Senior Writer: Rohit Rajpal
Even in this digital world, phone calls are important. When making urgent or complex purchases, people prefer to call businesses directly. And, now, with social distancing in place, phone calls are the easiest way to connect with companies. Recent research by Dialogtech indicates that every industry saw an increase in phone calls due to COVID-19.
Besides, 84% of marketers report that phone calls have higher conversion rates with larger average order values than other engagement forms. Another report suggests that calls convert at 10 to 15 times the rate of web clicks.
But that’s just the average across industries. The exact numbers vary from business to business. And, to know the specific number for your organization, you will need to track the results. That’s where call analytics comes into the picture.
That said, let’s better understand what call analytics is and how marketers can benefit from it.
"Call analytics not only unveils valuable data on caller behavior and preferences but also aids in optimizing marketing strategies. The key advice is to leverage call analytics to identify high-performing campaigns, understand customer sentiments, and refine communication strategies. Additionally, integrate phone call analytics seamlessly with existing marketing tools to streamline processes and enhance overall efficiency."
What is Call Analytics?
Call analytics is a technology that uses artificial intelligence to capture data from phone calls. The data includes the caller’s name, phone number, the marketing campaign that drove the call, and call duration.
Call analytics also helps determine if the caller was a genuine lead and the products they were interested in.
You can use these details to optimize your marketing campaigns for better performance, eliminate underperforming ones, create retargeting ads to reach callers based on the content of their conversations, and reduce your CPA (cost per acquisition).
How Does Call Analytics Work?
Phone call analytics, particularly sales call analytics, operates by assigning distinct and traceable phone numbers to various marketing sources. These dedicated numbers capture essential caller information, including name, phone number, location, and the specific marketing source that led to the call.
Once a call is initiated, the platform records it and employs speech-to-text technology to transcribe the conversation. Artificial intelligence then analyzes the transcription, extracting actionable insights at scale.
These insights encompass crucial details, such as identifying potential sales leads, assessing the caller’s urgency, understanding the products or services inquired about, and determining if the caller ultimately converted into a customer.
The recorded and transcribed calls can be accessed by marketers, providing valuable learning opportunities from the spoken interactions. Furthermore, call analytics data can be visualized in comprehensive reports, enabling marketers to evaluate performance and identify trends.
Integrating this data into digital advertising tools, CRMs, and other platforms empowers businesses to make informed decisions, optimize strategies, and achieve superior results based on a deep understanding of customer conversations and behaviors.
Information Call Analytics Can Provide
While the exact level of insights a call analytics system provides depends on if it uses AI to analyze calls and how advanced the AI is, you can expect the following from the best VoIP service provider for business.
- Caller’s name and phone number
- The day and time of the call
- The device used to engage with your marketing campaign
- The geographic location of the caller
- If they are new or repeat caller
- If the call was answered and who answered the call
- If the caller abandoned the call
- Call duration
- The products and services the caller was interested in
- If it was a sales opportunity
- The call’s lead score (the likelihood of conversion)
- If the call resulted in sales
Benefits of Call Analytics for Marketers
Now that you know what call analytics is and what insights it can provide to your marketing team, let’s look at the reasons to invest in it.(Source: martechlive.com)
1- Get a Birds-eye View of Your Marketing Campaigns
In order to prove your marketing ROI, you need to measure both online and offline conversions. However, tracking conversions from phone calls can be difficult. That’s where the secret to smart call analytics lie. That is, the more data you collect, the better you can judge your campaign’s performance.
In general, call analytics allows you to track all the inbound calls from each campaign, enabling you to prove the ROI to your superiors. Then, depending on your software, you can go beyond basic details to find the keywords that drove the call.
Also, if you notice more calls but fewer conversions, the issue might lie with the people handling sales calls. So, it might be time to review and optimize the sales process.
2- Provide a Seamless Omnichannel Experience
Many marketers struggle to offer a seamless omnichannel experience to their customers. Call analytics can combine the online and offline journey to provide the best possible experience to each individual. In other words, you can better manage customers with call analytics.
For instance, when you integrate your VoIP system with the CRM, the inbound call details will be stored in the CRM. With call analytics, you can capture even more data like the product the prospect was interested in, their concerns, and the campaign that drove them.
You can then combine these details to prepare for possible objections and concerns to increase conversions.
3- Attract More Customers
As mentioned above, call analytics powered by AI enables you to better understand the performance of each campaign. This means you can determine what brings prospects to your business, which you can use to create new high-performing campaigns.
In other words, sales potential with intelligent call analytics is high when done right. You can even track what keywords drive customers to your business. These keywords combined with a powerful, compelling copy can further increase conversions.
4- Improves Employee Performance
Call analytics is not only about tracking. It also includes call recording. You can listen to calls to determine what converts or deters away prospects. This makes it easier to pinpoint areas where most of your agents are going wrong. Once identified, you can create strategies to target inaccuracies and prepare your agents to better address customers’ concerns.
This will also help identify your best performers and those who need more training. You can also use the best and worst calls to coach new employees. That way, you can stay assured that your potential customers are super delighted every time they reach you.
5- Understand Customer Behavior and Trends
One thing that’s common in every business is change. Customers’ demands and expectations from companies change very often. And, you must be prepared for these changes. If not, you will probably lose customers to your competitors who are prepared.
AI-powered call analytics help identifies key moments in each call, such as keywords mentioned, competitor mention, and objections. You can use these insights to understand what customers expect from you and create targeted marketing campaigns accordingly.
It also enables you to better prepare for changing customer behavior and increase the chances of retention.
Call analytics has quickly become a part of modern marketers’ everyday life. It helps determine which campaigns are generating the highest ROI and which ones need to be stopped. It also enables you to better understand your prospects’ needs and prepare for changing customer behavior.
Have you invested in call analytics? If not, what’s stopping you? Let us know in the comment section, and we will address your concerns immediately!
Why Should Marketers Use Call Analytics?
Call analytics provide marketers with invaluable insights into customer conversations to optimize campaigns. By understanding pain points and objections, marketers can fine-tune messaging and offer to boost conversions.
What Industries Should Use Call Analytics Solutions?
Phone call analytics solutions can bring valuable insights and benefits to a wide range of industries. Any sector that engages in customer service, sales, or client interactions can leverage call analytics to enhance their operations. Whether it’s retail, healthcare, finance, technology, or hospitality, the ability to analyze and understand customer conversations provides actionable data to improve communication strategies, identify customer needs, and enhance overall service quality.
What Should You Ask When Choosing Call Analytics Providers?
Key questions include:
- What types of calls/data can you analyze?
- What integrations do you support?
- How customizable are the dashboards?
- What security measures are in place?
- Do you offer live call listening and tagging?
- How quickly can you deploy and scale?
How do you Analyse Call Data?
First, use dashboards to identify high-level patterns in call volume, duration, department transfers, etc. Drill down into transcripts to surface common questions, complaints, objections, etc. Layer in customer metrics to uncover links between calls and business outcomes. Share findings to drive training, staffing, and process changes.