“Nothing is more expensive than a missed opportunity.” When H. Jackson Brown Jr created that quote he was not referring customer telephone calls, but his quote certainly applies to sales Missed Opportunity.
Your phone calls may be more expensive than you thought. every time you miss a chance to close a sale you have a sales Missed Opportunity.
Have you ever put a dollar amount to your phone calls?
Do you know how much revenue your forfeiting on mishandled phone calls?
Hold on here. I got ahead of myself and assuming you’re interested in generating revenue.
Also, I am guessing that you market your business and products. If this is true, then you know how valuable customer interactions are.
“Approximately 61.3% of advertisers reveal that a telephone call from a prospective customer is the single most important lead they can receive” (BIA/Kelsey)
People want to speak with a human being. And they call because they’re interested in doing business with you! Since telephone calls are extremely valuable, the penalty for mishandling calls is enormous.
One of the best tools to measure telephone calls is call tracking which links to call sources with unique phone numbers. Anytime a person dials the number, software routes the call to a specific location and records the conversation. The sources that drive the most phone calls and best leads are deemed to be the most effective.
If you aren’t using call tracking–you should. However, this is a conversation for another time unless you want to call us right now, 866 853 0008, and talk about it.
Progressive companies such as Convirza, can evaluates what happens on the call, while standard call tracking only analyzes what happens before the call. This powerful software grants you access to dozens of metrics that aren’t available anywhere else.
One of these amazing features is Missed Opportunity.
Thank you for asking. Convirza started tracking phone calls more than 15 years ago. We’ve understood the value of calls for a very long time. We know that phone calls are a significant component of the sales journey. Calls close lots of sales. Some calls should have converted into a sale but didn’t. We designate these as a Missed Opportunity.
You might think phone calls are old fashion, but they actually are catapulting with the smartphone surge. Smartphones have become the main communication tool that’s always on and on the go. In fact, click to call is one of the most essential features in the mobile search engine. According to Google “70% of mobile searchers have used click to call to connect with a business directly from the search engine results page.”
But here’s the chilling side of smartphones. Google indicates that if consumers are unable to reach a businesses from their smartphone they get “frustrated or annoyed” and they are “more likely to explore other brands.” They will click to call the next business. This means if you don’t answer your phone customers go somewhere else.
This makes our sales Missed Opportunity metric very significant.
We have measured millions of calls and continue to see that 42% of the calls a business receives are sales inquiries. Almost half of callers are ready to do business.
Listen to this, 46% of those inquiries are sales Missed Opportunities. Shocking. That means about one in every four phone calls is wasted.
How do we know this data? Convirza calculates the sales Missed Opportunity metric by first assigning each call a lead score. After analyzing thousands of components and factors, our software pinpoints a number between 0 and 100. The higher the number, the better the lead. Calls that score 80 or higher are considered to be a strong lead.
When a call has a high Lead Score but fails to convert, we designate the call a Missed Opportunity.
By the way, Conversation Analytics®, our innovative technology platform, is extremely good at recognizing whether or not a call converted. Oh, and another by the way, it does this almost in real time.
At Convirza, our clients receive notifications when there is a sales Missed Opportunity. Each time our Conversation Analytics® discovers that a good lead did not convert our software alerts users within minutes. Not only do we send alerts, but we also give details as to potential reasons the call failed.
First, you know almost immediately that you missed a opportunity.
Then you know why you missed the sale.
Lastly, you have all the details to call the prospect back and offer tailored solutions to close the sale.
And you can do this before they call your competition.
And if you’re still worried about the smartphone call you missed, call tracking keeps a record of every call and all the call details including caller ID and call location. Regardless of whether or not a voicemail was left, you can call back every unanswered call. emails
You can take the necessary action to help the prospect make a reservation, set an appointment, or make a purchase.
Our Missed Opportunity formula is sophisticated and analyzes thousands of data points. Short of using the software, you can get a basic idea about the money you’re forfeiting.
Number of calls each day = __________
Number of calls X 0.42 = __________
(42% of the business calls are sales inquiries)
Above amount X 0.46 = __________
(46% of sales inquiries are sales Missed Opportunities)
So three steps to get a quick ballpark of the number of missed opportunities each day.
If you would like to really understand the ramifications of a missed opportunity, multiple the number of daily missed opportunities by the average sale amount. These are the dollars you are missing!
An Additional Bonus
With Convirza’s call tracking you can identify your best marketing sources and focus your efforts there, thus eliminating more sales Missed Opportunities.
Put Conversation Analytics® to work for you. Get near real-time emails and texts about every sales Missed Opportunity so you can respond quickly. And close those lost sales.