Almost all of us know, realize and use the phrase, “Time is money”. Applying it further to your customers… how much money would it mean to get focused time of your customer? Even though there is no certain way of making your potential customers directly getting involved in purchase, but statistics suggest that 16 – 20% customers made a purchase based on an on-hold offer at the company’s call center. Now.. That’s literally converting time to money!!
The other side of the same coin is that the holding time can pack your customer away. One study found that of the 8 – 15% of a company’s customer base is lost each year, 68% is due to indifferent or negative phone treatment. Customers might at times overlook your deficient service, but if you put their call on hold almost each time they reach out to your call center; and put on the annoying electronic music on; they are surely going to look for another service provider.
The double impact… Some customers have issues that need to be resolved quickly and so they could wait, but most of the customers lose interest as soon as the music starts playing. It doesn’t matter how many times you play the recorded message that customer’s satisfaction is your company’s goal; if you make them hold and play a boring music on….. there comes your double impact – you lose the customer and … you have to look for another customer! Statistics show that finding new customer costs six to seven times more money than retaining an existing one. In addition to all this, you face a bigger problem and that is, negative publicity by the lost customer. Customers have multiple options nowadays to vent their frustrations online… social media being the key contributor, this is going to have negative impact on the image of your company.
So, what should you do? You need to cut the average hold time or make use of it in such a way that both, you and your customer gets benefited. If you consider the former one, you need to employ more staff, which means additional costs. Hiring employees cost you consistent outflow of money and this reduces the profit percentage to a great extent.
The second option is to make fruitful use of the hold time. This you can do by helping your customer find solution to one of his problems by offering him somewhile he is on the hold through on–call advertising. Some would definitely appreciate this and while they take advantage of one of these, you are getting your sales enhanced. One of the options that you have is to talk to your customers honestly. Some like this and feel happy as well as have trust in your goods and services increased. Putting customers on hold is often unavoidable. Let’s start putting real meaning into: “Your Call is important to us!”.