No one enjoys being placed on hold. When you are forced to actually call a business to get the answers you need, being on hold is just an annoying waste of time. With technology on the rise, and answers literally at our fingertips, having correct, actionable answers now is more important than ever.
Most company’s online marketing goals are to engage the potential customer enough to warrant a phone call. In fact, 93% of the average marketing / advertising budget is spent to entice potential customers to call you. When a person actually does call in, it’s been found that 70% of them will be asked, “Could you please hold?” at some point during their call. This is literally the equivalent to flushing money down the toilet. Consider these statistics:
- According to a recent study, the average hold time for businesses with more than two lines is 55 seconds
- Another study indicated that of the 8 – 15% of a company’s customer base is lost each year, 68% is due to indifferent or negative phone treatment
- 34% of callers who hang up will not call back, and you have a very big reason to not place anyone on hold unless absolutely necessary
Now, you may draw your own conclusions once you’ve looked at the data, however, one fact that can not be ignored is that conversion rates and customer retention rates have dramatic decline when people feel that they are not important to you.