% of marketiHow to Eliminate Bad Leads with Call Tracking
A fairly recent statistic emphasizes the focus most companies place on generating leads.
70% of marketers say converting leads is their top priority. (HubSpot, 2017)
No wonder initiatives and goals consistently include lead gen and conversion.
The right tools and data can simplify the process of generating strong leads and optimizing your marketing spend.
With call tracking, it is possible to gain access to this data in order to fine-tune marketing campaigns and focus on the marketing channels that produce the highest quality leads. On the flip side, call tracking pinpoints advertising that drives bad leads and the dreaded, no leads. This information and feedback ultimately reduces the cost per lead and drives higher conversion rates.
Call tracking has many features that can be used to support these goals and involves geographic targeting, lead scoring and marketing channel tracking.
Highlighted are three features that help eliminate bad leads and more heavily invest in and focus on high-quality leads. Each of these benefits, in turn, raises the number of leads that convert into sales.
A key benefit of call tracking is the ability to determine the geographic areas, such as zip codes, area codes, and states that are generating phone calls and conversions. Using call tracking for geographic targeting can be accomplished through the following stages:
– A/B Testing: Start by placing call tracking numbers on your website and link them to individual marketing campaigns: PPC, SEO, direct mail, listings, coupons, social media, etc. (For more details, don’t miss this article, Track Your PPC Campaigns & the Valuable Results.)
– Observe: After the campaigns have been executed the data will be collected by the call tracking application’s geographic tracking tools. This allows you to see the precise zip codes, area codes, and states that are producing calls for each campaign.
– Refine: Once you have tapped into the areas that are generating the most phone calls you have the ability to optimize future campaigns to target these locations more heavily.
– Increased Conversion Rates: Targeting areas that are more responsive to your message will support the higher quality lead acquisition and increased conversion rates.
Higher conversion rates demand quality leads. One of the best ways to improve the quality of your leads is to score them. This is why premium call tracking applications are designed with a lead-scoring platform.
Lead scoring is a system for assigning a ranking to leads based on interest level or sales readiness. The value of a group of leads can vary greatly. Some leads are ready to make an immediate purchase. Other leads require more time and nurturing before they reach the point of being open to make a purchase. And some are bad leads that have a very low likelihood of converting.
Leads can be scored on any criteria you choose, which may be exceptionally specific and in-depth or involve a few select factors. Some of the key lead scoring elements include:
– Readiness to Buy: Is the lead prepared to buy within a specific timeframe? This score will be based upon statements made by the lead during the call.
– Financial Position to Buy: Does the lead have the necessary funds to make a purchase?
– Decision Maker: Is this lead simply gathering information or are they in a position to buy?
Effective lead scoring is based on what the customer actually say during phone calls. The classification of bad leads and good leads should be based on data, not opinions.
Optimizing your marketing spend can help you zero in on channels that generate high-quality leads. Call tracking makes this possible with the following steps:
– Implement Call Tracking: Insert call tracking phone numbers (toll-free or local numbers) on your marketing channels and website.
– Track Marketing Results: The call tracking platform will collect data and display how many calls each advertising channel is generating.
– Track Conversion Rates: In addition to tracking the number of calls produced by each advertising channel, it is also possible to collect data for phone close rates. This will help determine the conversion rate associated with a specific marketing channel.
– Optimize Marketing Spend: After you have tuned into the marketing channels that are actually producing calls and conversions, you can focus your spend to take advantage of them. This strategy is an exceptional way to enhance conversion rates. Better marketing channels translate to higher quality leads, which result in increased conversions.
Using call tracking to generate qualified leads is an effective way to improve the marketing and sales process.