Inbound Phone Calls: What’s Your ROI?
With all the emphasis on digital marketing these days it can be easy to forego one of the most proven ways to boost your marketing. Inbound phone calls are having a resurrection in terms of marketing trends for one simple reason:
But unlike the Pay Per Click (PPC) and analytics resources at your disposal when strictly focusing on digital campaigns companies can suffer when it comes to measuring the returns on investment.
And just like PPC, there are Pay Per Call opportunities when using phones as a marketing tool for your business.
No business owner wants to waste money. In today’s marketing environment operations and sales, executives need to measure ROI (Return on Investment) for any campaign.
Knowing what works and what doesn’t is vital. The good news is calculating ROI for inbound phone calls may be easier than you think.
Debunking The Myths of Inbound Phone Calls
Too many business owners have suffered under the notion that they don’t need a full suite of services to handle inbound calls. And while it is true some customers in certain sectors prefer doing their business online, this can’t be the sole support mechanism for your business.
Especially for markets outside the retail sector, where services and support are the core offering of a business, it’s difficult to go without excellent phone services.
Simply put, for some goods and services customers require phone support and the myths of inbound phone calls are prohibiting many business owners from seeing the whole picture.
Looking At The Full Picture of ROI
Call tracking and sales and conversions are all data gathering possibilities when it comes to tracking inbound phone calls. Another myth is that you can’t have the same level of granular data if you augment your marketing and support with phone service.
For companies to succeed in the age of information it is imperative they understand that phone use is not traditional call center communications.
The most tech savvy companies are able to mine keywords, predict buying patterns, and even analyze caller behavior with their inbound calls.
But many businesses calculate ROI in terms of sales alone. What about customer retention, upselling, and the long sales cycle some products and services require.
Looking at the full picture of ROI means incorporating sales into every part of your business plan. As long as companies only consider ROI as a direct link between a marketing campaign and direct sales they will lose the full potential of handling inbound calls professionally.
In truth, customer retention should be a priority when calculating ROI.
The Expense of Client Retention
Mishandled clients and customers spell disaster for any business. Your core customers are the ones who help you predict revenue and margins and prepare for fluctuating needs for service and support.
Without a core group of customers to depend on your business will always be teetering on collapse. All of us have witnessed the poor service and support from the big cable networks and the result is that customers are headed elsewhere.
Even the most intelligent and advanced technology companies, like streaming media, cable, and internet, have suffered by ignoring true ROI.
To adjust an old saying: Forget what it costs to handle inbound phone calls, can you afford not to?
Plus, calculating how fast things move on social media is a necessity. Handling inbound calls like a pro can be a marketing campaign in itself.
On the other end, failing to do so could have your company all over live video in no time.
The Cost Of New Clients
A major paradigm shift in terms of customer retention and new sales has come to the business landscape in recent years. Data confirms what the wise have always ingrained into their corporate culture.
It is much less expensive to keep an existing client than to try and secure a new one. Studies have shown that simply increasing customer retention rates by 5% can result in 25 to 95% more profit for your company.
Are you and your decision makers factoring in that type of return when calculating the ROI of inbound phone calls? No one is suggesting that you abandon business development and marketing efforts, but simply focusing on retention often beats new sales.
Think of the minimal investment you need to make in terms of customer service and support and the high level of return. Can your sales team say that a 5% investment will deliver ROI at those percentages?
Customers Who Are Ripe For Conversions
Ask any digital marketing expert and they will talk at length of the importance of conversions. Creating content, boosting SEO, and targeting a new client base is never enough.
ROI becomes a factor when we start focusing on conversions. Beyond capitalizing on the impact to your bottom line and overhead resources with inbound phone calls, the vehicle also is ripe for conversions.
Unlike following click bait or chasing keywords, your customers who call are already an interested audience. Inbound call marketing means integrating your digital campaigns and phone support to get the most out of your investment.
As stated above, this also includes unprecedented market research when linked to your data gathering efforts.
But leading your current and prospective customers to your inbound phone services is setting the table for conversions. You have a willing audience at your disposal who has contacted you.
Putting It All Together
While each company is different in building an ROI timeline and key metrics to measure success, it’s important to include as many factors as possible when considering inbound phone calls.
Even industry leaders have shown that mishandling your call efforts will lead to fast turns in the health of your company.
It’s best to make the most of every aspect of your marketing and operations and trust the experts.
HyperTarget Marketing can help. We can pinpoint an ROI increase in desired channels and provide you the service and data to show results.
Call us today!