Do you know how your phone prospecting campaigns are performing? How do you measure success - do you know how much your performance has changed month over month since last year? Do you know what numbers you should be looking at to actually improve your chances of conversion and capture actionable insights for your sales team?
If you don’t already, then this blog is for you! Tracking call prospecting metrics will help you measure the quality of your early pipeline development to ensure your team is only being funneled the truly qualified opps they’re craving.
In this post, we’ll go over our top four categories of metric must-haves to help you keep a pulse on your company’s sales call channel.
Starting with a strong, clean list of leads is crucial - there’s nothing worse than calling numbers that lead to nowhere... or no one. To measure the health of your lead database, scan each number on your list to merge duplicates, handle re-formatting issues, and remove incomplete numbers or rows missing phone numbers entirely.
Another crucial data point is the level of lead segmentation you can apply to your contact list - this will dramatically improve the effectiveness of the call campaign. Can you segment your list by job title, or by location (timezones)? How well do these segments match your ideal customer profile or personas?
List Penetration Rate
It’s key to estimate the amount of list penetration needed or expected per campaign. Does it take just 1-2 calls to reach the contact the first time, or does it take multiple attempts. The integrity of your list directly affects the number of connections, conversations with qualified contacts and your conversion rate.
Phone prospecting also allows businesses to update and enhance their marketing data. Tracking the amount of new information captured or verified through calls gives you an idea of the quality of your list, such as measuring the number of new leads added, or the contact fields that were updated or verified.
Calls per Hour/Day/Week
This metric captures the number of calls made on an hourly, daily, and weekly basis and how many contacts have been called so far. There’s a lot of non-human factors to keep in mind that impact call-per-hour numbers, such as script complexity, call software efficiency, and pre-call/post-call work required (in particular, what’s automated and what’s not).
Average Talk Time
This is the average amount of time an agent or rep spends per call. It’s a good practice to keep calls under 3 minutes, BUT a lower average talk time can also mean a poor quality of conversations. Again, make sure to take into account the length of the script or the post-call work.
Calls per Contact
According to TOPO, it takes an average of 18 calls to actually connect with a B2B buyer. While this can vary by industry or target market, most B2B leads today require more than one attempt. In our experience handling thousands of calls for our clients, we’ve found a standard approach of 4 call attempts is best.
Positive Contact Ratio
Dialing prospects is just the means to an end. What truly matters is connecting with your target contacts. If your ratio is low, make sure to monitor the quality of your list, or try different call tactics, such as calling at different times of day, or using channels like email or social media to make the initial approach.
Conversations With Decision Makers
Focusing solely on the total number of conversations can inflate your reach rates. You need to measure the number of conversations your agents or reps had with decision makers. This metric will give you insight into the number of callbacks and follow-ups made in order to reach them, and will allow you to dig in to which sources are generating the most qualified targets.
Requests for Information
This metric measures how many contacts request marketing collateral from your company. Tracking this number allows you to further segment your contact list, and add these leads into a nurturing workflow that leverages any data captured on the call re: the contact’s needs. Plus, to monitor how well your agents/reps handle the “send me more info” objection.
One of our favorite phone prospecting metric measures the number of contacts that are not interested in buying what you’re selling, and the reasons why they aren’t. 1) If there is a high number of uninterested contacts, you’re probably reaching to the wrong audience, but it also means your reps will get to speak only to qualified prospects. 2) You’ll be able to incorporate the right rebuttals into the script so your agents/reps are equipped to break past these barriers on their next call.
Lead Conversion Rates
This metric shows the percentage of qualified or converted leads reached vs. the total list of leads called. What constitutes a converted lead will depend on your campaign objective: to schedule a demo, sign up for a free trial, update contact information, etc.
This is the percentage of your phone prospected leads that convert into paying customers. Depending on your sales process, your reps can close a deal after a demo call (+ a few follow-ups), or at the end of a longer nurturing cycle.
Calls per Disposition
This metric measures how many call attempts it takes to qualify or convert a lead, and the call disposition or outcome of each of those call attempts. Tracking this metric can tell you if the agents are using the right sales approach from the first attempt, and/or how good they are passing the gatekeeper.
Cost per Sales Qualified Lead
This is the total cost of the campaign divided by the total number of converted leads. According to basic sales principles, anything around 20% of your Annual Contract Value (ACV) is a good cost to acquire customers (CAC). And 20% of your CAC is what you should be paying for an SQL (a demo scheduled).
Phone prospecting ROI is the revenue you can attribute to the call channel divided by the total campaign cost. Because prospecting calls are just one channel in the modern sales approach (emails, social media activity, content, etc. are also important muscles to flex), you have to use attribution models to determine the revenue call prospecting actually generates.
Interested to learn more about the call prospecting metrics you should be tracking?