With the latest round of updates to CallTrackingMetrics ROI reports, customers are able to connect calls and the revenue from calls back to each advertising channel and ad that led to the call. This gives advertisers, affiliates and publishers powerful data to prioritize spending, uncover conversion issues, and project the revenue impact of adding/subtracting spend in each channel.
Why care about calls?
Surveys show that inbound sales calls are increasing annually by up to 111 percent, and some predict that phone calls, resulting from mobile search, will surpass 70 billion per year by 2018—up from 30 billion in 2013. Beyond sheer volume, leads generated by phone calls also tend to be more valuable. 65 percent of businesses rank incoming calls as the source of their most qualified leads, with phone contact bringing in between five and ten times the revenue of online contact forms
As the performance marketing industry is increasingly concerned about tracking calls and the cost per call for their clients, its crucial to have a tool that tells an advertiser how much each call is worth to them and to inform the affiliates and publishers managing the campaigns what is having the most impact. An advertiser may be paying $100 per call, but do they know how many of those calls are converting and how much overall revenue they are getting from them?
The CallTrackingMetrics ROI Dashboard provides a snapshot of performance across channels.
The process is quick to get the report populating:
– Purchase tracking numbers for each advertising channel to track. Common channels include online and offline advertisements such as Google Adwords, Print, TV, Organic, Display, and forms of remarketing. Those numbers appear on the advertiser’s website using dynamic number insertion if someone clicks through from an ad and they can also appear right in the ad.
-Next, input the monthly spend for each channel in the CTM interface.
-As calls come into the tracking numbers, the advertiser’s sales agents immediately see them and can score them, rate them and add conversion information either in the call log or using CallTrackingMetrics interactive post call survey.
-The ROI dashboard is updated in real time to reflect the latest scores, conversion rate, overall revenue, cost per call and ROI for each channel.
We have seen businesses and agencies using the forecasting tool within the ROI Reports to demonstrate how revenue would be impacted if the amount spent on each channel was adjusted. It’s a great tool for financial planning and budgeting conversations.
Some ways the forecasting tool can be used:
-Set future marketing budgets based on revenue needed and the ROI achieved from each channel.
-Set call center staffing budgets based on revenue needed, conversion rates, and average conversion amounts.
-Model out what different conversion rates and average conversion amounts would do to overall revenue and staffing requirements.
Another interesting aspect of the ROI reports is the intelligence it provides to the advertiser about conversion rates and conversion amounts. Management can look at this report and uncover areas where their team is having a tougher time converting the calls and then they can use monitoring tools CTM offers to dig into the calls to understand what’s happening.
Management may find that there are opportunities to dramatically increase the conversion rate through some focused training or figure out better ways to have the agents increase the value of each conversion– both of which will have a big impact on the overall ROI from the channel.
These are some of the tools we would recommend to assess calls:
–Call Recordings — Review call recordings to assess performance on calls and especially listen to what’s happening on those calls that ARE converting.
–Transcriptions — Transcriptions: Rather than listening to each call, scan through the transcript quickly and get a sense of what is being discussed. Identify patterns in calls and spot check performance.
–Tagging and Scoring — Either management or the agent can tag calls with various categories that organize calls so that reports can be pulled by tag. Scoring assigns a star rating to the call so management can score agents on their performance. or agents can assess lead quality through scoring.
–Speech Analytics — Let the system do the work for you. Identify patterns of words you want the system to watch for and automatically score, tag, and convert calls. Send alerts via email or text if certain patterns are seen.
-Live Listen — spot check calls as they are happening for real-time coaching and feedback that has the most impact.