As a business owner, there are four huge red flags to be aware of when monitoring and analyzing your budget. These four signs indicate that you may be wasting precious dollars on ineffective ads.
1. You don’t know your exact advertising ROI.
“Half the money I spend on advertising is wasted…I just don’t know what half!”
This is the most common issue we hear from business owners. When businesses choose not to track their advertising analytics and ROI at all, or when the processes they have in place to track aren’t working, the results are expensive. Not knowing the exact advertising ROI means they will continue to spend, and often waste, dollars. When you hire a call evaluation company, you can expect to find out down to the penny just how successful your advertising budget is doing. With call evaluation, you can identify why campaigns are bringing in customers, what campaigns are floundering, and what campaigns need more testing.
2. You don’t know how much money you’re wasting.
Just how much money are you leaving on the table? We see this most often with companies that believe that simply closing a sale is enough to give a complete picture. For example, they may think CRM reports or CSRs’ stroke tallies accurately show information because they will show that a company had five calls that generated revenue from a newspaper ad.
However, there’s a problem with this thought process: stroke tallying, reports, and other similar methods show you only how many calls you booked, sales you made, etc.—you’re seeing only the wins, not the whole picture. Call evaluation gives you the information you don’t know—the number of calls or sales you lost. This is the critical piece that fills in the blanks and illuminates just how much money you’re not bringing in.
3. You don’t know how many of your calls are real opportunities.
Savvy business owners track salary, expenses, inventory, and customer service rate—why shouldn’t the dollar amount they spend on making your customers accountable be tracked, too? If you’re not sure how many of the calls your company is getting are real opportunities for business, it’s time to hire a call evaluation company.
Let’s take a look at a hypothetical example of the improvement in a business who implements call tracking:
John Shepherd, owner of Shepherd Plumbing, has a renewed focus on figuring out what kind of results his ads are actually getting (and where advertising is worth it at all). He’s decided to put a separate call tracking phone number on each marketing piece his company operates. Company trucks, website landing pages, each PPC ad they buy, and their Yellow Pages ad all have individual call tracking numbers assigned to them.
The first week, 100 calls come in, but Shepherd notices the revenue isn’t following it. Fortunately, Shepherd has an unbiased call evaluator listening to each of those hundred calls. The call evaluation company Shepherd partners with reports to him that indeed he got 100 calls. 20 of those calls weren’t opportunities (wrong numbers, telemarketers, wrong service, etc.), which left the company with 80 real opportunities. Of those 80 calls, the company booked only 50%. Thanks to call evaluation, Shepherd now knows that the competitor took the other half of his potential customers by riding on his advertising coattails. By implementing systems to monitor this, Shepherd’s given his company a huge benefit: he’s ensuring that his phone representatives’ miscues and off-days don’t turn into lost revenue. He can make changes that save calls and win more business.
(Want to see how much monthly revenue you could save with call evaluation? Check out our ROI calculator here.)
4. The phone is ringing, but your bottom line isn’t growing.
Your phone may be ringing off the hook, but your bottom line isn’t growing. What’s going on? If this sounds familiar, you’ve got a problem that call evaluation can shed light on. Is it your agents or CSRs? Is it your product offering? Is it unclear advertising? No matter which stumbling block is in your way, call evaluation data can help your company identify it so you can remove it and continue on a path to increased revenue.
If any of these situations sound familiar to you, it’s time to stop the bleeding. Find out more about how an investment in call evaluation tools can help you make more money with the same call volume.