The 3 Conversational Marketing Metrics that You Probably Aren’t Tracking but Should Be | Podcast
Reading Time: 4 minutes
Overview: In this presentation, Billy Bateman delves into the intricacies of three pivotal conversational marketing metrics. Gain a deeper understanding of the target figures you should aspire to achieve and discover straightforward techniques to enhance these critical indicators.
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.
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Podcast Transcript
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
It’s crucial to assess your current strategy when it comes to reaching out to your website visitors through various channels like live chat or bot conversations. The question you should ask yourself is whether you are actively taking steps to extend an invitation to engage with these visitors. If you discover that your existing approach is falling short, connecting with less than 50 percent of your web traffic with a timely activation and an invitation to interact, it signifies a missed opportunity.
Failure to seize this chance for swift interaction potentially means that you’re leaving a significant portion of potential customers untapped. In doing so, you might be inadvertently neglecting a substantial pool of prospects who are eager to engage with your team. These visitors are seeking to gain insights and determine whether your products or services align with their unique needs and preferences. Ensuring your strategy effectively reaches a broader audience is an imperative step in maximizing your web presence and customer engagement
Conversation to Email Capture
The second key metric is your conversation to email capture. This metric serves as a barometer of the value you provide to your audience. It reflects the extent to which you’re successful in persuading visitors to share their email addresses, granting you the means to re-engage with them at a later time. If you find that this measure falls short of your expectations, it signals the need for an adjustment in your approach.
Consider this a signal that you might need to reevaluate and enhance the value proposition you’re presenting to your audience. In such cases, it’s essential to think about ways to deliver more compelling offers and content that resonate with your target audience. This is a pivotal aspect of your conversational marketing strategy that demands your attention, as it can significantly impact your ability to establish lasting connections and nurture leads effectively.
Another critical aspect to ponder is the effectiveness of the individual responsible for managing the live chat function. Are they proficient in building rapport to the extent that visitors willingly provide their email addresses? If your live chat team is not excelling in this area, you may find yourself falling short in capturing valuable email leads through this channel. Recognizing the need for improvement is the first step toward optimizing your live chat engagement strategy and capitalizing on the potential it holds for email acquisition. There’s room for enhancement in this regard, and it’s an aspect that warrants attention and effort.
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.
While it’s possible to explore tactics for enhancing calendar availability, there are three specific metrics that often go overlooked but hold substantial importance in gauging the effectiveness of conversational marketing. These metrics not only provide a deeper insight into the impact of your approach but also serve as essential levers you can manipulate to influence outcomes. Delving into these metrics offers an opportunity to understand just how effective your conversational marketing efforts are and identify the strategies you can employ to achieve better results
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 @Signals. We’re happy to talk and brainstorm with how we can get you to the next level with your conversational marketing.