How much money are you leaving on the table?
You have metrics for everything. You know your email click-through rates; abandon cart rates, tasting room foot traffic statistics and wine club attrition rates. You probably look at this aggregate data (and more) every time someone whispers the word “budget” or asks for an explanation on recent performance trends. You speak “percentages as a second language” quite fluently. But do you know your call stats?
Assuming you are actively reaching out to your customers over the phone (which you should be doing, either internally or outsourced), you may find yourself unsure of the potential revenue your database holds as a telemarketing tool, or how to judge your performance.
Quantifying your call metrics (Show them the money!)
At first, looking at your customer list may not bring dollar signs to your eyes. But it should, and here’s why:
Let’s say (to be conservative):
- You have 5,000 customer names (with phone numbers in shippable states)
- Bad phone numbers: generally account for on average about 10-15% of your list (if you haven’t called it before) – this brings our “callable universe” to about 4,250 Leads
- On average you can expect to be able to get in touch with at least half of your list, which would put your contact realm somewhere about 2,125 leads
If you have an employee doing the calling, they should:
- Be able to make 100 calls a day
- Convert at least 10% of the people they talk to
- Maintain an average order volume of $350
So for one employee calling from the winery you are looking at:
- 42 days
- 2,125 contacts
- 213 orders
- $74,375 in revenue produced (around $3,000 a day)
Naturally, technology, training, and lead management greatly increase the productivity and success of any calling project (we are accustomed to outperforming these benchmarks).
Plug in your own database numbers, how much are you missing out on?