That question can be a little inflammatory. I know.
The idea that you could be investing money and time into marketing only to drive those qualified leads directly to your competition is enough to create some serious indigestion.
But it happens. Frequently.
There is one area where even sophisticated companies drop the ball resulting in tens and even hundreds of thousands of dollars’ worth of business walking out the door.
What are we really talking about here?
At AVANSER we’re in the data intelligence game which means we literally bury ourselves in information.
Our resources allow our clients to see their business in a way that can help them uncover hidden opportunities as ‘revenue leaks’.
From our own data, we can tell you that missed calls are a BIG revenue leak.
In fact, our own data reveals that (on average) 17% of calls are missed which are defined as:
1. Unanswered: where the call is simply not answered at all.
2. Busy: where the caller hears a busy tone.
3. Abandoned: the caller is interrupted and hangs up before the call is answered, these calls are NOT picked up by a PABX system nor is the number identifiable.
The implications of not addressing this area are too important to ignore.
Let me explain.
Let’s use an example of a car dealership:
Let’s say our car dealership owner invests $10,000 a month on marketing and receives 250 inbound phone calls, that means he has a cost-per-call of $40. If he misses 17% of those calls (42.5 calls), he’s flushed $1,700 (almost 20%) of his marketing spend, down the toilet.
An important side note:
Let’s say that our car dealership owner wants to increase sales leads, what typically happens?
The marketing department will increase marketing spend.
In this example, however, this is not necessarily a smart move because the core problem has not been yet been correctly solved.
Pouring more water into your bucket doesn’t fix the gaping crack on the side.
The goal is to:
1. Identify the revenue leak
2. Fix it, and then
3. Turn on the marketing ‘tap’
Of course, you must be aware of the leak in the first place, which is the job of data.
Let’s continue with the dealership example:
Let’s say that his average dollar sale is $25,000 and he knows that 1 in 5 calls result in a sale.
This means that our car dealer friend is handing over a staggering $212,500 to his competitors every…single…month.
Over a 12 month period, that equates to $2.5 million.
This is why we see missed calls as a BIG revenue leak – even if you’re selling low-cost items, you’d be surprised with how many sales, referrals and repeat business you’re accidentally handing over to your competition during the course of a year.
Back in the day, voicemail was the best option, but here’s the problem with voicemail:
Recent statistics show that 80% of callers sent to voicemail, don’t leave messages because they don’t think they’ll even be heard. (Source: Forbes Magazine)
In fact, the average time a voicemail lives inside the machine is around 8 hours!
Never miss a call again and fix your Business Revenue leaks – to know more, contact your AVANSER Account Manager today!
T – 1300 115 157
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W – www.avanser.com