In a marketer’s world, there’s so much valuable data to analyse and so few hours in the day. We need to be ruthlessly efficient with how we spend our time. That got me thinking… if we only had time to monitor 5 call tracking metrics – what would they be?
Lead generation is important and leads received via the phone are the most important of all.
Did you know that 60% of customers prefer to get in touch by phone, while only 24% prefer forms, emails or chat?
We need to measure performance, allocate budget to the right channels, and show a healthy ROI. Here are five metrics you can start using today that will improve your performance.
Finally, we’ll put the metrics into one laser-focused dashboard, delivered to your inbox each morning for you to digest while enjoying your first coffee.
Metric 1: Source call volumes
Understanding which sources drive telephone calls is completely critical. Knowing which ads generate results is crucial to focus your efforts and allocate budget effectively.
Using dynamic numbers shows every visitor to your website and when they call you. This allows you to track the movements of each visitor from source (e.g. a PPC ad), through your website to the point of conversion.
Dynamic numbers, as opposed to static phone numbers, on your website give you clear advantages, including:
- knowing which sources are responsible for generating the most calls, enabling you to adapt your marketing spend and strategy.
- tracking the relative performance of each campaign, even when they have similar messaging.
Note the column heading ‘VCR’ in the screen-grab above. This stands for Visitor to Call Ratio – we’ll look at this in more detail in Metric 4.
Metric 2: Keyword performance
You, or your paid search agency, put time and effort into tweaking your keyword stock to create a high-performing channel.
An easy way to help this goal is by attributing calls to keywords. This allows you to understand the performance of your business-as-usual search terms. What’s more, it helps you identify new keywords to focus on – before your competitors wise-up to them!
You may have a high cost keyword that doesn’t appear to be delivering leads. In actual fact, the keyword could be generating leads, but they could be phone calls that aren’t being attributed. Tracking calls against keywords gives you far greater accuracy in your paid search reports.
Metric 3: Landing page effectiveness
We’ve all launched campaigns and gone to great effort to optimise our landing pages. We may also have variations of landing pages to identify the best performing layout, content, or design. Tracking calls from landing pages, often the very aim of the page, isn’t implemented.
The upshot is that you may be incorrectly undervaluing what is actually a successful campaign.
Remember that 60% prefer the phone, only 24% prefer email/ chat. If you’re only gathering data from your online conversions, you’ll miss out on vital performance data.
Metric 4: Visitor to call ratio (VCR)
You might have a source or channel producing lower than average visitor traffic, but a higher than average cost per visitor. It would be easy to dismiss this source and divert budget away.
Not so fast! What if the ratio of calls that source produced was three or four times the level of other sources? I’m certain that, nine times out of ten, you would trade a higher call rate for a lower visitor rate from a source.
You can see that VCR is critical. This metric identifies the sources responsible for effectively delivering high quality phone leads. You can separate these from those sources that purely generate visitor volume.
Metric 5: Expected revenue from calls
The ultimate call tracking metric: How many calls did we receive, and how much revenue resulted from those calls?
It’s easier than you might think.
Call tracking allows you to attribute your calls to a campaign, ad – even a keyword – in your CRM or lead capture platform… Even if that’s a simple Excel sheet.
Here, we’ve captured leads, attributed them to a marketing source, and tracked their value in the CRM.
As each lead moves through your pre-defined flow to ‘Closed’, you can report on the exact amount of revenue each channel produces. This includes leads that come in as telephone enquiries.
Bringing it together
One dashboard makes it fast and convenient to keep track of these core metrics. It’s quick to review, and becomes an interesting and informative part of your day instead of a frustrating chore.
Mediahawk’s dashboards are easy to set up. You choose the metrics you want to keep on top of, and set up recurring emails to receive them when you want them.
You can only watch so many KPI’s. We’ve given you some powerful tracking ideas that will:
- enable you to stay on top of your elusive telephone leads, and
- provide you with the accurate data you need to make better informed marketing decisions.