For many years, marketers have dreamed of being able to increase customer conversions without spending more money, and sales teams have agonised over how to turn unhappy customers into blissful spenders. Luckily, there are ways to turn that dream into a reality.
Conversion rate optimisation, also known as CRO, is the secret weapon to delivering better results. By developing a deeper understanding of CRO and the factors that influence it for your organisation, you’ll be equipped to accelerate customer conversions and optimise the customer journey for great results, every time.
In this blog, we’ll take a deep dive into CRO and explore the benefits for your business. It outlines how tools like Conversation Analytics can help you unlock the undiscovered insights contained in every single call to strengthen your sales and marketing strategy.
What is conversion rate optimisation?
CRO involves optimising your key marketing activities to increase the percentage of potential customers who take your desired action. Whether that’s submitting a contact form, making a purchase, or calling to renew their contract.
Your campaigns are carefully designed to drive people to that action, CRO converts those people into qualified leads faster, ready for your sales team to close the deal. It also has implications across strategy, with 7 in 10 marketers using the data collected from CRO to feed into their other marketing activities.
The Telegraph Travel used CRO to gain quality insight into the contribution of their marketing activity on generating leads. By tracking their calls, they were able to develop a holistic overview of which led to a booking and feed this data into their strategy. They recorded a 12.5% year-on-year increase in high-value calls and were able to build a clear view of call quality across numerous verticals.
Why is conversion rate optimisation important?
Conversion rates may well mean different things to different teams, but every department can benefit from optimising them, with research showing that CRO tools deliver an average ROI of 223%.
CRO is one of the most effective ways of converting more quality leads, delivering better marketing campaigns, and training your agents to handle calls better and faster every time. Here are the key benefits CRO can bring to your business.
Optimise marketing activities – A vital part of improving CRO is understanding the customer journey. Use this data to identify underperforming channels or keywords and pivot your strategy to focus on activities that deliver the best conversion rates.
Refine your sales scripts – As Shakespeare once said, ‘all the world’s a stage’. For your agents, the script is their time to shine. Understand the language your best agents are using to drive conversions and re-invest this knowledge accordingly. For example, ‘would you like more legroom?’ could be a more persuasive upsell for a weary traveller than ‘would you like to upgrade to first class?’
Understand sentiment dips – If you can understand the language that makes your customers tick, you can also learn a lot from sentiment. Being able to pinpoint the moment you convert an unhappy caller into a satisfied customer is the golden nugget for your call agents and sales teams. It can also help improve your objection handling with customers sitting on the fence.
Perfect your communications at every stage – With call outcomes at your fingertips, marketers can optimise campaigns based on the type of lead they want to deliver. Refine your communications, tailor your campaigns, and deliver quality calls that will increase your revenues without blowing the marketing budget.
How call tracking and Conversation Analytics help you improve conversion rates
The best way to improve your CRO is to develop an understanding of what triggered your customer to take the desired action in the first place. This knowledge can be used to create a more accurate customer journey map that will inform your long-term marketing and sales strategy.
Tools such as call tracking can give you the inside scoop on customer behaviour and provide a crystal-clear view of your marketing blind spots. It can track which specific marketing activities, keywords or channels led customers to you. Harnessing this insight can save you budget while effortlessly improving lead quality, by giving you the data that can be used to optimise your marketing campaigns.
Infinity’s speech analytics suite, Conversation Analytics, can take this optimisation one step further by answering the questions you’ve never been able to ask: what is it about our product or service that has our customers on the fence? How are our best agents converting leads? How can we turn that make-or-break moment into a win?
Conversation Analytics can provide intel on common sticking points that delay conversions. You can pinpoint the moment when sentiment dips and use clever sales scripts to turn an unhappy customer into a loyal advocate. You can even highlight the language or the incentives that resonate most with customers and use that knowledge to perfect your sales scripts - and maybe even upsell.
So, what have we learned? Here are the key takeaways on CRO and how you can harness intelligence, in partnership with Conversation Analytics, to drive more conversions.
Tracking the messaging and activities which are more likely to drive conversion can help optimise your campaigns, delivering more quality leads.
Listening to your customers and understanding the language that resonates most with them enables you to refine your sales scripts for better results.
Pinpointing sentiment dips and make-or-break moments can prepare your teams for better objection handling, turning unhappy customers into loyal advocates.
Every conversation matters. Start one with us today to unlock the benefits of Conversation Analytics.