How to close the loop between phone lead and sales
8 September 2014
Not every phone call is made equal. Use these methods to measure the true impact marketing has on sales.
Once you have setup and started using phone tracking it you may notice there is a gap in your analytics when you try to calculate ROI from campaigns, or measure a cost per acquisition.
That’s because if you are only tracking phone leads, you won’t get visibility on those phone calls that turn into sales. Luckily we have several methods to connect the dots. Some of these methods are just hints and tips to get a good estimation of how many phone leads turn into sales – and others are an exact science that allow you to tie exact revenue back to inbound phone leads.
Call duration and IVR assumptions
These two methods use some calculated guesses to provide greater insight into how many phone leads turn into sales. It takes a little trial and error, but many clients have been able to find a high correlation with call duration and sales value. For example, one client found that calls over 5 minutes had a 65% likelihood of converting into a sale, and that average sale value was $25 per month. They found this by having an outsourced staff member listen to our call recordings and find connections with duration and sales conversion and values.
A Jet Interactive IVR allows callers to enter 1 for sales, 2 for service. These inputs can be measured on each call so you can separate sales calls from support calls. Not an exact science, and not going to get you to an accurate CPA or ROI figure – but a good start to measure sales phone calls.
Call Wrap Up
Call Wrap Up is a product offered by Jet Interactive. It allows each call to be classified as a lead, sale or support enquiry. You can even assign a dollar amount to each call. Whoever answers the call classifies the call on their phone keypad after the call ends, it only takes a few seconds.
If your product is usually sold on the first call, this is a great way to accurately track how many phone leads turn into sales, and how much each call is worth to the business. These figures can then be plugged into ROI and CPA calculations.
If your sales cycle is longer than just one phone call, as many businesses are, then Call Wrap Up is going to give you extra insights into sales calls, but won’t let you know for certain how many callers turn into a sale. You can estimate how many sales calls turn into customers with Call Wrap Up, which is a great start – but if you are after something more concrete use our CRM integration.
Our CRM integration enters phone call information into your CRM system of choice, which is an extremely accurate way of attributing sales figures to marketing campaigns. Each inbound phone call can be attributed to a contact in the CRM, which will have opportunities (closed and lost), as well as sales values attached to them. This is perfect for longer sales cycles where sales occur months after the initial phone call.
Using this integration, you will be able to see which keywords, channels, campaigns, ad groups and sources generate the most sales. This really is the holy grail of attribution, previously lost when someone picked up the phone. You can tie exact revenue figures from the CRM system back to marketing initiatives for complete ROI modelling. Impress colleagues and spend budget intelligently with these insights.
It’s exciting to see the results our customers have when they close the loop between phone lead and phone sale. For more ideas on how to close the loop in your sales team speak to us here at Jet Interactive.