How many sales are you losing to bad data every month?
We recently analyzed 19,138 phone calls to automotive dealerships over the course of three months. This research revealed some pretty interesting data.
For example, phone leads at auto dealerships outpaced internet leads 4:1 in 2015, compared to just 2:1 in 2013.
This represents a MASSIVE increase in industry phone calls in the span of two short years.
While we zeroed in on a good number of noteworthy pieces of data during the course of our research, this post will focus on the Missed Opportunities that were discovered in the phone calls.
If you would like to access the rest of the research, you can view it in this free infographic.
The rest of the post will delve into the data that was uncovered around a metric that has the potential to heavily influence your sales performance.
Let’s start by defining what qualifies as a Missed Opportunity.
If a caller satisfies the requirements to be classified as a high-quality lead — but fails to convert — Conversation Analytics will tag this call as a Missed Opportunity.
Even though the prospect was interested in purchasing an auto product or service and should have converted, for some reason, they did not set an appointment or any sort of follow up call. If your business is not delving into the reasons behind this, and attempting to resolve the issues that prevented the sale, then you are leaving a heaping pile of revenue on the table.
An analysis of millions of phone calls across dozens of industries revealed that a shocking 46% of sales inquiries were Missed Opportunities. This data could literally transform your business.
What is Your Missed Opportunity Rate? Do you know how many Missed Opportunities your business is losing each month?
Uncovering this data produces considerable potential for increasing your ROI. A few applications for this information include:
Enhanced Sales Insight
Discovering the reasons behind the caller’s decision not to make a purchase, reservation, appointment, etc.
Take advantage of opportunities for increasing revenue without spending more money on marketing on marketing.
Ability to engage in new selling, up-selling and higher dollar value selling that is being left behind by other marketers.
Proving Marketing Value
Marketers that produce phone calls for their clients can use this data to notify them of Missed Opportunities, which are directly tied to revenue. This proves marketing value and subsequently encourages client retention.
Out of the 19,138 calls that we analyzed, 27.2% were Missed Opportunities.
More than 1 out of every 4 phone calls involved a high quality lead that chose not to convert.
This data highlights the enormous possibilities that Missed Opportunities offer auto dealerships.
If you could pinpoint the calls from interested buyers who failed to give you their business, how much lost revenue could you recover by calling them back?