No one wants to waste money on ineffective advertising, but it can be tricky to figure out where your ad dollars are best spent. Even if a campaign seems successful, it’s important to know which strategies are really working.
How do you know which platforms are bringing in the best leads for your clients? And how can you prove it?
Luckily, there are tools available to help you analyze your marketing performance more accurately and make smarter decisions.
The key is to figure out what’s working well and what’s not, so you can focus your budget where it matters most.
A small change in how you allocate your budget could end up saving you a lot of money in the long run.
So, how can you fine-tune your marketing strategy and cut unnecessary expenses from your budget?
Let’s take a look at some top tools and strategies to lower your cost per lead and increase your return on investment (ROI) this year.
TABLE OF CONTENTS:
1. Get Familiar With Your REAL, Precise ROI
One major issue for agency marketers is the lack of comprehensive insights, which can seriously impact decision making.
When you don’t have a complete view of your marketing performance, it’s hard to pinpoint which channels are performing well and which ones aren’t pulling their weight.
This was the exact challenge faced by Workspace Strategies, a shared workspace management and consulting firm.
But by implementing the right tracking and recording tools, they unlocked valuable performance insights. This allowed them to adjust their strategy and cut out unnecessary ad spend, resulting in savings of $1,000 per month!
So, how did they manage to do it? Let’s take a closer look at how the firm demonstrated the true return on investment (ROI) for its campaigns.
The Drawbacks Of Multi-Channel Marketing
Having a large digital footprint might seem like the key to success, but that’s not always the case.
While it’s important to have a presence across various online platforms, there comes a point where it can become excessive.
Sure, you may be marketing on multiple platforms, but how do you know if they’re actually benefiting your business?
Take Workspace Strategies, for example. They were using Google Ads and various social media platforms to fill up their managed workspaces.
Jason, the firm’s Director of Operations, had a hunch that some channels were performing better than others. The problem? He couldn’t prove which ones were truly driving results.
Track and Optimize Campaigns To Boost Success
Workspace Strategies found a straightforward solution: Call Tracking by CallRail.
This advanced tool allowed them to track and optimize their campaigns with precision. By attributing each lead to a specific channel, they could identify which platforms were truly effective and cut back on spending where it wasn’t.
“As you decide where to allocate your marketing budget, having proof of ROI is crucial. CallRail gave us that proof.”
– Jason Tiemeier, Director of Operations at Workspace Strategies
How to Determine Which Channel Has the Best ROI
With 360° data from CallRail’s Call Tracking, you can:
- Identify the sources and keywords that generate high-quality leads.
- Determine which paid ad campaigns are driving the most calls.
- Enhance customer service by using Call Recording to identify training and coaching opportunities for staff.
- Accelerate sales processes and improve ROI.
If you’re eager to demonstrate and enhance the effectiveness of your marketing tactics, it’s time to integrate CallRail’s Call Tracking into your marketing technology stack.
2. Expand Your Datasets Beyond Google Analytics
If your business has multiple locations, relying solely on tools like Google Analytics 4 might give you an incomplete view of your marketing ROI.
But what if you also need to track the sources of leads that contact your business by phone?
As phone calls become increasingly vital for customer interactions, it’s crucial to diversify your datasets to capture this valuable touchpoint.
The Limitations Of Google Analytics 4
Google Analytics 4 offers several advantages, but it also comes with its own set of challenges.
These include:
- Complex data migration.
- Adoption of a new reporting interface.
- Limited attribution models.
- Constraints on data collection.
For Workspace Strategies, the restricted data provided by Google Analytics posed significant challenges. It left gaps in understanding user interactions and behaviors.
Fortunately, with Call Recording by CallRail, they could gather essential customer insights and enhance their sales closing processes.
How to Use Call Monitoring to Enhance Customer Interactions
Sometimes, the challenge for businesses stems from their customer interactions. Issues like lengthy phone calls or ineffective sales pitches can lead to lost conversions.
In the case of Workspace Strategies, Jason discovered through CallRail’s recorded phone conversations that staff members were making mistakes during sales attempts.
By identifying these gaps, the firm promptly integrated the insights into staff coaching and training sessions.
Learn more about how Workspace Strategies addressed and rectified their communication shortcomings.
3. Use AI-Powered Call Data Analysis To Boost Campaign Results
Businesses receiving numerous inbound phone calls from marketing campaigns often face challenges in efficiently qualifying those leads. Outsourcing this task can be costly and inflate the overall cost per lead.
Take Wit Digital, a digital marketing agency, for instance. They grappled with inaccurate and pricey lead qualification, leading to a cost per lead significantly higher than the industry norm.
To tackle this issue, they leveraged CallRail’s Conversation Intelligence software alongside Call Tracking.
The outcome? Wit Digital now saves up to $4,000 monthly with a 64% reduction in cost per lead.
How To Access The Data In Your Calls Using AI
Conversation Intelligence utilizes AI technology to analyze your calls, transforming your conversations into actionable insights. Here’s how it works:
- Automatic Recording and Transcription: All phone calls are recorded and transcribed with nearly human-level accuracy. This allows you to refine keyword lists for your agency clients effortlessly.
- Keyword Spotting: Easily identify keywords and phrases in each call, enabling automated insights and analytics.
- Automated Call Classification: Define rules to automatically classify calls based on specific conversation criteria.
Ryan Cook, Director of Client Strategy at Wit Digital, highlights the impact of Conversation Intelligence: “With Conversation Intelligence, I gain new insights into our campaign effectiveness. Even a simple word change can make all the difference.”
Increase Accuracy by Automating Your Analysis
With Conversation Intelligence, you get:
- More Accurate Keyword Spotting: Easily identify keywords and phrases in calls.
- Auto-tagging and Lead Qualification: Automatically categorize calls based on specific criteria, such as call duration for first-time callers.
- Sentiment Analysis: Understand the tone and sentiment of your customer conversations.
- Automated Call Filtering and Categorization: Streamline call analysis by automatically categorizing calls, saving time and resources.
By eliminating manual call listening and categorization, Wit Digital stopped overpaying vendors for call analysis and improved their marketing ROI. Now, they’re achieving better results and retaining more customers.
CallRail’s new multi-language transcriptions also help agencies overcome language barriers, enhancing client-customer communication.
Ready to streamline your data analysis and enhance campaign performance? Try CallRail’s Conversation Intelligence free for 14 days.
4 Combine Your Marketing Data to Simplify Your Process
Tired of juggling between different platforms to track your marketing ROI? CallRail offers seamless integrations that bring together analytics and reports from Google Analytics and Google My Business, saving you valuable time and effort.
By combining Call Tracking and Conversation Intelligence, agencies can streamline their strategies, improve client retention, and maximize their marketing ROI.
Follow in the footsteps of Workspace Strategies and Wit Digital by integrating CallRail into your marketing strategy today for smoother operations and better results.
