Phone Conversion Optimization Speech Recognition for Real-Time ROI White Paper Conversation Conversion Dynamics
Mongoose Metrics, the enterprise leader in Phone Conversion Optimization, has solved a nagging problem in sales and marketing: How do I economically determine if a phone call has converted into a sale? With our solution, there is no longer a need for supervisors to review a statistical sampling of your call center activity. With Mongoose technology you now have full confidence that every call to your business is being analyzed and evaluated for conversion events. With patent-pending technology called Conversation Conversion Dynamics (CCD), Mongoose accurately determines conversion events and provides actionable, real-time and quantifiable data to marketers about the effectiveness of their phone conversions. THE HOLY GRAIL IS HERE NOW: Accurately identify the ROI of your phone sales with Mongoose CCD as a seamless overlay to your existing systems. Table of Contents Introduction Understanding Conversions Marketing Funnel: Multi-Channel Data Integration CRM Integration Web Analytics Bid Management Internal Systems How It Works - A Real World Example Conclusion 2
Introduction By drilling deeply into the actual customer conversational flow, and providing business triggers based on customer input, Mongoose gives customers the ability to visualize in real-time how their phone operations are converting. Additionally, Mongoose shows the entire marketing path and experience from keyword to completed sale. From the moment a stakeholder begins searching for you with an online search engine or traditional media buy to the minute they hang up the phone following a conversation with your customer service representatives, Mongoose Metrics call analytics solutions record every move to reveal patterns of actions and behaviors. Our easy-to-understand, real-time reporting immediately illuminates target areas for change and process improvement online and over the phone. Imagine CCD as Google (tm) for Phone Calls. Once the call data is recorded, searching for specific words, phrases and events across a number of variables (date range, CSR, campaign, etc.) to identify actionable improvements becomes as simple as searching for web pages indexed by Google. The bottom line: Mongoose Metrics helps clients identify and understand the necessary hard data needed to optimize phone call engagement. 3
Understanding Conversions Mongoose Metrics CCD is an overlay technology which can be layered on top of any companies current process. CCD is also integrated with our existing Accutrack 1:1, Accutrack Source and Accutrack Session products. The important enhancement over our existing products is that you can now drill inside of the phone call to see what types of conversations are happening and which are converting it to a sale, meeting or trigger event. We provide the ability to match on specific phrases and then group those phrases into business rule events so you can easily visualize the conversational flows your customers are having in real-time. You can view data across campaigns in a highly granular or highly aggregated format depending on needs. We provide reports on a per-call or campaign basis to let you validate and spot-check the conclusions of the speech recognition software. Additionally, we provide negative path information that shows you which calls are not converting as well as the specific triggers which result in failure. Marketing Funnel: Multi-Channel Once you understand which calls are converting based on your business metrics, it is important to tie that information back to the specific marketing actions or events driving the conversions. Mongoose CCD layered on top of Mongoose Accutrack Session gives you visibility into which keyword or keywords are delivering a specific conversion as well as aggregate data which allow you to understand how likely a specific keyword or group of keywords results in a conversion. Conversely, we help you identify which keywords are generating calls but not converting. We also provide the ability to understand -- across all marketing channels and website behaviors -- which specific efforts drive conversions. This understanding then guides the overall customer analytics and segmentation strategy. 4
Data Integration CRM Integration - To build the full picture of your marketing ROI, you have to tie marketing spend to conversion event to a completed sales figure. By integrating Mongoose CCD into systems such as Salesforce, Microsoft Dynamics CRM and SugarCRM, you can pull reports which tie the marketing source (keyword, billboard, print ad) to the CCD conversion event and to the value of the completed sale. Within a single integrated system, a business decision-maker receives a real-time, accurate picture of how their different phone sales are delivering on the multitude of marketing investments made. Web Analytics - Mongoose integrates with many leading Web Analytics vendors including Google Analytics, Omniture SiteCatalyst, WebTrends and Unica. We push data from our CCD system into these third party applications and work with each vendor to help their clients visualize the new wealth of information provided by the conversion engine. Bid Management - In an effort to reduce the lag time between actionable data and changes in marketing spend, Mongoose integrates with many of the leading bid management vendors including Acquisio, Marin Software and Kenshoo. Our goal is to take the conversion-related information from the CCD and use it to accurately represent the real-time phone conversion flow back to the bid management engines so that they can adjust keyword bids immediately. Internal Systems - Through our XML API and variety of push-oriented mechanisms, Mongoose Metrics drives data into your existing business process systems. We have extended our API and push features to provide a rich layer of detail related to your phone conversions into your applications directly. Through our professional services, we help you develop a tight integration into your process. 5
Example of How It Works An apartment rental company wants to identify how sales are closing over the phone. Based on the existing scripts their agents use as well as actual call recording data, Mongoose Metrics works with the client to identify words and phrases ( call tags ) which are the key words or phrases which drive ideal results for the apartment rental company. Once a series of call tags is identified for the apartment rental company s needs -- in this case words and phrases such as location do you accept pets? security deposit what is your credit score? and credit check -- a score is assigned to each call tag indicating the relative value of that tag should it occur in a conversation. Once the tags and scores are set up, the tags are then grouped into an event. Events have scores as well. For example, if you wanted to ensure that four of your tags in the Sale Event need to be present to ensure a sale happened, you would set each tag to a score of 25 and the overall event to a score of 100. Events also flow into event paths which then ultimately reveal the aggregate knowledge or hard data needed to make process improvement decisions, specifically, what order of events have happened during a call to result in a conversion? and could a different order of events improve conversions? A template event path for the apartment rental company might look like this: Event 1 (General Interest) Words such as availability and location and appointment are spoken. Event 2 (Specific Interest) Words such as small pets and security are spoken. Event 3 (Sale) Words such as credit card number and you have been approved and security deposit and sign a lease are spoken. Based on this event path the apartment rental company can mine the metrics to understand a number of data points, including: What percentage of calls with the words sign a lease actually close? Do conversations about availability or location cause callers to immediately hang-up or continue the call? Does the apartment s No-Pets policy cause callers to terminate? 6
Operation Once the appropriate call tags and tag events have been set up, the Mongoose system monitors every call to your business and looks for the predefined events. Based on criteria you configure, we integrate data into your existing business processes and systems whenever a trigger condition is met. Additionally, you can visualize the performance of each call, type of event (sale), campaign, or overall account through our flexible reporting system. You can export any report data to your own systems via XML or CSV. Below is an example showing a pie chart of conversion events, allowing drill down into calls which qualified under a specific event. Conclusion Mongoose Metrics Conversation Conversion Dynamics (CCD) gives marketers and business decision makers real-time and historic data visibility into how new and existing customers are interacting with their business. We provide an instant feedback loop to validate and improve processes, helping businesses build more rewarding engagements with their customers. Contact us at Mongoose Metrics at 877.784.0496 or visit us online at www.mongoosemetrics.com to set up a meeting. 7