How do you measure B2B Telemarketing Success?
Where B2B telemarketing differs from telesales (i.e. B2C) revolves principally around the type of conclusion to a call. In telesales, a sale is expected. In B2B Telemarketing, we're expecting an appointment.
Therefore, there is a longer turnaround time, and that makes it harder to measure. The quick-fire nature of telesales means that we can obtain an instant ROI. We know, however, that our buying cycle is much longer in B2B, so measuring success is not easy.
This short guide looks into how you can measure B2B telemarketing success, and get a better idea of how the campaigns are working for you.
How to measure campaign success
Firstly, you need to be measuring how well the campaign is performing itself. Therefore, there are certain metrics to keep an eye on. In order to measure the quality of your data, you need to look at how many conversations the telemarketer is having per day.
If the data is good, then the telemarketer should be having at least 1 conversation for every 10 dials in a typical B2B campaign. However, if there are missing telephone numbers, wrong contact details or a high number of gone-aways, then you will find the number of dials per conversation going up.
This ratio is a great way of measuring the quality of your data - remember, poor data can ruin your campaign.
To measure the quality of your messaging, you need to measure the ratio of conversations to appointments. Again, 1 appointment to every 10 conversations is considered quite good, although with a good, relevant message, this ratio can be improved. Once more, the quality of the data is important here - if you have a good, fresh and well-segmented data set, then you will have noticed a) the number of conversations increasing and b) the ratio of appointments to conversations improving too.
How to measure appointment success
It is important not to sever the link between the appointment being made, and the lead itself once it enters your systems. Each lead should be tagged as a telemarketing lead, and should equally be tagged back to the specific campaign and data set that you were using.
Without this level of tagging, you cannot fully measure the success of your telemarketing campaign. One of the immediate measures that you can take is pipeline - i.e. how much has the telemarketing campaign contributed to your pipeline, and what level of growth are you getting?
Later on down the line, you can start measuring telemarketing's contribution to the later stages of the pipeline, as well as closed deals. Once you've got this level of detail, you can start analysing your success - in other words, which verticals brought appointments that close, and which verticals brought appointments that didn't close.
What you also need to measure is the non-appointment pipeline - in other words, the number of contacts that you have had good conversations with, but were not able to book an appointment with at that time. There will also be a list of people who are not in the buying cycle, but would be happy to meet, say, in 6 months' time. This gives you a really good view of how your telemarketing campaigns are going to grow over time.
Above all, it is important to set expectations that success in B2B telemarketing does not come about overnight. This latter point, regarding the non-appointment pipeline, is important - not everyone is likely to book an appointment with the first call you make, or the second. You're building relationships, and you can measure the effectiveness of your campaigns through many different measures.