One missed call can’t be that bad, right? You’ll just get the next one, and all will be fine. 

Sorry but no, that one missed call could be costing your business up to $60,000 a year

The value may not be that high in every case, but that missed call is still potential lost revenue for every business, including yours.

It’s completely understandable that you did miss a call. Everyone does, often more than once a day. You’re a business owner juggling every part of your organization. A phone call in the middle of a project always feels like an interruption instead of an opportunity to grow your business. 

Everyone is guilty of hitting the decline option at least once. Lucky for you, there is a very cost-effective solution that allows you to grow your business and save money at the same time. 

That solution is a virtual receptionist (VR)

Let’s dive into the actual cost of a missed call and how a VR can help your business grow faster than you think.

Why businesses miss calls in the first place

There are many different reasons why a business misses calls. Most commonly, they fall within one of three key scenarios:

  1. You’re busy.
  2. You’re understaffed.
  3. Customer service has not been prioritized.

The most important is that customer service is not a focus. Once that’s solved, it eliminates the first two problems. This is where a virtual receptionist shines. 

A VR helps because you are no longer too busy to answer the phone. You have an entire team of dedicated receptionists who won’t let that happen. Your customer service is now top-notch because you have real people helping real clients anytime they need to get in touch with you. 

The real cost of a missed call

There are two factors to consider when looking at the real cost of a missed call. The first is the actual cost of not answering, and the second is the opportunity cost

Both are important because they are both incurred by one action: not answering your phone. No matter the difficulty, you need to answer the phone because it increases your revenue and improves your company’s reputation. It is the single most important thing you can do to produce tangible business results.

Actual cost

The actual cost of answering that first call doesn’t necessarily lie in the revenue you might generate from the first sale to that customer but in the repeat revenue that boosts your company’s ability to grow. Creating an amazing first experience with a new client is crucial because it establishes long-term trust in your brand. By not answering the first time a client calls, you have thrown that opportunity out the window.

As you can see, the question is not whether you should answer the call or not because truth is, you must answer. A virtual receptionist is a quick, cost-effective way to deal with this and impact your business’s growth immediately. 

Opportunity cost

The opportunity cost includes the other factors that come into play when you don’t answer your company’s phone. These effects are harder to measure but have a deeper impact on your ability to grow an established business that your customer trusts. They include:

Your company’s reputation

Your reputation is on the line every time the phone rings. It is crucial for a small business to maintain a positive image to grow, and there is only one chance to make a great first impression

Imagine that first impression being a voicemail. There is a strong probability that if the potential customer had questions, they’re now calling your competitors to get the answers they need.

Lead generation

Simply answering the phone will lead to more new business. In fact, 80% of clients will become repeat clients after having a positive phone experience with a company. 

There is a solution that can help

In reality, a missed call has a much farther-reaching impact on your business than you would expect. 

When you miss a call, your business’s reputation takes a hit, and you risk losing good potential clients to your competitors. As a result, revenue is left on the table every time.

Answering the phone is one of the most important things to do when running a business and trying to grow. The simplest way to do this without any headaches is with a virtual receptionist. With a VR, you now have an entire professionally-trained team ready to take care of your customers. 

If you’re ready to see more impactful growth in your business and get more time back into your day, then book a call now and talk to our team!