Lead Efficiency Questions
Is your outbound call center spending too much time qualifying leads?
Are agents frustrated by how few people are answering their calls?
Are they spinning their wheels dialing as much as possible?
Do your lists include old data like inactive and cold leads?
These are all symptoms of a lead list that isn’t qualified enough. As a result, your call center may be working hard to simply stay afloat.
The first step in improving lead efficiency is measuring your key performance indicators, or KPIs. From there, you can make informed decisions to improve your lead qualification practices and convert more leads with your dialer — with less time, effort, and cost.
The three KPIs below will help you measure lead efficiency by answering two key questions:
Do we have enough high-quality leads?
What is the cost of engaging with these leads?
Contact rate measures the percent of leads reached out of your total leads. At a quick glance, it shows you the quality of your lead list. It also indicates whether your agents and software are reaching the right leads at the right time.
The higher your contact rate, the better. It means agents can spend their time productively by reaching the right people, thanks to a lead list with higher-quality leads. This has a direct impact on revenue. Your dialer was able to dial fewer leads while delivering the same number of qualified leads to your agents. In other words, you can spend less to earn the same results.
List penetration rate
Your list penetration rate measures the number of prospect records closed versus the total number of records in the campaign. It highlights the accuracy of your call list and its data.
The higher your list penetration rate, the better. It shows that you’re working with clean data. List penetration rate lower than you’d like? Look at your data and see if your agents are calling cold or inactive leads.
You should regularly analyze these reports and vet your data vendors on the leads they are giving you. In doing so, you’ll help agents reach more viable, warm prospects — ideally closing more often in the process.
Cost Per Acquisition (CPA)
CPA measures the total cost to get one specific acquisition, whether that be defined as an agent-sold lead or a billable lead that you pass off to your client.
It’s the top KPI we recommend measuring at your outbound call center. Your CPA gives you a singular, high-level view into the costs associated with converting leads. Once you’re armed with this information, you can:
- Optimize your call center’s return on investment (ROI).
- Get clear insights into spending and saving opportunities.
- Reflect a lot of your call center’s moving parts in one simple metric. This makes sharing marketing’s performance across the company much easier.
- Calculate the KPIs that impact your business’s bottom line: lifetime value of each acquisition, marketing costs, and expected profit.
More on Improving Lead Efficiency
For a deeper dive into accelerating lead efficiency for outbound call centers, check out the article by Convoso CEO Nima Hakimi, “Outbound Calling Strategies: Accelerating Lead Efficiency.” In that article, you’ll learn about
- The Right Metrics
- Smart Dialing Strategies
- Tools to Improve Lead Efficiency
- Metrics & Reports that Improve Lead Efficiency
Definitely a value-packed post worth your time.