The 3 Conversational Marketing Metrics that You Probably Aren’t Tracking but Should Be- [Podcast]
Host: Billy Bateman – Billy Bateman is the Co-Founder and VP of Operations for ChatFunnels, a digital conversation analytics, and optimization solutions provider. He has a background in digital marketing, business operations, and entrepreneurship.
Billy grew up in Idaho and graduated from Brigham Young University and has a Masters of Business Administration from Boise State University. While at BSU, he completed Boise State’s Venture College Entrepreneurship Program and became a mentor and entrepreneurial lead on a technology commercialization project. He is an avid outdoorsman and enjoys fishing and hunting.
Overview: Billy Bateman goes over three key conversational marketing metrics. He discusses what numbers you should be aiming for and simple techniques to improve them.
Billy All right everybody, this week I want to take a few minutes and talk about three metrics in conversational marketing that you should be looking at if you aren’t already. The first one would be your visitor activation. That’s going to include a couple of items: (1) how many visitors do we have on the Web site and (2) how many visitors activate the bot via button click.
Site Visitor to Activation
How many of you actively send an invitation (either a live chat or bot conversation) while visitors are on your Web site? If you’re not getting to at least 50 percent of your visitors with just an activation and invitation to engage, you’re not giving enough people an opportunity to quickly engage with your team and find out if your products are the best fit for them.
Conversation to Email Capture
The second key metric is your conversation to email capture. Really, this is a measure of whether you offering enough value to people, that they are giving you a way to reach back out to them. If you’re not offering enough value- something’s got to change. You need to get better offers. That’s one thing you can do.
Another is- whoever is manning live chat, are they doing a good enough job of building rapport, that people actually want to give them their emails? If you’re doing a poor job with your live chat, then you’re not capturing emails from there. You’ve got work to do.
Overall, if you’ve got a large bot deployment with a lot of visitors, you should be capturing emails from 10-15% of all your chatbot conversations at least. If you’re below that, you need some help and you need to start working on things. Ideally, you’re getting up around 40-50% of all your conversations result and in an email capture. If you’re getting too far above 50%, you probably need to open up more opportunities for people to talk to you and have more of those conversations that probably aren’t going to lead to an e-mail capture. But you’ll probably net more emails overall by giving more opportunities to engage with the team.
Calendar Drop to Meetings Booked
And the last key metric is your calendar drop to meetings booked. So if you’re using bots to book meetings at all, you want to look for people that get all the way that they’ve been qualified by the bot. They’ve been presented as sales reps calendar and the opportunity to book a meeting. What percentage of those people are actually scheduling a meeting?
So it’s a measure of two things. One, did you provide a good enough experience through the bot that they actually are going to follow through? And then it’s once again a measure of what’s the value for the offer they’re making? And the third thing is how available are your reps. Because what we see is when reps don’t have a lot of availability quickly, your calendar dropped to meetings booked goes way down.
If people see that the soonest they can get a meeting is two, three, four days out, then that number is going to plummet. When proposing same or next day meetings, if your offer is good enough, 50% of people actually book the meeting. If you’re above 40 percent, you’re doing all right. When you’re below that number, you can start working on that, the first place to look is ‘OK, what’s the value of the offer that we’re giving people and what are we making them commit to?’
Maybe we need to change the meeting length from a 45 minute to a 30 minute or from the 30 to 15. If that’s really all we need. And then how available are my reps? Look at their calendars, see if people are getting opportunities for those same-day meetings, for the next day meetings (if they don’t need to work on that) and see maybe we need to add more reps.
Maybe there are ways we can open up people’s calendars, but those are the three metrics a lot of people don’t look at, that we think are really key to measuring how effective is my conversational marketing and what are the levers that can pull to affect things by diving into these metrics.
So just to recap, one is visitor to activation. Two is conversations to email capture. And three would be that calendar dropped to meetings booked. Hope this helps. And just go out. Make it happen. If you need help, as always, reach out to us @Chatfunnels. We’re happy to talk and brainstorm with how we can get you to the next level with your conversational marketing.