Why does your business have a telephone? To get people to call you, right? And why do you hire people to answer the phone? So, you don’t miss those calls and make more money, right? So, then what are you doing when callers are placed on hold? Nothing you say? We don’t put our callers’ on-hold you say? Please now remove your blinders, because it’s inevitable that at some point you will place a caller on-hold. In fact, AT&T reports 70% of all business calls are placed on hold, of which 50% will hang up in less than a minute, and 34% will never you call you back!
Want to know what keeps your marketing director up at night? Figuring out how much your company pays to generate sales leads (your Cost per Lead) and then calculating the financial impact when nearly 35% percent of those leads hang up before ever giving you the chance to serve them. So, what’s the solution to lowering your cost per lead, and reducing caller abandonment rates at your business? Professional music on hold and marketing messages!
According to Inbound Call Center Magazine, 94% of all marketing budgets are spent on inducing a customer to call. Yet Only 6% is spent on handling the call once it is received. Those numbers certainly seem to be lopsided. Wait times not only affect customer frustration and abandonment but also how much customers are willing to spend.
The proof is in the pudding as they say or in this case the numbers! With silence on-hold 60% of callers hang-up within 40 seconds, and with canned music/radio on-hold callers hang-up within a minute, however with music on hold and messaging callers will wait up to nearly 3 minutes giving you the chance to service them.
Need some more tid bits about custom music on-hold? 88% of callers prefer music and message on hold vs alternatives (silence, radio or canned music). 16-20% of callers made a purchasing decision based on information heard on hold, and businesses with a professional music/message on hold system receive a 12% inquiry on offerings mentioned to waiting callers on-hold.
Time is a precious commodity! So what are you doing with the time callers spend on hold at your business?