Cost per acquisition is the holy grail of metrics in the marketing world. It essentially allows you to work out how much it is actually costing you to acquire each of your customers.
In some cases, this may be fairly easy to work out. You just divide the total ad, campaign or marketing spend by the total number of sales and you’ve got your CPA.
Total sales: 100
Total ad or campaign spend: $50,000
CPA: 50,000/100 = $500
However in some cases, obtaining accurate CPA may be more difficult, particularly when working out CPA/campaign and attributing sales back to a specific campaign. If you are not tracking where your phone calls are coming from, and therefore not accounting for all your leads, getting accurate CPA data becomes even more difficult.
CPA provides you with actual return on investment on your marketing spend. While other metrics such as cost-per-click or cost-per-lead are important when it comes to tracking advertising spend, CPA is linked to actual sales or revenue earned.
At a broad level, CPA can be used to show various departments such as marketing and finance how much it is costing you to acquire new customers. These departments can then use this data in order to make better decisions for the business.
However, in an online advertising environment, the real key to using this metric is being able to feed CPA data back into your bid management software so you can bid on keywords/terms and campaigns that not only delivered sales but also delivered sales with the highest value.
This helps ensure your marketing spend is more targeted at campaigns or keywords that were successful in delivering you sales.
However it can sometimes be difficult attributing a specific lead and therefore the sale back to its source, particularly when the lead may have come in over the phone.
This is where Delacon’s call tracking software comes in. Not only can we help track the calls made to your business from a variety of sources – both online and offline – but we have specific features which can help you pull CPA data out of your CRM and push the data into bid management and other marketing software.
The ability to accurately measure your CPA starts with being able to capture every single lead that comes into your business – both online and phone calls – and attributing that lead back to its source.
Integrating incoming phone calls together with the call tracking data, as well web form inquiries with your CRM is vital in being able to do this.
Our call tracking software can be integrated with your CRM, allowing phone leads to be captured in real-time with our call tracking data attached to the lead record. Your agent simply has to find the lead record in the CRM – or you may choose to use screen popping technology – and enter in the caller’s details such as name, email and company name when speaking with them on the phone.
The integration ensures all leads are captured with call tracking data, and allows for the sales journey to be tracked from lead to account to opportunity to sales that are won or lost.
A further benefit of CRM integration is the sales agent who answers the calls will have the call information available in real-time, allowing the agent to use the information to help move the call along faster.
Call tracking data captured includes:
- Phone number
- Call duration
- City called from
- Number called
- State called from
- IVR Capture
By capturing and tracking all leads in your CRM, you gain visibility over which advertising campaigns and keywords are generating phone calls as well as web enquiries, ensuring greater CPL and CPA accuracy.
Once the lead data is captured in your CRM, the lead’s journey begins. If the lead is ultimately successful in becoming a client, it should have a sale value or revenue amount against the record in the CRM.
Our integration allow us to capture this sales value, match it to the original call record and push this data into bid management software, helping to make sure you are bidding on keywords and terms that not delivered a sale but also delivered sales with the highest value s i.e. sales with highest revenue.
This type of bid optimization can help reduce your marketing budget by illuminating spend on campaigns that aren’t delivering sales and re-focusing spend on campaigns that do. Overall this process can help lower your CPA.
Our DTMF/IVR Intercept feature allows us to capture the menu option selected by your callers in your IVR (phone menu system), allowing you to see where your phone calls are actually going.
Essentially it is a measure of caller intention.
For example you can set up your menu options as per the below:
- Press 1 for Sales
- Press 2 for Support
- Press 3 for Accounts
When a caller selects on of the options, the data is captured and displayed in the Delacon portal as 1 – Sales, 2 – Support etc.
Seeing where your calls are going can be a great way of measuring campaign effectiveness. For example if you are running a campaign that is targeting new leads but your data indicates calls from that campaign are going to support, you can instantly see that it’s not working as intended and you can make changes to the campaign, or even turn off the campaign entirely.
This can also be pushed into Google Analytics and AdWords. By being able to see how many calls are going through to the sales department, you can start to get a picture of conversion rates and approximate CPA.
Our call transcription feature allows you to effectively ‘listen’ to every call that comes into your business. You can set it to listen out for specific keywords, including sales specific keywords and sales values.
This data can be pushed into the Delacon portal so you can see which calls have delivered sales and their value.
This feature allows your agents to enter in the outcome of the call after the caller has hung up. For example, they can be prompted to enter ‘1’ if the call resulted in a sale and then enter the sales value.
This data is also available in the Delacon portal and can be pushed into your CRM.