Business phone calls are overflowing with valuable data.
Our Conversation Analytics platform can currently pull more than 40 different metrics from calls.
While each of these metrics provides useful data, the most valuable metric just might be our ‘Missed Opportunity’ indicator.
This is exceptionally important data.
In fact, one of our clients recently used this indicator to capture half a million dollars in lost revenue.
So how are businesses taking advantage of the ‘Missed Opportunity’ indicator? Let’s start by explaining how Conversation Analytics works.
Sophisticated speech recognition technology, and thousands of proprietary algorithms, makes up the foundation of Conversation Analytics.
This tool processes call content to extract a wide range of useful metrics and tell us exactly what happened during the conversation – And the data from the call is available in near real-time. Some of these metrics include:
– Conversion Rate
– Agent Politeness
– Sales Inquiries
– Lead Score
– Sales Skills
– And More
Since our launch of Conversation Analytics, it has been used to analyze millions of phone calls in dozens of industries. This has revealed the great potential of call data and the undeniable value of ‘Missed Opportunities.’
Out of the calls that were analyzed, about 42% were sales inquiries – and 46% of these inquiries were missed opportunities.
Before we get into why this is such a big deal, let’s explain how a ‘Missed Opportunity’ is defined.
Each call that is pushed the Conversation Analytics engine is given a lead score. The call is given a number between 0-100 and any call with a score of 80 or higher is considered to be a strong lead.
A ‘Missed Opportunity’ is a sales inquiry with a high lead score that failed to convert. So basically, it was a great lead that didn’t end in a conversion. This is incredibly valuable information.
Now there could be several reasons why it didn’t convert, right? Maybe the price was too high, the customer may have had to end the call to take care of something or maybe the sales agent failed to sell effectively.
There are a lot of reasons that calls fail to convert. With Conversation Analytics, you have the chance to save the good leads before they take their business elsewhere.
If you’re not going after missed opportunities then you are leaving a heaping pile of revenue on the table.
At Convirza, our clients use this indicator by setting up notifications to alert them when there is a ‘Missed Opportunity.’ In other words, when Conversation Analytics discovers that a good lead did not convert, an email or text message is sent to the business to let them know what took place.
This gives businesses the chance to examine the data or call the customer back to figure out why the call failed to convert. At this point they can take the necessary action to get the prospect to make a reservation, set an appointment, make a purchase, etc.
If you’re an agency, you can send these ‘Missed Opportunity’ notifications to your clients. These opportunities translate directly to revenue, which enhances your value to these clients.
How much is that kind of data worth?