
Let’s start out first by understanding What a value proposition is? It is the analysis of where Value = Benefits – Cost.
So what is the value proposition of on hold marketing? How will you know if your company will benefit from an on hold message or not? Will you be able to measure whether an investment of marketing to callers on hold will return good results?
Sure, we could answer the question of “what is the value proposition of on hold messaging” with one simple question. How much in additional sales has your company reaped by having your callers wait in silence, listen to canned music or a radio station? The answer.... Zilch, Zip, Nadda, Bubcus - NOTHING! So the value proposition of the alternatives to on hold messages is 0.
So let’s take a realistic approach to determine the value proposition of on hold messages for your business.
Over the course of a day, a week, or even a month…how many calls does your business receive? Have you ever thought about counting them? Have you ever tried? According to studies conducted, the average small- medium sized business receives approximately 15.6 calls per day or 78 calls per week. Now take that number, and times it by an average of 21 business days per month and your business receives approximately 327.6 calls per month.
Numerous studies conducted show that 70% of all calls are placed on hold. That’s 229.3 calls that get placed “on hold” per month or 2,751 calls placed on hold per year! (You can pick up your jaw from the floor now).
These same studies conclude that the average hold time (for small-medium sized businesses) is approximately :45-60 seconds, but in many cases up to 3 minutes or longer with larger companies.
If you’re one of “those” business owners who feel “we don’t put people on hold”, willing it not to happen doesn’t mean that it never does. Being On-Hold is a fact of life.
1. Larger companies …like call centers, tech support, and customer service. These hold times tend to be on the longer side of the spectrum. As a trial, we contacted Jet Blue reservations today, and waited on hold for 12 minutes before an agent answered our call.
2. Small-Medium sized businesses. Don’t kid yourself there are still plenty of situations where your callers are being placed “on hold”.
Here’s the proof:
Hold times that business owners often don’t even think about such as: Waiting while a representative looks up an order. What about being placed on hold while being transferred to the person with whom you would like to speak, or while your employee checks the stock of an item, or checking the calendar for the availability of scheduling a service call. But wait, there’s more! What about being transferred to another person, or being sent to voicemail.
Having a professionally produced on hold message system will educate callers about your products or services, promote special offers or sale items, reduce caller abandonment rates (callers who hang-up), build brand awareness, improve the customer service experience and project a professional business image.
So What is the Value Proposition of On Hold Messages?
Value – 70% of all calls are placed on hold.... 50% of callers who hang-up won’t call back (caller abandonment).... 88% of callers prefer on hold messages to silence, music or radio.
Benefits – increased sales opportunities, cross promotion of products/services/sale items, reduce caller abandonment rates (callers will wait on hold longer), build brand awareness, improved overall customer experience.
Cost – Just pennies per day. On average the cost of a professional on hold system is less than the cost of a cup of coffee per day.
Measure the value of what a custom On-Hold message from On Hold Inc can bring to your company. Begin our risk-free on hold system trial now, or call us at 1-866-88-ON-HOLD.