Conversation Analytics Help Reduce Missed Sales Opportunities

Conversation Analytics Help Reduce Missed Sales OpportunitiesCall tracking is not new, but LogMyCalls Conversation Analytics takes the practice a few steps further with its ability to analyze phone conversations through speech recognition and thousands of “proprietary” algorithms.

Statistics compiled in the company’s recent infographic show that almost half of all sales calls with high-quality leads fail to close. These missed opportunities can reportedly be decreased with the application’s automatic lead-scoring system, which calculates scores based on words and phrases spoken during the call.

The infographic reports that its technology has recently resulted in a 29 percent conversion rate, according to a study of all calls made through its system during Q1 of this year.

LogMyCalls’ lead score helps determine the likelihood of conversion – with desired actions such as making an appointment, reservation or purchase – and automates suggested actions to complete the conversion.

A better understanding of interactions with leads could lead to a boost in sales performance, but it can also help marketers prove ROI as well. The app allows users to integrate call tracking with Google Analytics to take advantage of its conversion path features, and also lets users send out ROI alerts to keep higher-ups aware of campaign progress.

The LogMyCalls infographic goes on to show tips and recommendations for better call communications. For example, straightforward communication with customers is largely beneficial; the Q1 study showed that if you directly ask the caller for their business, they are 10.4x more likely to convert.

“For example, in industries like hospitality, the agent could say something like, ‘So, can we go ahead and get that room booked for you?’ or ‘Why don’t we book the room now and you can cancel it later if you don’t need it?’ Or in a dentist’s office, they could say, ‘Well we can get you in at 2:00, let’s go ahead and set that up,’” marketing manager McKay Allen said. “The problem is that agents only do this 13 percent of the time.”

Improved lead generation is certainly on the top of B2B marketer’s minds, with numerous reports placing this objective towards the top of B2B marketing goals and challenges. Tracking calls and leveraging data from call tracking sources could be another avenue for B2B marketers seeking to benchmark performance.

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