Metrics to track during an outbound calling campaign
When you are organizing and managing an outbound call campaign, measuring various types of metrics is an extremely useful way to determine how effective you and your team's efforts are. They can help you identify your strengths and weaknesses and adjust your strategy accordingly. As there are an endless amount of variables that you could keep track of, it’s important to determine early on what your goals are and what the most critical metrics are in relation towards this goal.
In this article we will be covering many of the most critical types of metrics that you should be keeping track of when managing your outbound call campaign. As every business has their own strategy and goals for the success of their company, these are intended as general metrics that you could keep track of if you think they will help improve the success rates of your calls.
Rate of Conversion
A rate of conversion is determined by calculating the total amount of calls that lead to a sale in relation to the total amount of calls that your team has made. You want your conversion rate to be high, as this means that your team is selling more in the same amount of calls. This is a metric that should be a high priority to keep track of, as a business needs to know how effective their cold calling script is as well as the product they are selling.
This metric is also critical to track and monitor as a business is most likely not going to stick to the same formula for their sales calls over a long period of time. Occasionally you will tweak the script or change up what your are currently trying to sell to those receiving the calls, and tracking this metric will give you an idea of how well this is working compared to past efforts.
First Call Close
When running a cold calling campaign, the chances are high that your agents will not be able to successfully engage with every single person that is on their list. Many customers require your agents to follow up with them, but other times they can close the deal on the first call. Keeping track of this metric can greatly benefit your campaign, as knowing which calls close on their first attempt can give you insight on the key to locking in customers on the first pitch.
You will want a high rate of calls closing on the first call, so know which calls are going well and which agents are having the greatest amount of success with this metric. This knowledge can clue you into what you should be adjusting in your efforts to generate more of this success.
Calls per Record
As mentioned in the first call closing section of this article, not everyone will pick up the phone or be sold on your pitch when you first make contact with them. That is why it is important to cut your losses while you are ahead and monitor the amount of unsuccessful calls made to someone on your list. Sometimes people will not be remotely interested in what you are offering/selling, so keeping track of how many times you attempt contact with someone can clue you in that they are a lost sale.
Making multiple attempted calls to the same contact is just money down the drain, so monitoring this metric for your overall list will save you money and time in the long run and allow you to focus on those with a higher potential for success. Luckily, many modern CRM platforms can make keeping track of this metric easily and can automatically shave off records that hit a certain threshold of missed contacts and make it easy to prune your list with this information.
When you are embarking on a call campaign, the end goal is usually to increase the number of sales that your business is making. The hit rate of a campaign is the number of sales of a product over the amount of individuals reached who reach out to the company to either get more information on the product, either by visiting the company in person, calling the business itself through a dedicated number, or visit their website and reach out to an online representing the business.
It is critical to understand your hit rate because it gives you an idea on if you are reaching out to the right audience or not. A low hit rate means that you are contacting a high number of individuals who are either not in the demographic of consumers who would need/want what you are selling or you have an inaccurate list of leads. In the long run, keeping track of this metric can end up saving you a lot of time and money and allow you to further focus your efforts.
Revenue per Successful Call
At the end of the day, the reason any business is launching a call campaign is to further increase their overall revenue and increase sales. That is why keeping track of the overall net gain from a campaign is important to consider when putting business resources towards an outreach campaign. You will want to obviously maximize revenue for each successful close made on a call, so make sure to keep track of closed customers made during a campaign and track if they become recurring or not. A sale is a sale, but a recurring customer is a much more valuable
Keeping track of various types of data accumulated during a cold calling campaign will only benefit your business going forward. Knowledge about the people you reach out too and the amount of success your team achieves during these efforts can greatly help you further focus your campaign and assist with the overall growth of your company. By analyzing the metrics you track over the course of a long campaign, you can gain valuable insight on your customer base and help you to understand the steps you need to take in order to increase your sales and overall revenue.