Harnessing Call Tracking for Sales Growth in the Financial Services Industry

Call Tracking in Financial Services

Financial products are some of the most complicated to decide on and finally purchase. Dealing with complex terms and conditions can leave potential shoppers with more questions than answers, to such an extent that more often than not, it seems inevitable to pick up the phone and call for clarifications. 

In other words, it comes as no surprise that the phone plays a critical role when consumers are in search of a mortgage, credit, insurance, or any other product in the financial services industry. Well, in fact, this is a great opportunity for companies belonging to this industry to foster relationships with their prospects. 

Relationships are at the heart of the customer experience. Meeting customer expectations and promoting seamless phone interactions through the journey boosts the perception of the brand. On the other hand, this also poses a threat to cut off the bridges of communication, if the call agents fail to stand up to customers’ expectations. 

Call Tracking in Financial Services

Chapter 1: Customer Experience

Say you are interested in purchasing a life insurance product. You have asked family and friends for suggested companies, but to no avail. By far, the easiest way seems to be a web search. You use relative keywords and Google serves you a list of insurance companies.

Your next step is to do your research, weigh up the options of each product and finally choose the one that suits your needs. But you fall upon unfamiliar terms. You need somebody to unravel your queries.  Picking up the phone and calling seems your best choice. 

But, unfortunately, the call representative fails to give the answers you are looking for. Be it lack of training, boredom, or even a bad day at work. How possible would be to shortlist a company that fails to provide acceptable customer service? Let alone when you are at the very beginning of your customer journey? Hardly any chances, I suppose.  

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This example is simply to denote that no matter how well-designed or price-competitive your financial services are, what will make you win on points is finally exquisite CUSTOMER SERVICE. 

It is not accidental the fact that the interest in Customer Experience (CX) has almost doubled between 2011 and 2018. (1) The good news is that today you have the tools to monitor customer service interactions and master your reps’ communication skills.  This is the most appropriate time to introduce you to Nimbata Call Tracking.

Nimbata call tracking is your go-to software solution to craft excellent customer service and much more!  But first, let’s explain how Nimbata call tracking works. Call tracking is the process of capturing and reporting inbound call activity by displaying local or toll-free phone numbers on your website for marketing sources you wish to track.

Numbers dynamically swap on your website and report the source of each call. This means that each visitor sees a unique phone number- assigned to the specific marketing asset that brought them in- but when they dial it, the call is forwarded to the business’s phone line.

This way the process is seamless for the caller and the agent receiving the call. Reasonably, you will ask how call tracking could be of help for your firm. In the first place, call tracking offers call recordings and transcripts of the calls, so that you can monitor every conversation.

This allows supervisors to spot possible vulnerabilities in the way agents handle inbound calls and organize training sessions to improve their performance. Additionally, such features serve as a means to quantify the effectiveness of certain call scripts over others.

Analyzing the transcriptions of each call provides a clear understanding of what are actually customers looking for, but also what resonates with them. This is another very important touchpoint to take advantage of.

Listen to your customers, share knowledge with your salespeople and finally create marketing campaigns with a higher propensity to engage and convert new prospects.

Another extremely useful tool in Nimbata’s quiver is the so-called “Whispers”.   Whispers is a custom audio message that agents hear before the call connects, preparing them on its source. If, for instance, the call is generated from a TV ad or a Facebook post, the agent will get informed in order to customize the conversation according to what is communicated in each medium. 

In addition to the above mentioned, Nimbata provides sophisticated call scheduling options, so that you can set up different routes to different destinations. This ensures that your calls will always reach the right agent. 

Chapter 2: Conversions & Marketing ROI

Sensibly one can think that being truly attentive to calling customers, businesses are very likely to boost their phone conversion rates. And this is another remarkable advantage of call tracking.  But still, the benefits of call tracking for the industry don’t end here.  The financial services industry is one of the leading digital ad spenders. And it’s absolutely normal. The competition is fierce and you have to ensure your position in the market. But how do you decide which are the most appropriate marketing channels to invest in?

Well, I can imagine you track your customers’ online journey from end to end. But this is not enough. Not to mention the fact that it can prove misleading for your marketing decisions. Let me explain by going back to my previous example. Quick reminder: You are currently searching for a life insurance product. You are searching in Google and you click on the first ad in the list.

You are directed to a website or a landing page and you start to read relevant information. In the first two minutes, you bump into those difficult terms I previously mentioned. You decide to call and get your questions answered. You exit the website.  What will Google Analytics record? An unattributed call and a user that in the first 2 minutes bounced.

What is the truth? 

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The truth is that you have expressed interest in the company’s products. Let alone, you need clarifications for them. Definitely, you seem to be a qualified lead.  See? Your Google Analytics data is inaccurate, simply because your inbound calls are not measured.  This issue can easily get resolved with a call conversion tracking solution such as Nimbata.

Call tracking helps you understand which of your marketing sources (keywords, posts, emails, print ads, etc.) drive call traffic to your business. No matter if you deploy online or offline channels in your advertising strategy, you can measure the efficiency of all and get a holistic view of your marketing performance. 

That is to say, no more guesswork. You gain real-time actionable data to understand what does or doesn’t work and adjust your marketing efforts accordingly. What do I mean with actionable data? Demographic data of your callers, information about their journey so far, along with the content they engaged and urged them to contact your business. 

This is pretty much… YOUR TARGET AUDIENCE!

And when you know it, you can segment it and design targeted campaigns to supercharge your ROI. At this point, it should be mentioned that locality is a crucial parameter in your effort to convert customers. A portion of people feel more familiar with local phone numbers, rather than to a completely unknown prefix, that would probably deter them from converting.

But this is not a thing to worry about. 

Nimbata offers its services to over 70 countries, in Europe, South America, and Australia, enabling you to choose local or toll-free tracking numbers to measure the effectiveness of your marketing campaigns at a local level. With Nimbata’s attribution tools, you can get a clear view of the performance per area and fine-tune to optimize your ROAS.   It goes without saying that when you know your most effective channels, you can optimize your budget and spend it smarter…

Call tracking really makes your business life easier! 

Chapter 3: Untapped Phone Leads

Now if I ask what percentage of your total daily inbound activity remains unanswered, what will be your reply?

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Difficult to say… if you don’t have call tracking in place! With Nimbata, not only you can measure the phone calls that went unanswered, but also you get an analysis of when they occurred, revealing your peak and off-peak times.  The best of all? You get a list of them so that you can call back prospects at your soonest convenience. 

If a considerable amount of calls fails to connect due to overload, this is a warning you shouldn’t ignore.  And remember: If you fail to respond in a timely manner, prospective customers will seek after the next available in the list…Can you afford to lose quality leads?

To summarize, if your financial services company receives a considerable number of calls from prospective customers every day, this is a signal that you need to start measuring your calls the soonest possible.

Or else you are flying blind! 

Nimbata with its global availability, ease of use and white-glove support is definitely an option to consider when it comes to call tracking in financial services.

If you want to learn how call tracking in financial services works, you can book a demo or even start your free 14-day trial. We will be more than happy to help your business grow!