Business costs of missed calls

The Cost of Missed Calls

In today’s business environment, customers have a myriad of ways to connect with you, from email and text messages to social media and a company website. However, amid all of these options, they actually prefer to use the telephone. A recent Accenture study surveyed more than 25,000 U.S. consumers, and more than 80 percent said they would rather solve a problem with a person than interact over digital channels. In fact, according to a BIA/Kelsey report, a predicted 162 billion calls will be made to businesses from smartphones in 2019.

This means that, although digital customer service strategies are important, answering every customer call promptly and professionally should be top priority. Not doing so can have a huge – and lasting – impact on your business, from lost revenue and bad customer service, to negative reviews and more.

Lost Revenue
The most obvious cost of missed calls is lost revenue, but many businesses don’t explore what this truly means. It’s estimated that approximately 85 percent of people whose calls are not answered will not call back. Considering the fact that every call is a potential sale, this amounts to a significant source of lost revenue. Although you may not be able to calculate the exact value of lost sales, just one missed call each week equals 52 lost sales every year. Those numbers can soar when you take into account the missed calls that may have led to repeat, loyal customers who referred your business to others. What’s more, if you are paying for SEO or PPC campaigns to drive leads to your website and then fail to answer customer calls, you’re not only losing potential revenue from sales but also wasting marketing dollars.

Declining Confidence
There are any number of reasons phone calls are missed. But from the customer’s standpoint, it doesn’t matter if you are short-staffed, if staff are focused on other areas, or if no one is there after 5 p.m. Unanswered calls send a signal to customers that they are not important to you, or that you can’t be trusted to handle their business reliably or effectively. The numbers vary according to industry, but as many as 75 percent of callers will not leave a voicemail, and about 85 percent of callers who don’t reach you on the first call will not call back. Instead, they will call your competitors.

Bad PR
If lost revenue and dwindling customer confidence isn’t enough, missed calls can severely damage your business’s reputation. If you don’t think this matters, consider that more than 60 percent of unhappy customers take their business elsewhere, and while they’re at it, share their frustration with friends, family and followers. There’s nothing more valuable than a loyal raving fan, and nothing more dangerous than a disappointed or frustrated customer.

Lost Productivity
Not only do missed calls cost money, they also drain time. The small percentage of customers who leave voicemails must be called back, and by the time you reach them, chances are they will have already found what they need somewhere else.

Never Miss a Call Again
Regardless of size, no business can afford to miss calls. Ansafone Contact Centers can help you develop a plan to recover lost revenue and improve customer experience for increased brand loyalty.

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