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Call Tracking and Analytics: How Does it Work?
lemlist team
April 18, 2024
|
7 min. read
lemlist team
LAST UPDATED
April 18, 2024
READING TIME
7 min.
Your customer support and sales team are the window into what your customers want from your business.
While you might want to track these teams’ calls for quality assurance purposes, there’s more insights to uncover from the calls that could greatly contribute to your business growth.
This post will explain everything you need to know about call tracking and how your business can use the analytics for more revenue.
What is Call Tracking and Analytics?
Call tracking and analytics is the process of monitoring all incoming and outgoing business calls to gain insights for team and business improvement.
65% of customers prefer to contact businesses via phone calls. So when you track your business calls, you get key data that can be used to make strategic decisions across your entire business.
For example, understanding how your customers found your business can show you what marketing campaign is most effective. In the long run, you can get more ROI by optimizing your marketing spend based on this information.
So, call tracking and analytics go beyond improving your customer service and sales team. It isn’t even about the call itself. It’s using the data from the calls to understand your customers better, improve your marketing effectiveness, and drive more sales and revenue to your business.
Some recommended call-tracking tools include; Invoca, Call Rail and Call Tracking Metrics.
How Does a Call Analytics Software Work?
Call analytics software works by picking up insights from your business phone calls and turning them into key data points. By combining the call tracking data and conversation analysis using AI, the call analytics software will provide a comprehensive picture of your customer interactions over the phone. This is how it will typically do this;
Step 1: Collect Data
The software starts by tracking or recording your calls to collect data. The tracking inserts a dynamic number to each advertising source or existing client account and then captures key data associated with the conversation.
This could be the name, phone number, location, originating ad campaign and more. Then for recordings, it further analyzes what is being said so the software can further review it.
Step 2: Convert Speech to Text
The recorded conversations are then further converted into transcripts using speech-to-text technology so AI can give context and analyze the calls.
Step 3: Text Analysis
Using Artificial Intelligence, the software then analyzes the transcribed conversations and collected data. The AI can typically identify keywords, phrases and sometimes even emotions in the call. In addition, it analyzes call efficiency like the call duration, if there were any transfers or holds (and how long).
Call rail is an example of a call tracking software that uses AI to deduce summaries and sentiments. After recording your call, the Timeline feature shows you the key points of the conversation.
Step 4: Reporting and Insights
After collecting all the data, the software then turns it into clear reports. This is where you get insights via a dashboard. For example, you can see where the bottlenecks are in your customer onboarding.
How Can Businesses Use Call Tracking and Analytics?
Businesses can use call tracking and analytics to gain competitive advantage, increase revenue and improve their customer satisfaction. There are so many benefits of call tracking.
The Benefits of Call Tracking
When you track your calls and the analytics it offers via the call tracking software, here are a few things your business will experience;
1. Better marketing campaigns
By understanding what campaigns are driving phone calls, you can optimize your marketing budget and focus more on the high-performing channels.
Invoca call tracking software offers a very detailed attribution report for sales and marketing by directly comparing conversion rates.
For example, are you getting more inquiries from users who saw a post on social media? You can create an FAQ highlight and put in more marketing efforts there.
2. Increased ROI and product improvement
When you understand which campaigns or features drive calls, you can measure the ROI on your marketing and sales. You can also deduce what features your customers want to see when they choose to do business with you or which ones they use the most. Amplify that feature in your next promotions.
When you get calls from frustrated customers, this lets you see the bottlenecks associated with each step of the journey. So you can easily identify areas of improvement for your business and actively work on improving them.
3. More sales returns
Tracking your business calls can help you identify high-quality leads by analyzing call details like the duration, popular keywords and how they feel about your brand. You can then focus your efforts on the most promising leads and close more deals.
It also shows how your customers are moving through the sales funnels. So you get their perspective on the online and offline journey to provide a more effective approach.
4. Improved customer experience and satisfaction
56% of organizations say that speech analytics tools have helped them improve their customer experience. Call tracking can show you the key areas your customers are unsatisfied with. However, to alleviate their concerns and provide exceptional service going forward, your team needs context.
So when you integrate your call tracking software with your CRM like Lemlist, your team can see previous information to personalize their experience. This could be their location, call history or previous interactions with your business.
5. Higher team efficiency
Whether sales, support or marketing team, call tracking will give clear indications of where they are doing well and what they need to improve. Call Tracking Metrics, for example, shows you what agent is handling what caller along with the outcomes of each call.
A good way to use this information is by reviewing how a staff deals with certain customer pain points raised during calls. Afterwards, you can curate training programs and workshops so they can better address them proactively.
What Businesses Should Use Call Tracking and Analytics Solutions?
Generally, any business that has a significant amount of inbound or outbound phone calls should use a call tracking and analytics solution. However, some industries like insurance, healthcare, telecommunications, and financial services receive a high volume of calls so if your business falls into one of these categories, you should consider integrating a call-tracking solution.
However, any sales-focused, marketing-focused or customer-focused business will benefit from having one. This is because if you’re focused on marketing, you can get insights that will help you curate winning strategies and campaigns.
For sales-focused businesses, you can track what your high-quality leads want to talk about. From your tracking software, you can estimate what keywords and how long a typical call should last. This will help your team deduce how to prioritize their efforts and close more deals.
Customer-focused businesses should use it if they want to better understand their customer behaviors, triggers and expectations. So if your business heavily relies on phone calls, using a call tracking and analytics solution is a great investment
What Data Can You Track with a Call Analytics Software?
Depending on the type of call analytics software you have, you can expect to track any of the following data;
Call Source: This shows the exact marketing channel the call originated from
Caller Details: Provides basic information like caller ID, location, and even name.
Call Volume and Duration: The number of calls received and how long they last.
Keywords and Sentiment: Specific keywords and the overall sentiment grouped as positive, negative, and neutral.
Hold Time and Abandon Rates: How long callers wait on hold and how often they abandon calls before connecting.
Agent Performance: The performance of the salesperson/support staff is based on metrics like call handling time and customer satisfaction.
Interactive Voice Response (IVR) Tracking: How callers navigate phone menus to understand their intent. Helps to improve the IVR system for better self-service.
Call Routing: How calls are routed and identify areas for improvement, to ensure callers reach the right department or salesperson.
Wrapping Up
Call tracking and analytics are a great investment in your business. We recommend integrating your call-tracking software with your CRM to capture additional data points and improve customer engagement to record more results.
lemlist team
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