Smartstrat

Telephone Answering Services – How much do missed calls cost your business?

Posted on : October 12, 2018

It is easy to think that a telephone answering service can simply remove the hassle of a ringing phone.  The constant noise of a phone interrupting your day (or night) can be stressful.  The worrying about the impact of missing calls from your customers or the constant disturbance to your work can also result in an un-productive day.  Of course these are great reasons for outsourcing your call handing/telephone answering to companies like us!  However, what is often forgotten is the financial impact of missing those calls.  A frustrated existing customer who cannot get a response to a problem or piece of advise when needed may be more likely to be enticed away by a competitor.  Alternatively, a potential new customer may also contact your competitors if the call goes unanswered!

According to Forbes magazine, 80% of callers don’t leave a message when they get a voicemail! Imagine how many missed new business opportunities that could be?

A client of ours shared this simple formula to calculate the potential cost of missing calls from new business enquiries.  Feel free to use it and share with your friends/colleagues…. The results are quite scary!

Think about the last ten sales enquiries you took for your business.

 

a) Work out the average £ sale value per enquiry.

b) Work out the number (out of ten) that you converted into business.

c) Times figure a by figure b

=

POTENTIAL LOST £ SALES

(Example: if the average sale value is £500 and 3 sales were converted out of ten enquiries then that would be 3 x £500 =  £1500 of lost business!)

Now ask yourself, when a telephone answering service costs from as little as £30 per month, is it really worth the risk?

 

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