Importance of Missed Business Calls
Missed calls can harm a company's success and reputation by causing missed opportunities for new business, customer inquiries, and crucial communication. Prompt responses show professionalism and foster client trust. Recognizing the value of each call helps prioritize effective communication and avoid missing valuable connections. So we thought we'd offer some insights on calculating the value of lost business. And, some suggestions on how to remedy the situation.
Missed Call Cost Estimator
Please note: The cost of missed calls can be much higher than you think!
This is an estimated calculation. Actual costs may vary.
Average Value of a Customer:
How much does a typical customer spend with your business over their lifetime? (This includes repeat purchases and referrals.)
$_______
Estimated Number of Missed Calls Per Month:
How many calls do you estimate your business misses each month? (Consider after-hours calls, peak times when lines are busy, etc.)
_______ calls
Your Sales Conversion Rate:
Out of the calls you answer, what percentage typically result in a sale or new client?
_______ %
Calculate:
Estimated Cost of Missed Calls = (Average Customer Value) * (Missed Calls Per Month) * (Sales Conversion Rate / 100)
Important Considerations:
Customer Lifetime Value: This isn't just a one-time sale. Factor in the potential for repeat business and referrals from a satisfied customer.
Missed Call Impact: Not every missed call is a lost customer, but it can lead to negative impressions, lost opportunities, and potential damage to your reputation.
Industry Variations: Some industries have higher customer values or conversion rates than others. Be realistic about your specific situation.
Beyond the Numbers: Consider the intangible costs of missed calls, such as the time spent trying to reconnect with potential customers or the negative reviews they might leave.
Taking Action:
If the estimated cost of missed calls is significant, consider solutions like:
Legal Answering Service: Have professionals handle your calls 24/7 to ensure no lead is missed. (LawyerLine, perhaps? 😉) 800-380-3380
Call Tracking Software: Analyze call patterns to identify peak times and adjust staffing accordingly.
Automated Messaging: Provide after-hours options for callers to leave messages or schedule callbacks.
Training and Resources: Ensure your staff is equipped to handle calls efficiently and effectively.
Stop missing incoming calls today. Call us at 800-380-3380 and we will create a call answering plan that meets your needs.