If you’re in the lead gen space, you probably use, or at least are familiar with, call tracking. Call tracking data provides useful information you can use to manage campaigns, leads, affiliates, etc.
Good stuff. Everybody ‘gets’ it.
But call tracking isn’t enough. At LogMyCalls, we’ve upped the ante significantly. In Q4 we launched Conversation Analytics, a tool that, for the first time ever, analyzes the actual content of phone calls. It uses speech recognition technology to analyze the words and phrases said on phone calls and then pulls out data like lead score, conversion rate, missed opportunity rate, and a host of other information.
In Q1 we analyzed several million call segments across dozens of industries. These were calls that flowed through our Conversation Analytics engine. And, for the first time, we’re making this data available to the industry. We’ve published detailed versions of the data in two infographics:
But here are the 5 coolest things we learned about calls after analyzing MILLIONS of them in Q1:
1) 29% of all calls we analyzed resulted in a conversion
Conversation Analytics defines a conversion as one of the four things. These are obviously very dependent upon the industry:
– Appointment Set – Did the caller commit to a follow-up call at a specific time? Did the caller commit to coming into the business at a certain time?
– Sale Made – Was there an actual sale made on the call?
– Reservation Made – Did the caller make a reservation?
– Commitment to Buy – Did the caller commit to buy something (i.e. request a proposal, contract).
This is interesting data. It means that one of the four things mentioned above occurred on 29% of all the calls we analyzed in Q1. This takes standard ‘call tracking’ data to staggering new levels of granularity. Now, you can not only know which ads, campaigns, and keywords are generating calls, but you know which ads, campaigns, keywords, affiliate, and channels are producing actual conversions. And again, this isn’t based on the agent reporting it as a conversion. It is based on the words and phrases actually said on the call.
2) Converted calls are 42% longer than non-converted calls
In the second infographic referenced above, we analyzed the characteristics of converted calls and compared those to the characteristics of non-converted calls. And, one of the biggest differences between calls that converted and calls that didn’t convert was length.
Longer calls convert more frequently.
3) 46% of sales inquiries are Missed Opportunities
This is a BIG deal. After analyzing millions of calls in Q1 we found that 46% of all sales inquiries are Missed Opportunities for a conversion. In other words, almost half of the sales inquiry phone calls a company receives are Missed Opportunities for revenue.
These callers would have purchased something had the phone call been handled correctly by an agent.
What percentage of your calls are Missed Opportunities? That would be, you know, sort of important to figure out.
4) Only 29% of phone calls are considered ‘Great Leads’
One of the coolest things Conversation Analytics can do is affix a lead score to each phone call. This allows campaigns, ads, keywords, affiliates, and channels to be judged based on the quality of phone calls they produce, and not just the volume and quantity of phone calls they produce. Lead buyers will gladly pay more for calls with a lead score of 90 than a lead score of 30.
Conversation Analytics can determine if a phone call was a good lead or a bad lead. In Q1, only 29% of the millions of calls analyzed were great leads (scores over 80).
5) If you do any 8 of these 10 things, you’ll convert 80% of your calls
This is cool. We basically stumbled on a formula for converting more calls. We found that any 8 of the following 10 things happened on a call, that call will convert more than 80% of the time. Here are the 10 things…and remember that you only need 8 of them:
– Compliment – The agent complimented the caller.
– Politeness – The agent was polite to the caller.
– Acquired Address – The agent has acquired an address (a city or a state or a street address) from the caller.
– Acquired Name – The agent acquired the name from the caller.
– Phone Number – The agent acquired the phone number from the caller.
– Sales Inquiry – The call was a sales inquiry.
– Ask for the Business – The agent asked the caller for their business in a direct way.
– Ownership Language – The agent used ownership language on the call.
– Determine Needs – The agent determined needs.
Deep Call Metrics
Call tracking is no longer enough. The time has come to extract useful data from call conversations themselves. Powerful data like this will help affiliates, buyers, aggregators and the entire industry.