Of all of the amazing data Conversation Analytics extracts from phone calls, perhaps the most useful is missed opportunity data. It was this missed opportunity data that surprised us the most when we analyzed the millions of call segments that flowed through LogMyCalls in Q1.
We released this information in an infographic earlier this week. It contained some very high level aggregate metrics we extracted from phone calls about conversions, lead scores and missed opportunities. This infographic represents the first time ever that this data has been, not just published, but extracted. No one has ever been able to pull data out of phone calls like this.
Ever.
That’s why what we learned about Missed Opportunities is so fascinating. This data shines light on a massive opportunity for marketers.
How Did We Get This Data
Conversation Analytics is able to use speech recognition technology and hundreds of thousands of proprietary algorithms to literally comb through phone calls and pull out words and phrases that give us an indication of what happened on the call. 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.
A Missed Opportunity is a high quality lead that didn’t end up converting. In other words, it is a caller that didn’t convert to sale, reservation, or appointment, but should have.
And a stunning 46% of sales inquiries across dozens of industries and millions of calls in Q1, were Missed Opportunities.
Takeaways From This Missed Opportunity Data
- Opportunity for More Revenue – If 46% of the sales inquiries (which was 42% of the total phone calls) are Missed Opportunities, that 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. That’s fantastic!
- It’s a Big Number – 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.
- Agency Implications – If you’re an agency that produces phone calls for your clients, think of the POWER of this data! What if you were able to alert your client whenever they had a Missed Opportunity? What if that client called the lead back to correctly sell them services/goods? If your agency simply provided Missed Opportunity data to your clients, wouldn’t that alone be valuable enough for them to continue working with you?
- Missed Opportunities are directly tied to revenue. It isn’t some vague metric. You can literally change your clients’ businesses if you extracted this data from phone calls and provided it to them.
- Revenue…Not Leads – 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 directly tie their actions to revenue.
- Agency Retention – If you have a client that wants to leave you, simply show them Missed Opportunity data. Listen to the calls if you must. 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 utilize 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….well…you should.