Measuring the effectiveness of a conversational marketing solution is arguably as important as executing it. To do this, users should look for tools that provide centralized data collection, or tools that have the capacity to integrate, as opposed to using a mix of tools and their respective metrics..
The metrics that are important will depend largely on your business goals. But consider the page and intent of each audience group. For example, on a product-specification page where you run a live streaming broadcast, it would be good to look at the ratio of views to lead captures, given that this is still an educational/research point for the buyer. However, a lead capture tool running on a pricing or product configurator page could be measured in the ratio of views to sales or, test drives (in the case of automotive) booked.
Shortened sales cycle
You should measure the length of your sales cycle for qualified leads that arrive via the Conversational Marketing solution and those that arrive via forms or car configurator without buying assistance. This will provide a good indicator of dollar value and a key benefit for your bottom line at the end of the month.
Improved NPS score
Customer satisfaction should not be discounted. NPS is a good indicator of the likelihood of referral. What makes a good NPS score can vary depending on the industry and region, however, if you are scoring a negative your customer experience should be a priority. Although there are industry benchmarks, it’s good to measure the general trend of your NPS. Implementing a conversational marketing solution should increase it over time. As this is one of the key outcomes of Conversation Marketing, you should look for solutions that offer this capability within the platform.
Increased lead engagement
Engagement may seem like a vanity metric, however, it has a knock-on effect and while it’s always good to take this metric with a pinch of salt, they shouldn’t be discounted entirely either. Consider your visitor to engagement ratio. This will not only help indicate whether your conversation starter is working but also give you an idea of how many users are interested in talking with your staff.
Lower customer acquisition cost
A combination of the above elements means that customer acquisition cost should be reduced over time, all other things being equal. A conversational marketing solution automates the qualification process and allows those leads who simply want to buy, to do just that. By segmenting assisted and unassisted sales to maximizing your sales staff’s time and output.
The image used here shows the transition cost and sales overtime for a telecoms provider. We can see that after an initial spike in cost during the onboarding process for the new Conversational Marketing platform, gradually the costs fall due to the decreasing costs needed for agents with unassisted sales. Over time, this will produce a much lower Customer Acquisition Cost, while continuing to increase sales.