7 Fatal Mistakes That Are Causing 22,176 Missed Marketing Opportunities At Your Business Annually
Most small business owners are experts at what they do, and much less expert at selling and marketing what they do. Some business owners may be good at their craft – practicing law or medicine, painting houses or preparing tax returns, but might not be well versed in the promotional aspect of it. It is foolish to think you can open and grow a business without marketing.
People won’t just flock to you, with cash in their hands. Marketing is the life of your business. No marketing, no business. Business owners focus on everything from business cards and stationary, website and social media channels, to their waiting rooms, company vehicles, signage, uniforms even the welcome mat at the entrance of their business. However many business owners overlook a vital aspect of their business, and at the same time are missing out on a huge marketing opportunity – On-hold time! Yes, a captive, interested and listening audience. One in which you’ve paid to get to call you in the first place!
You’re busy running your business, so thinking about waiting callers on hold isn’t exactly top of mind. But it should be!
Why? Here’s why. The average American business receives 120 calls per day, and 3 out of 4 calls are placed on hold. That means 84 calls placed on hold per day, 1,848 calls put on hold per month, and a total of 22,176 times you place callers on hold per year! Each and every time you place these callers on-hold, you’re presented with an invaluable, highly-targeted inbound marketing opportunity. In fact, 22,176 of such opportunities per year. So, with all these potential opportunities, why is on-hold marketing time so overlooked by most businesses?
Here Are 7 Fatal Mistakes Causing Lost Sales and Missed Marketing Opportunities At Your Business:
#1) We don’t place callers on hold
Do you honestly believe that you do not place callers on hold? No business wants to make callers wait on hold, however there are many instances and circumstances when it just simply cannot be avoided. Here are common scenarios: “Sure let me transfer you” – guess what? That caller is placed on hold… “I’ll have to check stock on that item” – guess what? That caller is placed on hold…”I’m not sure if he’s available, let me check”? You guessed it, that caller is placed on hold too!
#2) Everyone Knows What We Do
This is just wishful thinking! At one point or another most of have heard a customer or prospect say: “Gee, I didn’t know you also did this or that you also carried that”. The truth is, customers forget! They haven’t got time to study your business inside and out, and it’s your job to keep waiting customers focused on your business. An on hold marketing message is the perfect way to remind them of all the great reasons why they do business with you, and add value to customer interaction.
#3) We Don’t Place Callers On Hold Very Long
No, you might not. But, you do place them on-hold. The AHT (Average Hold Time) at small-medium category businesses is 47 seconds. This is still an untapped marketing opportunity for your to capitalize on. Businesses spend billions of dollars for a 30 second Superbowl Ad, because they know that 30 seconds is enough time to raise awareness, and is 80% effective in terms of recall (Journal of Advertising Research) and enough time to impact sales. If I walked into your business, would you ignore me for 40 seconds or even longer? Of course not, so whether hold time at your business is average or even slightly below average you’re still presented with a highly targeted, in-bound marketing opportunity for your brand.
#4) Radio On Hold Is Good Enough (Plus It’s Free!)
The first problem with this is peoples taste’s in music vary, and what you have tuned to for your listening callers may actually be to their disliking. Not to mention the Radio jocks endless ranting and banter. Plus if you have staff changing stations without your knowledge who knows what you may have callers listening to?
Secondly, let’s take a look at this from a marketing perspective. You spend big bucks to get people to call your business. Radio stations play more than 25 commercials per hour adding up to almost 30 minutes in one hour. This means that callers have a 50% chance of hearing a commercial, rather than music. And, none of these businesses are paying you to advertise their business to your callers. Even worse, what if you’re playing a competitor’s ad to your callers? So, having an On hold messages is like having your very own radio station, but broadcasting only “your” ads.
Lastly the misconception that radio for your callers listening pleasure is Free! In cases where a radio station is being “re-
broadcast” on the music on hold system, fees and fines can be applied. These laws apply to all establishments, not only retailers. Yes, business owners do get fined for playing music without license or permission, and it’s not cheap! Three organizations are the watchdog of the industry for most of the music copyright holders in the United States. ASCAP, BMI and SESAC.
#5) We’re Too Small
This is a case where size “doesn’t” matter. So you own or operate a small business. You still need to market your business in order to gain customers and increase sales. For smaller businesses, on-hold messaging allows you an affordable way to test market and promote products, services or campaigns that would otherwise be cost prohibitive.
#6) You’re Losing Potential Revenues (and Don’t Even Know it!)
Abandoned calls are missed opportunities. Every caller who hangs up while waiting on hold is a potential loyal customer who may be easily tempted to choose a competitor.
For instance, assuming an average sale at your business is $50 per call. Studies show that average business receives 100 calls per day, of which 70% are placed on hold and 34% of those callers hang-up (abandon the call)before giving you the chance to serve them. That’s $1,150 in lost revenue per day!
#7) You May Be Leaving Money On The Table
Callers are one of your hottest prospects, and more times than not they’re ready to buy with their credit card in hand and order book open ready to make a purchase.
Think about this for a moment. How much extra business are you missing out on from existing customers? Do You Know? On Hold Marketing is the perfect medium for cross-promotion to drive more sales. The more customers know about your business, the more likely they are to increasing their spending with you. In fact, on hold marketing results in a 20% increase in sales of offers mentioned on hold.
As you can see, there are many misconceptions about on hold time for businesses. Additionally, what you do (or don’t do) with it can have a big impact on your business and your bottom line. Don’t make these 7 costly mistakes by overlooking this tremendous marketing opportunity for your brand. Safeguard your business by employing a professional on hold message service to keep callers on the line, informed, engaged and help drive more sales.