Prove it. That’s a statement I live by in the business world, and it is 100 percent dependent on data. As a Product Manager at DialogTech, I carefully track KPIs (Key Performance Indicators) of my own products, and as a company we track KPIs for all areas of our business, including those relevant to our own marketing. To drive growth, it’s important for marketing teams to establish the right KPIs and use them to focus on the channels that drive more leads that convert to sales. In today’s smartphone world, those leads are often inbound phone calls.
If your business values phone calls, there are marketing KPIs you should consider measuring to help you improve ROI. Here are some of the more popular KPIs businesses like yours track — as well as a solution to help you measure them.
What exactly are KPIs and how are they used?
KPIs are clearly defined, measurable metrics used to identify changes over time. They are used to align key business metrics with clearly defined goals. By creating marketing goals based on KPIs, you can track metrics over time, measure the health of products, monitor campaign performance trends, and more. You can attribute these trends back to decisions and actions taken regarding your marketing initiatives, new product development, remarketing, or other key strategies you executed recently.
What are top marketing KPIs I should be tracking for phone calls?
When working with DialogTech clients, from small businesses to large enterprise brands and agencies, they often tell us that our platform helps them track many of the same marketing KPIs. While you should decide which of these matters most to your brand and desired marketing outcomes, here is a list of the most common metrics:
Top Web-Based Metrics to Track:
- Average CPC
- Average position
- All conversions
- Web conversions
- Call conversions
- Conversion rate
- Cost per conversion
Top Call-Based Metrics to Track:
- Total inbound calls
- Calls by day
- Calls by time of day
- Unique inbound calls
- Average call duration
- Break down each of the above by the call source
Below you can see an example of how you can have all of this data visualized in one report:
For DialogTech customers, phone calls are one of their most important lead sources, since phone customers convert faster, spend more, and churn less. Therefore, it is crucial to clearly see the impact their marketing strategies have on driving phone calls and the role those calls play within the customer journey.
How can a KPI dashboard help me track all of these metrics?
By using an omni-channel dashboard like DialogTech’s Dashboard Insights that includes data on both calls and online conversions — as well as analytics from sources like AdWords, Facebook, Google Analytics, and more — you have several advantages over marketers that manually track metrics from all their sources. You can:
- Quickly and easily view KPIs from various marketing channels side by side to identify when changes in performance are related.
- Schedule reporting to regularly communicate performance and increase transparency.
- Set goals for KPIs, with the option to display progress images.
- Set notifications to alert you of any KPI shortfalls before the triggered report is sent to your C-Suite or clients. This allows you to provide context as to why the goal was not met before the report is sent out.
With KPIs defined and added to your dashboard, and reports scheduled to send out to your stakeholders, it’s important to clearly display where the KPIs stand in respect to the goals that were set.
Reports in Dashboard Insights offer a variety of ways to do this. With the “visualize” option in our KPIs, a red, yellow or green icon will display depending on how close the KPI is to the goal. To add some additional context to the KPI, you can display the percent change (up or down) from a previous timeframe. While these visual identifiers help the viewer quickly understand the health of the KPI, it can also catch a person off guard if they weren’t expecting to see a drastic change or failed goal.
To help mitigate confusion and give your business control of the conversation, DialogTech offers a reporting option to 1) not auto-send the report and 2) alert your business when specific KPI statuses occur. This allows you to guide your viewers through the change instead of having them draw their own conclusions.
KPIs can help you make hard decisions.
The correct data proves success, provides context for failures, and gives you measurable metrics to make decisions. It took me a while to learn this, but hard decisions are made every day, and sometimes they are the wrong ones. When that happens, data is your best friend.
When analyzing failures with hard data, two things happen. First, you can clearly explain why the decision was made. This changes the conversation from trying to justify why it was made to determining if you had the correct information when making it. Second, data allows you to track business health and see the impact of good or bad decisions much earlier, which alerts you to make changes sooner than you would have otherwise.
Setting up a marketing KPI dashboard is easy with the right tools.
Monitoring KPIs can help your overall business drive growth by helping you prove results and make better strategic decisions. Setting up an easy-to-interpret dashboard of your key metrics is the first step to making KPIs an integral part of your marketing strategy. DialogTech can help provide you with powerful data and actionable insights all within your existing marketing stack.