Forget what you think you know about phone calls. Invoca just released our Call Intelligence Benchmark for Financial Services, and it’s chock full of surprising stats for any financial marketer who cares about driving new customers.
The truth is, your prospects want to call you, and it turns out, phone calls aren’t the hard to track, costly burden you feared. We have the data to back it up! In fact, we analyzed Invoca data from dozens of Financial Services companies to see how real marketers are driving results with call intelligence.
Read on to see highlights from the report. You can also download the full report here to get more valuable insights like what paid search keywords drive the most calls, when customers are most likely to call, and more.
1. Consumers are 2.8x more likely to call from a search ad for financial services than other industries.
When it comes to things like a home mortgage, wealth management solution, or line of credit, consumers value one-on-one communication. So it’s no wonder that financial consumers are more likely to make a call than consumers in other industries.
2. Financial companies see a 213% increase in call volume after six months of using call intelligence.
I know, this is a big claim, but it is the honest-to-data truth. It’s common for financial companies to double and triple their call volume within the first year of using Invoca. Why?
These companies can see exactly where their call conversions are coming from so they know how to drive more. With Invoca’s granular, multi-touch attribution for phone calls, there is a huge potential to optimize and drive more high-converting calls.
3. The average conversion rate for financial services calls is 27% (10 times the rate of clicks).
Working to generate more traffic, more clicks and more form-fills is second nature to marketers -- but calls are where the real action is. Phone calls are naturally higher quality because people who call are more motivated buyers. And when there is one-to-one contact with consumers, conversions increase.
4. Financial marketers increased digital ad spend by 36% from 2014 to 2016.
This number is expected to grow year over year. In the past, financial marketers have put a huge emphasis on offline channels—TV, radio, and print. But within the last few years, there has been a major shift.
Currently, digital channels are driving more and more phone calls, while calls from offline sources continue to decrease. In order to stay on top of this trend, marketing budgets need to favor digital.
5. 34% of all calls from financial consumers came from paid search in 2015.
Consumers have more options than ever before when it comes to engaging with businesses. And with click-to-call buttons on mobile search ads and landing pages, more than one-third of financial consumers are clicking “call.”
Phone calls have always been a critical touch point for financial marketers. But with both online and offline channels driving calls, it’s more important than ever to understand where your calls are coming from. Luckily, with call intelligence, you can easily track calls regardless of their source. You can also gain insights into who is calling, why they’re calling, what they say when they call, and which marketing efforts are influencing their decisions.
To get more information about how financial marketers are driving higher call volume, getting higher quality leads, and increasing their ROI, download the 2016 Call Intelligence Benchmark for Financial Services here.