Analyzing Outbound Campaigns - May 2024

Chiirp Revenue Performance

👋 Hey, Jon here! This week, we are diving into revenue generated from Chiirp outbound campaigns across 115 businesses for May. These businesses span HVAC, plumbing, roofing, and garage doors.

As a refresher, below is April’s outbound campaign performance summary:

• Response Rate: 8.81%

• Total Revenue Opportunity: $361,137 per location

• Closed Revenue: $205,746 per location

• Closed Revenue Generated (105-location sample): $38 million

• ROI: 205x

With demand naturally rising into the warmer season, Chiirp outbound campaigns outperformed a strong Q1, generating an estimated $205 for every $1 spent on the product in April.

This month’s sample has 10 additional accounts, but as you’ll see below, May generated notably higher returns than in the prior month.

Chiirp Outbound Campaigns Had a 6.72% Response Rate in May

While the response rate was down from 8.81% in April, the audience in May increased 36% from 340,000 to over 460,000.

With a 6.72% response rate, over 32,000 customers responded to outbound messaging in May.

In total, 19,506 net new jobs were booked, which is up 16.5% month-over-month:

Booked jobs from Chiirp outbound campaigns have increased 134% since February.

Of the customers who responded to outbound messaging, 63% booked a job, and of those who received a message, 4% booked a job, spending $2,840.93 on average (up from $2,588.66 in April).

For every 1,000 impressions from Chiirp outbound campaigns, $113,637 in revenue was earned, down 12% from April:

Despite the decrease in revenue per 1,000 impressions month-over-month, revenue volume increased significantly (as we’ll see later) and this metric is still up 35% since February!

Chiirp Outbound Campaigns Generated $443,478 in Revenue Opportunity per Location in May

Chiirp outbound campaigns generated significant revenue opportunities (estimates, sold revenue, and closed revenue) per location in May, up 23% over April, or $82,341 more per business.

Of the total revenue opportunity generated, 71% converted into sold or closed revenue, up from 65% in April.

As you all know from reading this newsletter for a while, revenue opportunity is an important metric to quantify the total addressable demand of a particular marketing channel, but how well that opportunity converts to sold/closed is what matters for your bottom line.

For most marketing channels, a good benchmark is to close at least 50% of the revenue opportunity, but with Chiirp outbound campaigns, it is significantly higher at 71%.

Chiirp Outbound Campaigns Generated $275,337 in Closed Revenue per Location in May

Chiirp outbound campaigns generated nearly $75,000 more closed revenue per business in May than in April, a continuation of a strong upswing after the “bottom” in March:

I put bottom in quotes above because Chiirp campaigns still generated nearly $170,000 in closed revenue per business in March, which is a phenomenal performance, but has since increased 63% in May.

Overall, Chiirp campaigns generated $51 million in revenue opportunity for May and performance looks only to be gaining momentum as we get deeper and deeper into the summer months.

Until next time . . .

-Jon