Using big data and fancy algorithms, companies run analyses, create forecasts, and optimize their marketing campaigns down to fractions of every cent spent.
BUT…. Are marketers really measuring everything? Are they looking at the success of telephone calls, for example?
Telephone calls: Still an important communication channel
Particularly in sectors where the product is a more significant investment for a customer, or where specific advice is required, customers reach for the phone more often than digital marketers would ideally like. Customers purchasing health-related, insurance, and financial products – in fact, anything that is confidential or more personal in nature – still prefer telephone contact above all else.
But these telephone calls are not factored into most marketing reports. As a result, the fact that a specific keyword or campaign produced a lead, which in turn led to a sale and generated revenue, escapes most marketing departments. It is entirely possible that a campaign could be discontinued in spite of the fact that it is generating enormous amounts of revenue via the algorithms in the bid management system. All of this comes down to a lack of data and prevents a company from maximizing its revenue.
To give an example
The next year, the company’s revenue has fallen by 500,000 euros.
On first glance, the results of the online marketing campaigns look very good. Conversions increased and the cost per conversion was reduced. The bid management system seems to be working.
The company now looks at its sale figures, product groups, etc., and discovers that it managed to significantly increase sales of small items (such as stainless steel ashtrays and mailboxes) in its shop. However, sales of the higher-priced products for which customers require in-depth advice, such as prefabricated garages and garage roofs, have fallen.
After further analysis, the company realizes that in the past, it made more sales over the phone. To track down the root cause of the issue, it employs a new marketing manager, who proceeds to reactivate all of the discontinued campaigns and to introduce Call Tracking. It quickly becomes evident that the bid management system was not able to make big-picture decisions due to a lack of information on the call performance of individual advertisements, campaigns, and keywords, resulting in decisions that were detrimental to the company and in key campaigns being deactivated.
Does your marketing department really know how many conversions/how much revenue is generated from webpage visitors via telephone calls?
