To show you how to calculate your average phone sales conversion rate, we gathered and analyzed results from about 100+ tech companies with annual deal sizes of $2K to $50K that have launched call campaigns with VOIQ. We chose campaigns that had little marketing activity support (email campaigns, gated contents, etc.), to measure the impact of the phone channel without accounting for the influence of other marketing touches.
First things first, it’s important to note that your average conversion rate is not based off of your entire sales funnel. It is calculated on a per-stage-of-the-funnel basis, as the percent of leads that successfully move from one stage of the funnel to the next. Starting from the top of the funnel with a pool of thousands of leads to call, to the leads you have conversations with, to the leads you qualify from those conversations, to a buyer.
Off course, like all metrics, conversion rate can differ based on a number of variables:
- How much, and what type, of marketing activities are you doing to support your outbound calls?
- How many leads are you calling? How segmented is your list of leads?
- How do people perceive the value of your product or service?
- Are there a lot of competitors in your space?
Variables aside, below you’ll find a benchmark you can use to see how your phone sales campaign measures up:
Number of Activities and Quality List
How many leads have been called so far, and how many calls have been made on a daily, weekly and monthly basis. You should also monitor the quality of your list (wrong numbers, wrong contact names, busy lines, etc.). This will definitely impact the number of connections you make.
|Call Activity = Usually, one on-demand sales agent makes an average of 100 calls a day.|
Call-to-Conversation Conversion Rate
Ultimately, you want to get through and speak to your leads. You should be able to connect and have a meaningful conversation with 15 - 20% of the people you are calling.
|Conversation Rate = If you make 100 calls per day, you should connect with and get information from 15 - 20 leads.|
If you aren’t hitting this benchmark, try different call tactics, such as calling at different times of day, or using other channels like email or social media to make an initial approach before scheduling a call.
Lead-to-Opportunity Conversion Rate
A qualified lead is a decision maker that you had the chance to speak with and run through your BANT questions to confirm if they indeed are a good fit and are interested in your product/service.
|Opportunity Rate = Of the 15 - 20 (15-20%) people you talk to, you should expect to convert 30 - 60 (10-15%) into sales opportunities.|
If your lead rate is lower than that, it probably means you’re reaching out to the wrong audience. You might need to do a little soul searching and deep dive into the data to determine what lead sources produce the most qualified targets and use more specific criteria to match your ideal customer profile.
The close is the last, but most, crucial step. It’s key for measuring your sales rep’s efficiency.
|Closing Rate = Of the 30 - 60 (10-15%) sales opportunities, you should expect to close around 7 to 15 (20-30%) deals.|
If your lead-to-opportunity ratio is good, but you don’t close enough deals, you either 1) failed to build trust, 2) don't have product/market fit (yet), 3) should explore other channels to sell to your target or 4) don’t have the right sales approach.
If it’s reason #4, reevaluate your sales approach. Listen to audio recordings to capture your lead’s reaction to your messaging. Identify what selling points or angles are working and which ones aren’t, and make a change, fast.
This is how it plays out for VOIQ campaign with one on-demand agent:
100 activities per day = 500 week = 2000 month
15% - 20% conversation rate = 300 - 400 conversations per month
10% - 15% lead rate = 30 - 60 qualified leads per month
25% close rate on qualified leads = 7 - 15 deals closed per month
How does your phone call conversion rate compares to your online conversion rate?