What Is The Cost Of A Missed Call In Your Business?

Our world is becoming more connected, with more people moving across states, working from various locations, and making decisions remotely. This shift is affecting how businesses interact with customers by phone. While in the past it was more common to connect customers and potential customers between 9 am and 5 pm because the customers were local, this is no longer the case. A remote worker relocating to your state could be calling your real estate office before or after business hours. A caregiver handling the affairs of an aging parent could be inquiring about healthcare services from three time zones away. A multi-national company could be calling your law firm regarding an urgent matter in the middle of the night. Across industries, businesses are receiving more and more calls coming in outside of traditional office hours. 

This is excellent news for companies with 24/7 service. However, this change could prove detrimental to a business that is only equipped to answer phone calls 8 hours a day. If that is your business, have you thought about how many calls you are missing the other 16 hours a day? And, more importantly, how much do those missed calls cost your business? 

Here are five things you should know about business loss due to missed after-hours calls:

1. Missed calls can add up quickly: Considering the average small to midsize business already misses about 62% of their calls, no business can afford to miss additional calls after hours. Similarly, large businesses miss out on about 22% of calls. Considering the average call volume for a large business can be hundreds of calls, missing even a small percentage of them is a major loss. A professional answering service is the best solution for ensuring your calls are not missed. Additionally, they will be answered by a friendly and knowledgeable representative of your brand.
2. The cost of missed calls: Depending on the industry and business model, missed calls can cost the average business hundreds, if not thousands, of dollars a day. Let’s say you run a plumbing business in Orlando, Florida. If your business has a 60% call-to-lead ratio and a 33% lead-to-sale ratio, that would mean a lost sale out of every five missed calls. If your business misses 20 phone calls in 24 hours, you have just lost out on four sales. If each sale is about $250, you’re missing out on $1,000 a day. Particularly for a service business such as plumbing, where emergencies can occur any time of day or night, you simply cannot afford to miss a phone call. A distraught homeowner with a blocked main line will not wait for you to return their call; they will simply move on to calling the next business they find. In addition to missed phone sales, you have also just ignored individuals who have taken an interest in your business, which reflects negatively on your brand reputation and could even lead to negative reviews. Recent surveys found up to 89% of consumers say they will stop doing business with a company after a bad customer service experience. Additionally, 30%  of those surveyed shared that not reaching a live agent is the worst part of a bad experience.
3. Current increases in after-hours calls: The trend for remote work is here to stay. Although individual company policies may change, more and more employees are seeking opportunities to work from various locations. According to a recent survey conducted by FlexJobs, 96% of employees shared that they desire remote work. According to Upwork, 36 million Americans will still be working remotely by 2025. With remote work comes a new and more flexible lifestyle, causing many individuals to call businesses outside of traditional work hours. As a result, businesses like yours should continue to expect after-hours calls.
4. Callers are losing patience. Our world is becoming more fast-paced, and consumers have more choices than ever. Between our busy lifestyles and the plethora of businesses popping up daily to solve unmet needs, consumer expectations about customer service are at an all-time high. Did you know that about 1/3 of consumers will not wait on hold for customer service? Additionally, Forbes magazine recently found that 80% of callers will not leave a voicemail when prompted. When consumers call your business with a need and are met with being put on hold or sent to voicemail, the message you are sending is not a very positive one: it can signal that customer service is not a priority for you. It makes it much easier for callers to move on to the next business they find on Google, Yelp, or by personal recommendation. Simply put, consumer patience for bad customer service is running out. As business owners, we must adapt.
5. Hiring additional staff is not the answer: When call volume goes up, many business owners consider hiring additional staff. While this may seem like a good idea, it can become an expensive investment. In addition to salary, expenses such as the cost of recruitment, training, taxes, and benefits can add up to thousands of dollars. And, you will still need to worry about supplemental phone coverage after hours, when your staff is at lunch, in a meeting, or out sick. For most businesses, in-house personnel such as receptionists or office managers are much more valuable when they are focused on in-person tasks, such as greeting customers upon arrival, attending meetings, and other tasks that cannot be outsourced. In contrast, answering phone calls is easily outsourced to a professional answering service, also known as a virtual receptionist. Most answering services are able to work side-by-side with your in-office staff in a seamless way, thanks to advanced telephone technology. Your staff will appreciate that someone else is handling the calls, while they focus on more essential tasks.

From 24/7 live answering to appointment scheduling and more, professional answering services are equipped to handle your call volume at any time, day or night. When you consider the cost of missed calls, whether it’s during your regular business hours, after hours, on weekends or holidays, you will quickly realize that a 24/7 answering service is a must for any business. Whether your business receives 10, 50, 100 or more calls a day, investing in a professional answering service will pay for itself in new business opportunities, improved customer service, and a more consistent experience for all callers. Stop missing calls and losing customers – find an answering service today.

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