July 24, 2018 Marketing Analytics

In most industries, the cost per conversion on digital channels is soaring. Research shows the average cost per action (CPA) is $49 for search and $75 for display, with costs exceeding $100 in several industries. It’s less for Facebook ads — $18 average CPA — but that number goes as high as $55 depending on the industry.

As average cost per lead soars in many industries, voice analytics can give your team the edge in today's competitive landscape

Source: WordStream

The stakes for digital have never been higher, and neither has the pressure on marketers and agencies to optimize campaign performance to win the most customers at the lowest costs. As costs rise, every conversion counts — especially those that lead to appointments, sales opportunities, and revenue. And for mobile advertising, that conversion is often a call. When consumers run searches and engage with digital ads, emails, and website content on their smartphones, it’s easier and more natural to call the business rather than fill out a form on their small screens and wait for the business to call them.

Inbound calls are often the most valuable leads — callers convert to customers on average 10x–15x more than online conversions. Someone who calls a business usually has higher purchasing intent and is further along in the customer journey than someone who fills out a web form. Plus, a caller is a live lead that businesses can close and upsell right away.

Below are 3 examples of how you can use voice analytics to capture valuable marketing insights and, in turn, optimize the performance of your digital advertising campaigns.

1. Use Voice Analytics to Determine if Callers Are Quality Sales Leads

A fundamental question that marketers should answer is whether or not each caller is a quality sales lead. As marketers, we invest significant resources and budget in search and digital advertising, SEO, email, and other channels to acquire customers and grow revenue for the business. But this spend is wasted if we’re generating support calls, job seeking calls, and spam calls, rather than sales leads with conversion potential.

It’s critical for marketers to know not only how many calls each marketing channel and activity generates, but how many quality sales calls they deliver to each location. That way you can make the right marketing optimizations to drive more of the calls that result in appointments, opportunities, and revenue, while eliminating spend on the programs that aren’t impacting the business. It’s a proven way to acquire more customers while reducing cost per lead.

Voice analytics show the lead quality and volume from website pages and landing pages

 Sample report of call volume and quality from landing pages and webpages

2. Track Whether or Not Each Caller Converted

Knowing not just that a caller is a quality sales lead — but where they are in the customer journey after the call is completed — is invaluable marketing data. It’s the only way to accurately determine what to do next with that caller. For instance, if a caller fails to convert, you can retarget them with a particular search, Facebook, or display campaign — possibly offering a discount or special offer. If a caller converts, you can target them with a relevant upsell campaign or exclude them to avoid wasting spend. You can also use converted callers to improve your lookalike campaigns.

If you don’t know whether calls you deliver to your locations or call centers converted to appointments, opportunities, or customers, you can’t answer those questions. You then risk wasting budget retargeting customers who have already converted over the phone. Or you risk missing out on new or repeat business by failing to target callers that are ready to buy.

Voice analytics can show the results of calls -- for instance, whether the calls resulted in an appointment

Sample report listing calls that converted to appointments

3. Learn What Questions Callers Ask

For marketers to deliver the relevant, personalized experiences consumers expect across all channels, devices, and touchpoints, you need to know who those consumers are, what they’ve done, and what they want. That requires accurate, holistic customer data. And while you can certainly learn a lot by analyzing how people engage with your digital ads and website, no interaction provides more valuable insights into a consumer than a phone call.

With voice searches exploding, marketing thought leaders talk about the importance of understanding “the voice of the customer” — a phone conversation is literally that. It’s the customer, in their own voice, in real time, telling you what they want. With billions of these conversations with businesses taking place every day in the US alone, it’s an unparalleled resource of marketing insights you can tap into to understand your audience.

By analyzing voice interactions, marketers can fill in the gaps in their intelligence data and build more nuanced, in-depth customer profiles to improve messaging, make smarter optimizations, and provide more personalized experiences that drive revenue. And the questions callers ask businesses in particular often tell you the most about what the caller cares about and — best of all — what they need to know about the products, solutions, or services you market to make a purchasing decision. Marketers can leverage those insights to acquire more customers.

In addition to helping you build customer profiles, voice analytics allow you to implement a more effective content strategy. By analyzing specific calls driven by a product’s webpage, you can learn common questions that callers are asking. You can then give this information to your content team, so they can update the page to answer those FAQs. These updates will improve the page’s SEO and clear up customer questions, leaving your agents free to sell rather than educate.

To learn more about how voice analytics can drive revenue for your business, download our Digital Marketer’s Playbook for Voice Analytics.

Want to learn more about how you can leverage voice analytics to gain a competitive edge? Download our Digital Marketer’s Playbook for Voice Analytics.

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About the author:

Derek Andersen

Copywriter, DialogTech

Derek is a copywriter at DialogTech. He graduated from Illinois Wesleyan University with a degree in Marketing and Creative Writing. He enjoys running, playing guitar, and staying up to speed on the latest news in marketing and technology.

See more posts by Derek Andersen

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