When businesses miss calls, they are missing opportunities

13 April 2020

AUTHORED BY: Andy Watson

Did you know that half the time a potential customer calls a business, the call isn’t answered?[i]

Did you know that 80% of those callers will not leave a voicemail?[ii]

Consumers don’t want to wait for someone to return their call because patience is scarce these days.

The sun set over the yellow pages long ago and today’s consumers find businesses online, doing a web search. 97% of all search engine usage is for finding a local business.[iii] After revising the search results, consumers will make a shortlist and try to contact the business.

Unless there is an unavoidable reason to wait—for example, a pre-existing relationship with the business, or a specific desire to reach that particular company—the consumer can jump to the next business on the list.

Analyzing the Financial Impact

All these missed calls have a quantifiable financial impact. For example, analyzing a business that receives 30 potential customer calls per day, 15 of those calls (half) are missed; each of them a missed opportunity for the business to make money.

For existing customers, sales conversion rates range between 60% and 70%, according to market studies. For new customers, they range between 5% and 20%.[iv] Assuming the business converts a third of all received calls,  5 of those 15 missed calls could have turned into sales.

Therefore, for a business with an average revenue per sale of $300, there is a lost revenue potential of $1,500 per day.  If the business opens 5 days a week, missed calls represent $7,500 weekly, $30,000 monthly, or $360,000 yearly!

And these calculations are focused on voice calls. Today, 57% of customers prefer to use digital media instead of voice.[v]

How to Improve Response Rates

The solution is not just to provide multiple communication channels. If they are not properly connected, they present a disjointed user experience based on communication silos that create hurdles for both the business and consumer.[vi]

Because, when a business doesn’t check email one day or forgets to respond to a text within a few hours, there are consequences. Market data shows consumers will switch to a competitor due to poor customer interactions.[vii]

An omnichannel customer engagement platform, such as Mavenir’s Mobile Business Contact, can provide solutions to these challenges by:

  • Providing consumers with all of the communication channels they expect
  • Removing the communication silos with a single, consolidated view of the customer interactions

Learn more at http://www.mobilebusinessfabric.com

[i] Entrepreneur 2019
[ii] hellospoke 2018
[iii] WebFx 2019
[iv] Retention Science 2019
[v] Customer Thermometer 2019
[vi] HubSpot 2019
[vii] Customer Thermometer 2019

Andy Watson
Andy Watson
Andy Watson
Product Marketing Manager of Business Mobility Solutions. Andy has two decades of experience in the telecom industry with Nortel, Ericsson, and GENBAND (now Ribbon Communications) working various roles in technical documentation, program management, and new product introduction. He joined Mavenir in 2018 to help drive products and solutions that will enable mobile operators to provide innovative, adaptive solutions to their customers.