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The ROI From On Hold Messages
You may already know you need to replace the silence or the static-filled radio your callers currently experience while waiting on hold.
For years, multiple studies have found that when callers were presented with On Hold Messages versus silence or a radio commercial, they would stay on hold longer, were more likely to exhibit interest in the product advertised, were more likely to retain information and were less agitated.
A better customer experience is better for your business, but if you invest in professional on hold messages, what is your return on investment?
If you have been reluctant to acquire custom on hold messages for your business because of how much it will cost you, we are hoping to convince you that it may be the single best investment you can make today in terms of both tangible revenue and intangible customer experience.
Lost revenue opportunity
There are three ways your business is currently losing revenue if callers are placed on hold in silence or a poorly-tuned radio:
1. On average, seven out of ten callers are placed on hold. -Inbound/Outbound
2. The average person will spend 1.2 years on hold. -Woman’s World Magazine
3. 34% of callers who hang up will not call back. -Voice Response, Inc.
You may be thinking, “There’s no way my on hold time is that important to my customers.” Well, a recent survey by Infomax, Inc. found that 88% of callers preferred On Hold Messages to other hold options, and 16% made purchases based on an on hold offer.
Consider for a moment how much you are really losing because of the reasons noted above. If you do the math, you will find the numbers astounding. In addition, “94% of all marketing budgets are spent on inducing a customer to call, while only 6% is spent on handling the call once it is received.” -Inbound Telephone Call Center
Lost control of image and branding
Poor service on hold distracts callers and can ruin their perception of your company.
8 to 15% of a company’s customer base is lost each year, 68% is due to indifferent or negative phone treatment. -Oren Harari of The Tom Peters Group
Customers left on-hold without any background music felt that a 30-second on-hold call actually lasted 90 seconds. Furthermore, customers thought a 30-second on-hold call that used music-on-hold last only 15 seconds. -AT&T
Callers hang-up the fastest when when experiencing silence on hold. -North American Telecommunications Association
It’s pretty clear with results like these that hearing nothing on hold or static from a radio is a waste of valuable marketing time and destructive to the bottom line.
The solution is simple and cost-effective
Caller surveys point the way:
88% of callers preferred On Hold Messages to other hold options, and 16% made purchases based on an on hold offer. -MaxiMarketing
Callers stay on the line up to 25% longer when provided with On Hold Messages versus “dead air” or “background music,” and up to 17% longer than radio. -Infomax, Inc.
41% of American consumers have initiated a purchase over the phone in the last year.” -American Teleservices Association
When you consider all the reasons noted for lost revenues due to silence on hold or a poorly-tuned radio and then note the average cost to acquire a professional on hold message and music recording that solves all of these problems, ranges from $199 to $699, depending on your hardware requirements…
The cost doesn’t seem so high anymore, does it?