Whether it’s an internal business development group or an external call center, call conversion rates are used as measurements of efficiency, productivity, profitability, value, and ultimately, bottom-line impact.
So exactly what is a conversion rate? The term can be defined in a myriad of ways, but typically conversion rates represent the percentage of potential prospects that have moved a step closer to becoming a customer through some sort of call campaign. The term can also be used to indicate the number of customers that have responded positively to an upsell call campaign.
The true value of a good conversion rate varies depending on a multitude of variables – including the value of what you are selling, the channel, your target audience, and many other parameters that are typically unique to each organization. For instance, a company that is selling a high-ticket, unique product will most likely achieve a smaller conversion rate than one that is selling a well-known low-priced widget.
You can’t convert a call – unless it gets answered
There’s one undeniable truth about call conversion rates – no matter how good your reps are, they cannot even begin to convert a customer or prospect unless that person answers the phone.
At Hiya, we’ve become experts at contributing to our customers’ increased call conversion rates because we provide them with the ability to get their calls answered more often. Their calls get answered more frequently because our customers have the ability to identify their company – and the reason they are calling – on each call, before someone even answers the phone.
By displaying their brand and call reason on incoming calls, our customers can begin the first stage of call conversion which is building trust between their company and the people they are calling. Trust in who is calling is incredibly key, as our research indicates that 94% of consumers think unidentified calls are fraudulent. This is not surprising, because who wants to answer a call when they think there might be a suspicious person on the other end?
The success metrics that pave the way for high conversions
Hiya customers have found that by adding their name and contact reason to a business call they can achieve a 100% or more increase in answer rate. They are also discovering that when a brand is identified on incoming calls, people answer more frequently on the first call and they typically stay on the phone longer.
Here is a quick glimpse at the increases in answered calls, first attempts, and call duration that a few of our customers have achieved on their way to higher conversion rates.
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Increases achieved by Hiya Customers |
Answer rate |
First attempt |
Calls > 60 seconds |
|
Penske Truck Leasing Co. |
100% |
46.7% |
50.7% |
|
Just Eat (Online Food Delivery) |
11% |
87% |
|
|
Investment Bank |
110% |
|
44% |
|
Market Research Firm |
81% |
|
33% |
|
Life Insurance Company |
37% |
27% |
14% |
|
Medication Therapy Management |
33% |
22% |
13% |
|
To read the full case studies on these and other customers, click here. |
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The proof? Numbers that speak for themselves!
To help understand how important getting calls answered with using Hiya Connect, our branded call solution, we recently commissioned Forrester Research, Inc. to conduct a study. The study determined the potential return on investment (ROI) Hiya customers can achieve. The results, which were based on a composite organization of actual Hiya customers over a three-year contract, were published in this report, The Total Economic Impact™ Of Hiya Connect: Cost Savings And Business Benefits Enabled By Connect. Here are the type of results a Hiya customer can potentially achieve based on the findings of this report:
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ROI of 677%
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Increased answer rates and call analytics valued at over $15.4 million
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Payback in under 6 months
Take the first step towards high call conversion rates….
If you want to start increasing your call conversion rates, you can learn more about branded calls in this white paper, The Best Way to Improve Answer Rates. And you can learn more about Hiya Connect here.
