Using Conversation Analytics to Create Strategic Partnerships
As a sales manager, office manager, or business owner, we understand the importance of looking at our data and creating processes and procedures that maximize our budgets and ultimately lead to a consistent increase in revenue. One of the tools we can utilize is call tracking and conversation analytics software. If used correctly, this software could provide us three benefits in one scenario for our business:
- Maximize our marketing ROI
- Create new revenue streams
- Deliver an improved customer experience
How can we create a win-win-win for all involved? Let’s look at one of the many scenarios that a proper discovery session, with the right call analytics provider, could uncover for the best use of your call tracking and analytics software.
Let’s say that we own a successful law practice. Our firm concentrates in DUI, Personal Injury, and Family Law. Over the past year or so, we notice that our Family Law portion of the practice may not fit with our model moving forward, so we decide to walk away and focus on DUI and Personal Injury.
We are happy with our decision over the next few months, but by using our conversation analytics software, we notice that we are still receiving calls for Family Law and turning away clients. Keep in mind; we have spent a considerable amount of money over the years on marketing our firm with all three specialties.
After a deeper look into our call data, we discover that we have a choice to make:
- Keep turning “bad leads” away, thus wasting a portion of our marketing budget
- Form a strategic partnership with a Family Law practice
After looking at the data, we decide on Number 2. We identify three firms that specialize in Family Law and in no way cross-over into our specialties of DUI and Personal Injury. We decide on a young lawyer just starting out, like we once were, and see that her firm could make the most sense for both parties. After some discussion with this particular lawyer, we find that another decision needs to be made:
- Do we charge her firm for our leads
2. Do we decide to trade leads
We decide that since her firm does not have the proper tools in place to provide us enough data to make us comfortable choosing Number 2, we decide on Number 1. We are going to charge her firm $5 per lead (for illustration purposes only).
We are ready to go now. Our reporting data is set, we have our system in place to track and distribute leads, and we are also going to take it step further. We are going to warm transfer the calls over to our partner of choice, simply because we pride ourselves on above and beyond customer service.
So we have made our decision, and our system is in place. After a few months of tracking our internal data and gaining feedback through NPS (Net Promoter Scores) and other resources in place to gain feedback, from both our partner and clients, we have created the following:
- A level of customer service that gives a potential client a memorable “wow” experience. Who knows, they may need you later.
- Goodwill with our strategic partner. In this instance, we are helping out a fellow lawyer who one day wants a practice as successful as your, but she may need a little help getting off the ground.
- If we are selling these leads to our partner, at a reasonable price point for both parties, we still gain a benefit from our past marketing efforts.
So let’s say you are not the law firm in this example, but rather in a different industry. What type of partnerships could your company make use of for this type of win-win-win scenario? Would this be guess work today or do you have the data to support making such a decision? Would this type of partnership benefit you?
About the author:
Noah Carmichael is an Executive Coach and Director of Inside Executive. Noah works with business owners, executives, and their teams on a one-on-one or group basis in areas ranging from personal and professional development to operational strategy and sales accountability training.
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