Shocking Data: 46% of Your Phone Calls are ‘Missed Opportunities’
Of all of the amazing data Conversation Analytics extracts from phone calls, perhaps the most useful is data about Missed Opportunities. This data has massive implications for the tire industry.
This Missed Opportunity data is included in the Q1 call report on this infographic. Seriously, it’s cool. Click on it. We released this information in an infographic earlier this week. It contained some very high level aggregate metrics we extracted from phone calls about conversions, lead scores and missed opportunities. This infographic represents the first time ever that this data has been, not just published, but extracted. No one has ever been able to pull data out of phone calls like this.
That's why what we learned about Missed Opportunities is so fascinating. This data shines light on a massive opportunity for the tire industry.
How Did We Get This Data
Conversation Analytics from LogMyCalls is able to use speech recognition technology and hundreds of thousands of proprietary algorithms to literally comb through phone calls and pull out words and phrases that give us an indication of what happened on the call. We can determine if there was a sale made on the call, if an appointment was booked, and even if there was a Missed Opportunity.
Again, Conversation Analytics can determine this based on the words and phrases said on the call.
A Missed Opportunity is a high quality lead that didn't end up setting an appointment to come in and buy tires. In other words, it is a caller that didn't convert an appointment, but should have.
And a stunning 46% of sales inquiries in the tire industry in Q1, were Missed Opportunities.
Takeaways from This Missed Opportunity Data for the Tire Industry
- Opportunity for More Revenue - If 46% of the sales inquiries are Missed Opportunities, that means tire businesses are leaving a very substantial amount of revenue on the table. And they could seize this revenue without spending a dime more on marketing.
- It's a Big Number - 46% of sales inquiries are Missed Opportunities. That's pretty staggering when you think about it. There are opportunities for new selling, upselling, and even higher dollar value selling that are not being taken by the tire industry.
Missed Opportunities are directly tied to revenue. It isn't some vague metric. You can literally change your business if you extracted this data from phone calls and provided it to them.
- What is Your Missed Opportunity Rate? - Do you know how many Missed Opportunities your business is losing each month? If you don't....well...you should.
About the author: McKay Allen is the Inbound Marketing Manager at LogMyCalls. He has spoken at SMX, Social Media Strategies Summit and elsewhere. He hosts a weekly webinar series where he has interviewed over 100 marketing experts.