For any business to see a profit, you have to make more money than you invest in the business. When this falls out of balance, it becomes difficult to maintain daily business operations, pay staff, and support yourself as a business owner.
If you’re looking to expand your business, knowing and understanding your ROI (return on investment) is essential to your success. But your true ROI has benefits beyond accounting for your finances. It provides a way for you to learn the best choices to make for your business by guiding you with information that suggests how you should customize your services and products to satisfy customers.
Find the Best Strategies to Reach Customers
When you create your business plan, you may have the perfect products, but testing is always necessary to determine the best route and branding decisions for the public. Tracking your ROI is also essential to these efforts because you need to know if you can realistically meet your set goals, and analyzing the impact of your phone calls is always helpful.
Tracking phone call ROI is easy with virtual phone numbers. If you use toll free numbers with your virtual numbers, it will be easier to market as well. Marketing is another key element of success. When you’re marketing online and locally, you have to know what works and what doesn’t. This keeps you from spending more time and money investing in strategies that don’t pay off.
Tracking the ROI of your phone calls when marketing will help you answer these key questions:
- Which advertising channel attracts the most attention and results in the most phone calls?
- How many phone calls from each advertising channel convert into sales?
- What barriers prevent callers from making purchases?
- What specific customer service tactics resulted in sales and customer satisfaction?
These answers will let you know if your marketing is effective, or if it needs to be customized or changed altogether. If you’re working alongside marketing professionals, they can help you speed along the process when making the necessary changes to your marketing technique and branding.
Make Your Brand More Memorable
Branding is all about what your business stands for as well, the imagery of your company, and the way it is remembered by customers. After tracking your ROI, you’ll know if you should alter your logo or company slogan.
Because you’re tracking your calls, you can also have a better idea of the perfect keywords that can be used as a vanity number to represent your brand. Vanity numbers from companies like Global Call Forwarding will make your business even more marketable because these numbers are easy to remember in the minds of customers.
Furthermore, you’re more likely to have referrals given out by your customers as word of mouth marketing. As a result, new callers will be more likely to contact your business because someone they know personally is recommending your services in a memorable way (thanks to your vanity number).
Analyze Your Virtual and Social Presence
Your online presence is more important than ever because so many customers are using the internet and social media to determine their purchasing decisions. Knowing the ROI of phone numbers that you use on your website and share with other online outlets in ads can save you money in the long term because you won’t have to pay for advertisements on websites that don’t result in calls and sales.
While most can agree that ROI is an indispensable metric, accurately measuring ROI can be challenging. Call tracking gives you an idea of what’s happening on your company website and on the social scene. When tracking calls, you can track the revenue that came from lead generation, social sites, trade shows, and events.
Whether you’re running a small business or a large enterprise, you don’t want to overlook the return on investment regarding the decisions that you make for your company. When you track the ROI of calls, you become more mindful of customer preferences and the changing landscape of the market. By respecting your company’s goals and bottom line, your business will avoid debt and see long-term profits.