How finance marketers increase conversion rates

Category: Data and analytics
Often, it’s the simplest solution that leads to a breakthrough. Increasing conversions. It seems easy enough: An engaging, responsive website, compelling USPs, competitive pricing, an all-encompassing marketing strategy…

But you’re still not hitting your targets.

You need to analyse exactly which channels are generating leads. So where do you start?

In-depth call tracking analytics provide marketers with access to wide-ranging data above and beyond traditional web analytics, affording greater analysis of inbound phone calls.

The humble telephone

The one area that has always been something of a mystery to marketers is telephone response.

For financial marketers especially, this area is critical to understand. Consumers want to be able to have a real conversation with a person about what is potentially a complex purchase.

66% of smartphone users turn to their phones to look up something they saw on an advert. If that piece of marketing has stimulated their interest enough to look it up on their phone, then making a call is an easy and logical next step.

Phone leads are typically more qualified than web leads. You can now start to understand how increasing your conversion rates starts with analysing your inbound leads via the humble telephone.

Case study: Improved return on investment

We examined phone calls to Abbott Moore over a three month period. Our analysis revealed that 62% of all telephone response was generated from one page on their website, suggesting that the majority of their content and advertising was under-performing and not delivering an adequate return on investment.

Using call tracking enabled them to streamline their conversion process and improve ROI by:

  • Revealing shortcomings in their website content, allowing them to improve their messaging and reduce their bounce rate.
  • Strengthening their partnerships with the referrers who produced valuable leads.
  • Providing them with insight into how their wider marketing activities were performing.

Read more in our free eBook for financial marketers

Understanding where your conversions come from

The path to conversion is rarely straightforward. More often than not, multiple pieces of marketing have contributed to a conversion. Web analytics alone don’t provide you with enough visibility of the total number of leads and sales your marketing produces or provide you with an accurate return on investment.

Call tracking shapes the bigger picture on ROI by allowing you to attribute the lead or sale directly to the original source – and keyword – of the call.

Developing a deeper understanding of the calls that generate sales helps you to fully understand which marketing efforts are most effective, allowing you to improve your marketing ROI.

Detailed reports enable you to view these calls to your business in a variety of ways. Linking call tracking software with your Google AdWords account, for example, allows you to report on phone calls alongside your online traffic. This information provides you with a solid basis to decide how best to invest your marketing budget to improve your lead generation and conversion rates.

Putting insights into action

Businesses that meet their lead generation challenges head on and use call tracking to fill in the information gaps in their reporting and analytics reap the rewards of profitability and revenue growth. Do as they do, and you may find that you too will become a top performing firm.

About the author - Natalia Selby

Marketing Executive at Mediahawk, with 20 years experience in analytics and content management.