Calls are a critically important part of your business. Not only are they a source of leads and, ultimately, sales, but they also hold a gold mine of insights that could help you improve your marketing performance.
Yet, extracting call insights isn’t always easy. The sheer volume of calls you receive and the lack of resources – both time and personnel – to devote to manual call analysis can make reviewing and analyzing every conversation difficult, if not impossible.
In the past, you may have accepted that you simply couldn’t listen to every call and would miss some valuable insights. Today, that’s no longer the case. CallRail’s Conversation Intelligence® (CI) uses artificial intelligence (AI) to review and analyze all your calls for you. Not only can CI analyze a call in a matter of minutes, saving you time and manpower, but it can also provide near-human accuracy and quality.
But if you really want to move the needle on your marketing performance, our Premium Conversation Intelligence™ (PCI) solution provides additional advanced features that allow you to save time surfacing call insights, ensure teams are delivering quality and consistent customer service, and optimize marketing and sales conversions by automating call transcription, so you can make strategic marketing decisions that will improve your most important marketing KPIs.
Evaluating your call insights maturity level
Before we get into how to use PCI to drive stronger marketing performance, let’s first assess where you are today on your journey. As you advance in your maturity level, you will gain more insights and save more time, money, and manpower while optimizing your marketing performance and boosting your KPIs.
Which level is your business at?
- Note-taking: You don’t transcribe or record your calls. Your staff takes notes while on calls so they know what they need to follow up on. Notes are often scattered, rarely shared with other team members, and you’re getting next to nothing in the form of intelligence from your calls.
- Call recording: You record calls and listen back to them if necessary. Call recording also helps you track calls and gives you insight into what marketing campaigns are generating what calls so you know which campaigns drive the most calls.
- Call transcribing: You can transcribe calls using automated technology like CI and start to leverage AI. This has enabled you to get insights from your calls much faster and with fewer resources than before, but you still have to review each transcript to gather insights.
- Call summarization: You’re tapping into the full power of Premium Conversation Intelligence – and let AI do the work for you – with key highlights from calls are summarized to save you the time and effort of reviewing every call. You can also quickly identify emerging trends because it analyzes and summarizes insights across numerous calls.
Regardless of where you are on your call insights journey, Premium Conversation Intelligence can strengthen your marketing performance. Here are 6 of the most critical marketing KPIs PCI can move the needle on.
1. Monitor customer and staff sentiment
Monitoring customer and staff sentiment on your calls helps you understand what frontline teams say on calls and how that impacts customer satisfaction. It also allows you to identify where staff may need additional support or training and helps ensure quality experiences for your customers, which strengthens customer loyalty, drives positive word-of-mouth, and ultimately contributes to the long-term success and growth of the business.
How Premium CI can help:
- Ensure quality on call. PCI allows you to monitor and measure the sentiment of calls so you can quickly understand what your frontline teams are saying on calls without spending time listening to call recordings. This helps team leads ensure their teams are providing good experiences.
- Quickly identify customer frustration and escalate calls. PCI’s call sentiment analysis feature helps you identify customer sentiment in real-time so you can quickly escalate calls where customers are frustrated to a manager.
Identify training opportunities. Call summaries make it easy to find whether talk tracks are being followed and identify areas where product training may be needed.
2. Reduce cost per lead or deal
Cost per lead (CPL) or cost per marketing qualified lead (MQL) is a crucial metric because it allows you to determine the effectiveness of your campaigns and make data-driven decisions that can improve campaign performance and further lower your CPL. Many marketers also track the overall cost per closed/won deal to understand the total cost to make a sale. This metric is important because profitability for any business relies on the cost of a sale being less than the revenue generated by the sale.
How Premium CI helps:
- Surface insights about emerging trends. These types of call insights can illuminate new campaign ideas or identify optimizations that can be made to existing campaigns to bring in higher-quality leads at less cost. A roofing business might, for example, see an emerging trend of leads asking if they can reroof and install solar panels. With this key insight, the company can create an entirely new line of business that incorporates solar panel installation as a core offering.
- Identify popular keywords or phrases from customer calls. You can leverage Call highlights to further improve and refine your SEO and keyword bidding strategies by learning which terms and phrases used not just in your calls, but across your industry, allowing you to be more targeted in your ads and thus lower your CPL.
3. Conversion value
By tracking conversion value, you gain insights into the revenue generated by each conversion and understand the value of each lead or customer. This information can help you adjust your bidding strategies, optimize campaigns, and allocate your marketing budget more effectively to drive higher value conversions.
How Premium CI helps:
- Discover and then optimize for your highest-quality leads' needs and buying patterns. Using call summaries, you can identify what’s most important to leads. You can then create campaigns that bring in better quality customers interested in higher-value products or services.
- Identify and prioritize calls with high conversion value. Keyword spotting lets you identify keywords used in calls with the highest conversion value. You can then better identify and prioritize calls with these keywords, since you know they will likely result in a higher conversion value.
Determine which campaigns are generating the right conversations. For instance, if a specific tracking number is generating a majority of calls where the call sentiment indicates customers aren’t very interested in your service, you know that campaign or ad is not driving your highest quality leads, and thus your conversion value will be lower, and you can adjust your marketing strategy accordingly.
4. Time-to-close
Time-to-close is an important metric because it measures the time it takes for a lead to convert into a customer or to resolve a support ticket.
From a marketing perspective, comparing time-to-close across different campaigns or channels helps identify which campaigns or channels are most effective at driving quick conversions. This allows you to adjust your marketing strategies accordingly. If a social media campaign has a much shorter time-to-close than a print ad campaign, for example, you may choose to allocate more budget to the social media campaign or adjust your messaging to reflect the campaign messaging that is closing fastest.
For support teams, time-to-close can be used to measure the efficiency of the support process and ensure that customer issues get resolved quickly and effectively. By tracking time-to-close for support tickets, managers can identify areas where the support process may fall short and make adjustments to improve response times and resolution rates.
How Premium CI helps:
- Reduces friction when engaging in multiple conversations with customers to speed time-to-close. Call summaries provide better context for hand-offs or conversations that need to be handled over multiple calls. Support tickets requiring multiple agents also go more smoothly and are easier to resolve to the customer’s satisfaction.
- Prioritize high-quality leads. Using Automation rules you can identify high-quality leads based on actions taken or words spoken, so their calls are answered quickly, and deals can close faster.
- Identify hot leads. Call scoring helps you rank leads based on a database of specific words or phrases and pass those leads to the best reps to close the sale, improving your time to close.
5. Customer lifetime value and retention
Lifetime value (LTV) and retention are crucial marketing KPIs because businesses with a higher customer LTV and retention rate tend to also see improved profitability. Research has shown that a 5% increase in customer retention produces more than a 25% increase in profits. Similarly, a high churn rate can be detrimental to a business, as acquiring new customers is much more expensive than retaining current customers.
How Premium CI helps:
- Retain customers longer. Call sentiments make it easy to identify conversations as positive or negative so your team can respond accordingly, allowing your business to retain customers longer.
- Decrease churn rate. By being able to monitor call sentiment in real-time, you can quickly route calls with a negative sentiment to a manager who is empowered to address the customers concern and thus more likely retain the customer.
- Increase upsell or cross sell opportunities. Using Keyword Spotting you can identify services or products customers are interested in and use that insight to upsell or cross sell the customer.
6. Return on Investment (ROI) and Return on Ad Spend (ROAS)
ROI and ROAS, which measures the overall cost versus the revenue generated from either a marketing or ad campaign investment, provide crucial insights into the whether marketing efforts are paying off. By analyzing the ROI or ROAS of different campaigns or channels, you can identify the most successful and cost-efficient strategies and optimize your marketing campaigns accordingly to generate higher returns.
How Premium CI helps:
- Gain post-call intelligence. PCI provides valuable insights into customer conversations post-call. You can use these insights to refine your marketing messages, audience targeting, and overall ad strategy to make your campaigns more effective and deliver a higher ROI. For example, a businessy can use PCI to identify common pain points or customer preferences and tailor their marketing campaigns accordingly, leading to higher conversion rates and improved ROI.
- Identify which key terms or words are effective for SEO and other marketing and ad campaigns. You can leverage call highlights’ findings to further improve and refine your SEO and keyword bidding strategies by learning which terms and phrases used not just in your calls, but across your industry.
- Identify high-converting calls. Call scoring allows you to assign scores to calls based on predefined criteria so you can evaluate the quality and relevance of customer interactions. This helps you understand the characteristics of successful conversations and replicate those patterns in future marketing campaigns. For example, a doctor’s office can usecall scoring to identify what specific medical services were discussed when appointments were booked. This enables the practice to focus their marketing efforts on attracting customers more likely to convert, resulting in improved ROI.
More insights with less effort, time and cost
If you’re not taking full advantage of your calls by recording and analyzing them, you’re missing a big opportunity to improve your marketing performance across your most important KPIs. Not only does Premium CI provide advanced features that allow you to track critical marketing metrics, such as lead generation, conversion rates, and customer satisfaction, it makes it faster, easier, and more cost-effective to achieve your marketing goals and stay ahead of the competition.
Start making the most of your calls with CallRail’s Premium Conversation Intelligence™.
