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5 Reasons Why The Financial Services Need Call Tracking

Technology

Which leads successfully convert into revenue? Are they generated through online or offline activity? Which marketing activities spark an enquiry? In this increasingly competitive field, you'll want to make sure that you are employing an effective multichannel strategy. But if you're not monitoring how successful each campaign is, how do you know which activities are getting your phone to ring?

1. Ultimately, your business relies upon the phone

You might be contactable via your website but, ultimately, the phone is an extremely important method of communication for your business. This is because the product and services that you offer are both complex and expensive. As soon as the complexity of a product increases, the more a prospect wants to talk to a person. So, for example, if someone has just bought a car; a highly emotive and infrequent purchase, they'll be taking out insurance too. When someone buys an expensive and complex product want to be guided through the process by a professional, which is why they prefer to talk to someone over the phone. The only way that you can qualify and quantify these phone conversations is through call tracking. You'll also be offering a helpful service to your customers too!

2. Track online and offline marketing

Your marketing spread covers a plethora of sources, from TV advertising to print and from Pay Per Click advertising to price comparison sites. 2013 saw a 44% increase in new motor policies arranged via price comparison sites. You need to take this extra step in the buying cycle into consideration, because, although you might think your expensive TV ads are generating the most calls, in actual fact you could be closing a lot more sales via referrals – a much cheaper channel. Call tracking will show you which of your customers are coming direct from these price comparison sites, and from your more expensive advertising like TV commercials, therefore you can begin to target these areas with your marketing budget, or cut them out completely.

3. Save Time

You're one of the busiest industries. If you're honest with yourself, the reason that you're not accurately monitoring your leads and sales is because you simply do not have the time.

Call tracking software can collate all of this information in the background. You'll be able to see up to the minute reports of all your open leads, which leads have closed and through which marketing channel – leaving you to focus on securing more conversions.

4. Track Sales Efficiently

The buying cycle for financial products is lengthy and complex: A prospect might first receive a direct mail – or call their current insurance provider – for example, but the quote is too high. They then decide to shop around by looking at a price comparison site, and possibly visit a couple of insurance websites before finally settling on a company.

This complex path to conversion is virtually untraceable without some kind of call tracking and web analytics software. Call tracking follows your prospects from the beginning to the end of their journey. The reports will show you which areas of your marketing they've engaged with, so you can accurately attribute the sale to the correct piece of marketing. You can even use the data for retargeting campaigns, such as the AdWords display network, to gently ease them further down the sales funnel.

5. Protect your revenue

When large corporations like supermarkets enter the field, it's imperative that your business can differentiate itself. Whilst being competitive on interest rates and price can be a beneficial tactic, if you're not certain about which areas of your marketing are working, how can you know if you're targeting your audience using the right tactics and the right channels? For example, you might find that a number of high-net value clients are abandoning online applications and picking up the phone instead. Without call tracking software, you wouldn't know about this blip in your conversion process. Call tracking will show you where you're going wrong so you can protect your revenue.

Download The Financial Marketer's Guide to Call Tracking to help boost your marketing ROI and maintain your competitive edge.

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