you’re sending direct mail ads and receiving high-converting calls from these mailers–keep doing this. But if you have direct mail campaigns that do not get the results you want, rework the ads or pull back and don’t invest in this area.
Counting phone calls is not the best approach. Smart marketers want to know if phone calls turn into leads and if the leads turn into sales. For a complete list of the basic call tracking metrics businesses should be monitoring, check out the link below.
The lead sources that drove a call can include everything from your website and social media to billboards and directory listings. To know more about call tracking and the kind of data available, make sure you read this, call tracking: everything you need – basic & beyond.
Phone calls are like oxygen for both marketing and sales teams. They breathe life to businesses and tie directly to revenue and ROI. Call analysis is the H2O for a rapid but steady growth rate.
Now that you know what call analytics is let’s go a bit deeper.
The Second Level of Call Analytics – ON THE CALL
The second level of call analytics focuses on what happens during call conversations. This level is much more complicated than knowing what happens before the call.
Traditional call tracking only provides data about which referring sources generated calls. In short: it tells you what happens BEFORE the call. That’s useful, but it’s not enough. It’s actually relatively surface data.
Imagine, for example, if a web analytics platform only described what happened before the visitor arrived on your site? That would be a crappy web analytics platform.
Conversation Analytics tells you what happened ON the phone call. That’s deeper analytics.
At Convirza, we know pre-call details are small factors amongst thousands of elements that decipher what happened during a phone call. So we developed a sophisticated call analytics software package called, Conversation Analytics® services.
Our trademarked call analytics software, not only automates call analysis but also gives users near real-time actionable feedback.
Convirza offers the industry’s most extensive set of out-of-the-box and extensible indicators created from over 50,000 hours of data science research analyzing calls. Our extensive research and development provide:
- Unparalleled visibility into campaign performance
- Accurate identification of conversions, lead quality, and sales skills
- Plus reduce costs and complexity of manual call listening
“Over 420 billion words are spoken on phone calls between businesses and customers/prospects every day.”
Conversation Analytics® uses sophisticated speech recognition technology to interpret the billions of spoken words. Convirza has then layered proprietary algorithms on top of the speech recognition technology that seeks to answer specific questions about each call. These algorithms analyze specific words and phrases that appear in the call itself—words that the agent and the caller actually speak. Based on the words and phrases that Conversation Analytics ‘hears’ it can determine if a caller purchased, was a good lead, or even if a caller was confused.
Caller Confusion: What Conversation Analytics® ‘Listens’ For
Conversation Analytics expresses every element it tracks on a 0-100 scale. The higher the number, the more confident Conversation Analytics® is that an event truly happened on the call. For example, if the indicator level for Caller Confusion was 98, that means Conversation Analytics® is nearly certain that the caller was confused. If it was 55, it is still likely that the caller was confused, but it is also possible that the caller was not confused.
(Generally, anything over 75ish is considered quite certain. You should feel comfortable automating Convirza Webhooks based on that 75 threshold).
There are over 400 specific phrases Conversation Analytics listens for to determine if a caller was confused. We’ll only list a few here. So keep in mind that all of these phrases need to be in the proper context for Conversation Analytics to conclude that the caller is confused.
– Better able to explain
– Can you explain again|could you explain again|how|it|once|one|more|that|this|what|why
– Can you just explain this
– Can you repeat|would you repeat|you repeat again
– Doesn’t|didn’t|make sense
– Don’t know what that means|not sure|can’t figure out|really confused about
– I’m confused|baflled|frustrated|annoyed
– Mind repeating|repeat again
As you can see, there are several–hundreds–of ways that a caller could indicate confusion on a call. Again, all of these phrases need to be used in context for Conversation Analytics to assign any value to them as an indicator of caller confusion.
This is cool. What’s even cooler is all the things you can do with this data.
Those words contain buyer sentiment, customer intelligence, sales performance data, close rate, and conversion data, and other information. Without opting for Conversation Analytics® services, none of these words will be analyzed.
Conversation Analytics® – How It Works
It doesn’t matter if you’re generating one hundred calls a day if they’re all calling for somebody else’s services or products. The calls your business receives need to meet certain lead criteria to convert. A sharp business pro will track the effectiveness of those conversions.
That’s why Convirza is unique in our ability to drill down into a business’s Conversation Analytics®. Going back, and refocusing on the calls that you’re converting, helps you sharpen the saw on driving high converting programs and channels.
Are Your Phone Call Analytics Defective?
Most call tracking companies use keyword spotting when analyzing phone calls, which is appalling since keyword spotting is a flawed, undependable method. If you’re not using Conversation Analytics®services, you might be better off not using call tracking analytics at all. Let us explain why.
What is keyword spotting?
After a phone conversation, a software program reviews the recording and searches for specific keywords. It is slightly like a simple Google search. Often call tracking users can designate the exact words they want to hear. Examples of keywords include appointment, buy, and credit card.
After identifying keywords within a call transcript, the software can categorize calls for analysis and even automation. The calls are linked with consumer touch points, such as online and offline advertisements, via call tracking phone numbers. Since the touch points are connected to specific marketing efforts, companies can determine if a particular ad produced a favorable result if keywords like appointment or sale are found.
Why do companies use keyword spotting and package it as call analysis?
Keywords can be adjusted and may be tailored for each business. This flexibility is a benefit because companies receive reports based on what’s important to them.
Also, spotting a handful of specific words is fast. It reduces the time software programs spend analyzing phone call recordings by only targeting certain words.
Since keyword spotting is relatively fast and straightforward, it is also quite cheap. Call tracking companies sell this service for a nice profit.
How does it work?
Consider a sales conversation between a phone sales agent and potential call-in buyer. The word “buy” is recorded during the conversation. A software program recognizes the keyword – BUY and counts this phone lead as a sale.
Is it safe to assume that the agent closed a deal or that this is a hot lead? Of course not! The person could have said, “I would never buy that useless software.” or “Why should I ever buy your software?” or “Hey, I would love to buy your software.” These are very different messages with very different outcomes.
In this situation, analyzing or scoring calls with keyword spotting produced the wrong data.
An intelligent alternative to keyword spotting
Clearly, call analysis with keyword spotting is erroneous and costly. You may unknowingly pay for advertisements that produce terrible phone calls. You may waste a marketing budget on ineffective and unproductive ads. Furthermore, sales reps may receive credit for sales when in reality the exact opposite is true.
For these reasons, Conversation Analytics® services is a much better tool. Conversation Analytics® services are for marketers who care about attribution and understanding detailed insights from phone calls.
The result — Convirza provides what no other call tracking can:
- Improved visibility into campaign performance
- Accurate identification of conversions, lead quality, and sales skills
- Reduced costs and complexity of manual call listening
Call analytics versus Conversation Analytics®services
Here’s a typical example to illustrate how call analytics that uses keyword spotting is defective.
Obviously, keyword spotting completely missed the meaning of this phone call. Companies who depend on call analytics may be shocked to see how faulty and simplistic keyword spotting is.
Don’t base your marketing on faulty call analytics. Start using Conversation Analytics® services today.
Inbound Call Analytics: Say Goodbye to Marketing Frustration!
Companies who receive phone calls have a competitive advantage over those who don’t.
BIA/Kelsey says ‘phone calls are the new click’ and estimates that 73 billion calls will be made to businesses this year. (Source)
Plus, smartphones are ubiquitous. The constant changes to its technologies and the invention of the iPhone about ten years ago made click-to-call effortless. This has ensured an unabated call flow to businesses.
This advancement has changed the way the telephone is viewed as a marketing channel. Only companies that adapt to this change have a fair chance of survival.
If you’re still ignoring your calls, let this blog be a wake-up call. If the following facts do not ring a warning bell in your head, I don’t know what will.
According to BIA/Kelsey,
Mobile calls now account for 60 percent of inbound calls to businesses. The number of mobile calls to businesses will climb to 170 billion in 2020. (Source)
Long story short, though online efforts tend to become a priority in an increasingly digitized world, organizations should not underestimate the pronounced gravity of human interactions. No one can deny Louis Gerstner when he states,
“Computers are magnificent tools for the realization of our dreams, but no machine can replace the human spark of spirit, compassion, love, and understanding.”
When talking about phone calls, no data-driven professional would overlook the aspects of call tracking and Conversation Analytics®.
The Significance of Inbound Call Analytics
Inbound call analytics is crucial for business wins. They help focus the way businesses perform and spend their budgeting dollars. Convirza Conversation Analytics® analyzes the call and spits out a variety of ‘indicators’ for each call. There are nearly 50 indicators already built-in to Conversation Analytics®, things like:
- Agitation level
- Percent silence
- Objection language
- Commitment to buy
- Payment language
- Reservation made
- Agent empathy
- Phone etiquette
- Lead score
All of this data is based on the words and phrases spoken on the call. We, at Convirza, layered hundreds of thousands of algorithms on top of speech recognition technology. These algorithms look for specific keywords and phrases in phone calls. The existence (or not) of these phrases and keywords within a phone call allow Conversation Analytics® to determine if an event happened on a call.
Plus, we save your energy otherwise invested in creating the same custom reports month after month as Convirza Call Reporting™ Suite delivers information the way you need. The reports are fast to access and easy to use. Here is a list of reports we provide:
- Call Log Report
- Marketing Dashboard
- Analytics Summary
- Call Handling Dashboard
- Call Trends Report
- ZIP CODE HEAT MAP – Calls By Region
Convirza’s completely customizable suite clearly presents analytics, so data-driven marketers get the knowledge to make the right decisions at just a glance!
Callers are sensitive. They care about their businesses. Thus, Conversation Analytics® is the perfect tool to learn to cherish your relationship with your callers. An organization who doesn’t know the metrics of how the lead occurred, when they occurred, and where they happened, is missing a massive oversight in creating the comprehensive view and improving their overall business performance.
Some Bonus Stuff
Along with the caller details, inbound call analytics will also establish other valuable information. You can see:
- Calls by lead source
- Calls by keywords
- Calls by ad source
Now, it’s a no-brainer that your inbound lead calls convert at a higher rate than any other lead source. They have a shorter sales cycle than any other resource, and the customers tend to be more secure.
It is also true that callers fluctuate by day, the time of day, the critical hour, the day of the week, and many other factors. For an organization, inside sales data suggests that Wednesdays and Thursdays are the most likely time for outbound sales calls. Call analytics will help you discover such data that is unique to your organization.
Every astute business owner realizes that without the ability to have inbound call analytics focusing on your business, you’re missing out on this piece of value. When evaluating a call analytics service provider, he will make sure he chooses a company that can grow with him. The company will provide an advanced level of call analytics and then expand to call analysis.
All the above factors that your Conversation Analytics® service will track are critical to getting insight into your customers, their behavior, and things that are relevant to getting closer to them to write the right advertising at the raise.
Converting callers to customers is one of the toughest parts. If you’re focused on call conversion rates and the revenue Conversation Analytics® is the best tool to achieve this.
Unique Ways Call Analytics Help Businesses
Year after year, almost half of phone calls placed to businesses are made by people ready and planning to make a purchase or book an appointment. Of those calls, one in every two calls flop. We classify these inbound sales calls as Missed Opportunities.
Call Analytics can make you money – MISSED OPPORTUNITY ALERTS
A missed opportunity is a call that was determined to be a lead but did not convert on that call. Missed opportunities drive greater value to your business as it allows you to take your existing leads. Handle them better and turn those unsuccessful calls into customers.
Convirza’s Conversation Analytics® speech recognition technology combine with hundreds of thousands of proprietary algorithms, and dozens of conversation indicators to analyze phone calls. AI pulls out words and phrases that give you an indication of what happened on the call.
Artificial Intelligence determines:
- If a sale was closed
- If a reservation was booked
- If a lead was strong
- If a lead was bad
- If there was a Missed Opportunity
When our software discovers Missed Opportunities and sends an immediate email and text alert so you can take action. You get an instant chance to recover a lost sale.
Many of the businesses that partner with Convirza get the second level of call analysis as they have the ability to:
- Identify the calls that are not handled properly
- Provide the proper level of training, coaching or messaging that they prefer
- Make sure such types of calls are better handled
They can grow their business instantly from even the very first few missed opportunity calls that come in.
3 Differences Between Call Tracking and Call Analytics
Call tracking has been around for many many years. There are many call tracking vendors, but few have advanced call analytics.
Bottom line: there are options for call tracking, but few with artificial intelligence for advanced and accurate call analytics.
Call tracking allows marketers to trace the source of their phone calls. It shows you whether you are getting more calls from your website, yellow-pages, PPC campaigns, direct mail campaigns or some other source, etc. Call tracking also helps you discover which organic search terms are bringing in traffic, traffic that sees and then calls your tracking phone numbers.
Call analytics is very different from call tracking. Call analytics is like call tracking on performance-enhancing drugs. True call analytics is just now becoming available for businesses in their marketing efforts.
Call analytics tracks what happens during the phone call based on words and phrases said during the conversation. So instead of merely getting source data about calls (traditional call tracking does this), you can now get in-depth data about what happened during the call.
For the first time, call analytics are rising to the level of web analytics–giving you behavioral data, demographic information and a real lead score based on what happens and what is said during a phone call.
The Convirza Platform does all of this in an automated way with speech recognition technology, OR you can do it with our tools manually via listening to calls and creating scorecards.
You can listen to real-life recordings of conversations that happen through every phone number. That’s right; you can download, analyze, tag, comment, and score every call that you ever receive. With social media-inspired tagging and commenting abilities, you can find and refer back to any call you want to highlight.
If you want to show a good example of how one of your employees close a sale, just tag the moments in the phone calls with great examples of this and find them conveniently in Convirza.
You can make your own scorecards or use our templates to score your different calls in order to separate your good calls from your bad calls. Leave comments and send different recordings to sales team members to point out good or bad sales techniques during real calls.
Why Call Analytics Is Important
With call tracking, you know where to focus your marketing efforts and where you will gain the most traffic, the most calls, and where you should be investing the big bucks.
Call analytics can provide information even more critical than call tracking. Although it is essential to know which sources are generating calls, it is perhaps more important to track what happens during the call.
It is important to know that your sales team is using effective sales techniques to close deals.
It is imperative to extract information like lead scoring, propensity to buy, location, future marketing plans, and even close rates from the calls themselves.
Call analytics is like call tracking on steroids. It is like call tracking after a year of lifting weights. If call analytics is fancy new BMW, call tracking is like an 83 Chrysler that your grandma drove until she died.
Latest update on April 11, 2019. Originally published on August 23, 2013.