A whopping 46% of sales inquiries never even get a chance to become customers.
Of the amazing data Conversation Analytics® extracts from phone calls, Missed Opportunity might be the most useful.
Conversation Analytics® services evaluates what happens ON the call, while standard call tracking only analyzes what happens BEFORE the call. Since 2014, we have extracted amazing information from millions of phone calls using our Conversation Analytics® technology. Missed Opportunity is one of the call metrics we provide.
Convirza continues to be the leader in phone call analytics. No one has ever been able to pull data out of phone calls like we can and like we do every day.
Our phone call metrics range from data about politeness to ask for the business language. One feature continues to surprise and excite us. Our Missed Opportunity alerts subscribers that a call scored high on conversion potential, but no sale was identified. Imagine how powerful this function is. You can call the lead back. Fix the problem. Gain new customers and get more revenue.
That’s why our Missed Opportunities feature is so useful. This data shines a spotlight on a massive and profitable opportunity.
A Missed Opportunity is a high-quality lead that didn’t end up converting. It is a caller that didn’t convert to sale, reservation or appointment but should have.
A stunning 46% of sales inquiries across dozens of industries and millions of calls are classified as Missed Opportunities.
Conversation Analytics® uses speech recognition technology and hundreds of thousands of proprietary algorithms literally to comb through phone calls. The sophisticated software pulls out words and phrases that give us an indication of what happened on the call. After all the word crunching, we can determine if there was a sale made on the call, if a reservation was booked, if a lead was good, if a lead was bad, and if there was a missed opportunity.
Again, Conversation Analytics® can determine this based on the words and phrases said on the call.
Missed Opportunities directly link to revenue. It isn’t some vague metric. You can literally change your business if you extract this data from phone calls and act on it.
If 46% of sales inquiries (which was 42% of the total phone calls) are Missed Opportunities, this means companies are leaving a very substantial amount of revenue on the table. And they could seize this revenue without spending a dime more on marketing. How’s that for ROI?
46% of sales inquiries are Missed Opportunities. That’s pretty staggering when you think about it. There are opportunities for new selling, upselling, and even higher dollar value selling that are not being taken by sales teams across America.
If you’re an agency that produces phone calls for your clients, think of the POWER of this data! What if you could alert your client whenever they had a Missed Opportunity? What if that client called the lead back to sell them services and goods? If your agency simply provided Missed Opportunity data to your clients, wouldn’t that alone be valuable enough for them to pay for?
Too many marketers, if you asked them what their ‘job’ is, would tell you something about generating leads or demand or awareness. But, honestly, none of those things are a marketer’s job. A marketer’s job is to generate revenue. This Missed Opportunity metric allows marketers to connect their actions to revenue.
If you have a client that wants to leave you, simply show them Missed Opportunity data. Listen to the calls if you need to. If they’re not capturing 50% of the good leads you send them, it is your fault. You will retain more clients if you effectively use this metric.
What is your Missed Opportunity rate?
Do you know how many Missed Opportunities your business is losing each month?
If you don’t…you should.
If you are not taking advantage of missed opportunities, then you are leaving a heaping pile of revenue on the table.
Data extracted from millions of phone calls with Conversation Analytics has revealed that an astounding 46% of sales inquiries were missed opportunities. These are high-quality leads that failed to convert even though they should have.
Uncovering this data provides a considerable opportunity for marketers. A few applications for this information include:
Discovering the reasons behind the caller’s decision not to make a purchase, reservation, appointment, etc.
Opportunity for increasing revenue without spending more money on marketing.
Ability to engage in new selling, upselling and higher dollar value selling that is being left behind by other marketers.
Agencies that produce phone calls for their clients can use this data to notify them of missed opportunities. This proves marketing value and subsequently encourages client retention.
Do you know how many Missed Opportunities your business is losing every month?
Do you know how many Missed Opportunities your business is losing each month?
If you don’t… you should.
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