Your return on investment (ROI) for sales-based decisions is crucial to keep your business afloat in this competitive global economy. And there’s no better way to save money and maximize revenue than by tracking your ROI from phone calls. Considering that most customers prefer to finalize important business-oriented decisions while speaking to a company representative, it is imperative that you find out the best ways to optimize your investment costs.
In this article, we’ll take a look at how businesses can track the ROI from phone calls.
Cost Per Acquisition
One metric that you should be aware of is how much it costs your business to gain new customers. This is called “cost per acquisition,” and it’s an important component of tracking ROI from phone calls. For instance, if you find that your call center costs your business $500/week in overheads (i.e. wages, facility costs, training, etc.) and you gain 20 new customers in that time, your cost per acquisition is $25.
The trick is to lower your costs while getting greater value for your money. For instance, a better-trained staff may cost an additional $100/week, but if it brings in twice as many customers, the money is well spent and you can more adequately assess whether your ROI is on point.
Tracking ROI with Virtual Phone Numbers
If you’re using virtual phone numbers you may have an advantage over other telecommunications systems to track metrics. This is because many service providers of virtual phone numbers give their customers interactive dashboards, which can provide such data as the origin of inbound calls, length of calls, time of day, and so forth. Because most service providers allow you to monitor the metrics on their dashboard/user-interface, you can get hard data that helps you make more intelligent decisions.
For instance, if your business uses US virtual phone numbers, you can track how many customers reach your business from these numbers and divide by the cost of your monthly virtual phone number subscription.
One way to track ROI from phone calls is by using a unique advertising campaign that’s attached to an exclusive phone number. When receiving calls to this number, you can track just how effective your marketing campaign was very easily because this number will not be used for any other purpose.
There are a number of ways of tracking ROI with unique ad-based tracking, including:
- A unique landing page on your website (with the phone number listed)
- Limited-time-only offers (with redemption info available via phone)
- Social media advertisements (during peak hours)
Exclusive offers tied to a unique virtual phone number can be a great way to measure the volume while simultaneously broadening who can access your business. The reason is that virtual phone numbers can route calls from any country in the world. This means that you can forward multiple phone numbers to the “destination phone number” and get an idea of how effective your global efforts are on your ROI.
International Factors on your ROI Tracking
And while we’re on the topic of international phone calls, be aware that your ROI will change as you access new markets in different countries. This is because it takes more effort and know-how to accommodate calls that originate and that are made to callers in different countries.
For instance, suppose you want to track the performance of a toll free number. You subsequently advertise this phone number in different countries with mixed results. Are you getting accurate results on your phone campaign? The answer is most likely not.
The reason is that toll free numbers aren’t toll free to international callers — or they might be outright blocked. There is a solution, however: by using ITFS numbers (International Toll Free Service numbers), which allow you to extend the toll free benefits from the phone numbers you offer. This opens up lines of communication that may have been previously stifled, while also ensuring that you can accurately measure your ROI from phone-based campaigns.
by Tom Senkus
Author’s Bio: Tom Senkus is a freelance writer that covers marketing, particularly for telecommunications in the 21st century. His work enables startups and small businesses to gain a competitive advantage in the marketplace. Visit www.tomsenkuswriter.com for more information and his list of published work.