Today, we’re introducing The Beginner’s Guide To Call Measurement. In it, we’ll discuss:
- What call measurement is, and what call measurement companies do.
- Why call measurement is important.
- How much call measurement costs.
What Is Call Measurement, & What Does A Call Measurement Company Do?
Businesses make all kinds of investments to stimulate growth. Of these investments, marketing is one of the most important. More than merely advertising a product or service, when used correctly, marketing is “buying” customers for your business. Call measurement, also known as call tracking, is gathering metrics and analytics to report on trends in the marketing performance you’re investing in.
Call measurement companies should be unbiased, neutral partners who provide all types of businesses (from Main Street mom-and-pop-shops to Wall Street Fortune 500 companies) data to help them maximize their gain on advertising investments, as well as discover their precise cost-per-lead by media, source, and campaign.
Call measurement companies vary in size, ability, and of course, reputation—one important thing to remember is that all call measurement companies are not equal. In fact, some so-called call measurement companies are fly-by-night shops that provide you bare-bones service with no guarantees on reliability or service. These are the kinds of call measurement companies you want to avoid, even if their prices seem to be amazing; when it comes to call measurement, you get what you pay for.
On the other hand, a reputable call measurement company will not only have references you can check and customers you can talk to, they’ll also be able to give you proof that their tools can help you improve your bottom line.
How Does Call Measurement Work?
An experienced call measurement company will provide advanced call measurement services. At Callcap, our call measurement solutions pair with a unique phone number to associate with every single advertising piece you put out. Inbound calls to your Callcap number go through us and route back to you at any phone number you want. This allows us to gather and deliver, in real-time, vital information about potential customers responding to your ads and the specific ads that are generating the most incoming revenue for you.
Custom-Fit Solutions To Identify Opportunities & Fix Mistakes
In addition to call measurement, Callcap also offers custom-fit solutions to help you do even more with your data:
- Call recording is a powerful tool for many businesses when it comes to improving customer service and keeping detailed records of every precious sales lead.
- Call evaluation, which we call Callsurance, gives you the ability to have every phone call evaluated by our trained call analysts to determine if a phone lead converted to a sale, or if it was a solid lead that was blown.
- Call recovery, which we call Callsaver, gives you a second chance to save business revenue you would have lost to a competitor. Callcap collects caller data and information; then, Callsurance allows your calls to be evaluated, graded, and flagged for recovery if an opportunity to make money was blown. Those negative calls are emailed to you immediately and placed in your Callsaver queue, providing you everything you need to call the customer back, overcome their objections, and close the sale.
Why Is Call Measurement Important For Service Businesses?
If you’re allocating any part of your budget to advertising, you’re either wasting it or you’re profiting from it. Do you know which is true for your company? If you can’t identify exactly how well (or poorly) your investment is performing, you need call measurement to show you your advertising is reaching its intended destination.
Call measurement also provides data that can help you transform the way you target, talk to, and treat your prospective clients and current customers. This illustration shows just how important call measurement is for service businesses:
Imagine you’re a local plumber who’s planning on advertising your business on your fleet of vehicles, in the newspaper, and on television. You’re interested in seeing which method is most successful, so you buy three different phone numbers (that all forward to your office phones) to use as call tracking numbers for the ads—one for your vehicles, one for the newspaper ad, and one for the television commercial.
After a few weeks of advertising on all three media, you check to see which phone numbers received the most calls. You find out the phone number on your vehicles has received five times as many calls as the numbers from the newspaper and television ads combined. Now you have the data you need to reassess your marketing strategy, and you have the evidence to warrant either pulling your newspaper or television ads so you can reallocate that money elsewhere.
However, that’s not all call measurement can help you with. With reports, we can gather and deliver, in real-time, information about potential customers responding to your ads and the specific ads that are generating the most incoming revenue for you.
In the scenario above, call measurement gives you the ability to continue testing. Here are three options:
- If you want to know which geographic areas are bringing in the most customers, instead of using one number for the entire fleet of vehicles, you can place a unique call tracking number on each vehicle assigned to a specific part of your service area. With the data you gather from call measurement, you’ll be able to identify which regions in your service area most of your customers are calling from. With this information, you can target different types of advertising to those high-performing locations.
- If you do decide to test certain locations with, say, a brochure advertising your services, you can assign unique call tracking numbers to see how well each location fared. The scalability is unmatched.
- If you decide to pull your unpopular newspaper ads, and choose to switch to, say, radio spots, you can test the ad’s performance in several ways. For example, if you want to know which time slot is performing the best, use a unique number specific to that time to test which time brings you the most business. We will send you information about how much actual business comes from your advertising sources, and you can adjust your budget to ensure you are maximizing the return on investment of every dollar you spend toward promoting your business, not wasting your time (and money) on advertising that’s not working. You can find out more about how to customize your call measurement efforts depending on your needs here.
Call measurement doesn’t stop there. You can use it in every advertising format, from out-of-home to online. Once you’ve figured out the cost per call, you can use call measurement to track your conversion analytics, so you know exactly how one medium stacks up against the other in terms of conversion. With call tracking, call recording, and call evaluation, advertisers can learn which medium converts best into a final purchase, sale, or appointment. In addition to learning your cost per call, you’ll also be able to find out your cost per sale.
Want to know exactly how much you stand to gain through call measurement and evaluation? Plug your information into our free ROI calculator to see how you can save calls and win more business.
How Much Does Call Measurement Cost?
“How much does it cost?”
How many times a day do you hear that phrase? How many times a day are you the one saying it?
Everything has a price, for sure, and as savvy business people, we tend to gravitate to the “bottom line” first and foremost. However, when it comes to call measurement, cost is not the most important thing to consider. (Go ahead, I’ll give you a few seconds to take a deep breath. Just trust me—you need to keep reading.)
Here’s why the price of call measurement is not the question you should be asking: as you’ve probably experienced firsthand—and as many of us learn the hard way—in business and in life, we get what we pay for. This is more than a cliche; in terms of call measurement, if you’re not investing in the right tools (or any tools at all), you’re almost guaranteed to be spending more than an investment in a call measurement solution with a reliable partner would cost.
A Better Question
If I gave out a list of prices, wouldn’t you be inclined to look at the cheapest options first? I think most of us would! Instead of doing that, and giving you the false assumption that you’d be comparing apples to oranges, I want to take a moment to consider a better question: How much does it cost not to measure your calls? Here’s what I mean:
Costs If You Don’t Use Call Measurement
If you don’t use call measurement solutions, you won’t have to pay for them (obvious, huh?). But what will it cost you instead? Here’s just a glimpse:
- Expense of inefficient marketing tactics. This includes producing and implementing methods of advertising that don’t reach your target market.
- Opportunity costs for the lifetime value of visitors you missed out on (because you didn’t know they were interested or because you had incorrect metrics).
- Lost productivity time if you’re trying to implement call measurement but don’t have the skill set or valuable advice and help of a professional call measurement company.
- The lifecycle of ineffective advertising—which could be weeks, months, or even years—plus the costs of rerunning ineffective ads or creating and producing a new set of potentially ineffective ads.
- Lost customers due to failure to provide exceptional customer service if you don’t know how your customer service reps are performing.
- Less opportunities for time away from work for you—vacations, holidays, weekends—because you feel the need to be there to monitor your business at all times.
- Human resource/employee churn costs: firing, hiring, and training new employees because you don’t know how to solve the problems before they begin.
Ultimately, if you choose not to partner with a call measurement company, you are sacrificing your business’s potential for growth. For this reason, it’s more accurate to think of call measurement as an investment than an expense; while we may not love the sacrifices we make in order to invest in something, the realization of the value our investment provides is enough to get us over the barrier of making the initial investment.
Once we see the results of an investment (in the case of call measurement, employee engagement, improved productivity, making more money with the same call volume, and more leads who become customers) the value added is clear. What businesses really need to consider is how much it costs not to use call measurement.
Are you interested in finding a call measurement/call tracking partner? Our business development specialists would be glad to speak with you, even if it’s just to answer a question or two. Just give us a call at 844-920-9922.