How Small Businesses Can Turn a “Penny Spent” into “Pounds Saved”

All of us have heard the saying, “Money doesn’t grow on trees.” Our parents probably recited it to us innumerable times when we were growing up, and now we tell the same thing to our kids.

Small businesses certainly know the implications of this wise-old saying. Indeed, lack of capital is one of the foremost reasons small businesses struggle to grow. Strategies to cut costs is top of mind for many small business leaders. A quick Google search on the top yields countless articles and blog posts on ways small businesses can reduce their expenses.

Disruption of the 21st-Century Workplace

But sometimes eliminating or decreasing costs isn’t in the best interest of your business. And sometimes not spending your capital on the right things has the reverse effect: it costs your organization more time and money than if you had actually spent the money. In this case, the age-old British saying, “A penny wise, a pound foolish” is quite apropos.

Technology disruption is transforming the face of the 21st-century workplace. The 9-to-5 workday is dead. The virtual office is quickly becoming a mainstay for the workforce. And mobile is changing how, when, and where work is done.

Importance of Prospect and Customer Communications

One area where small businesses—and entrepreneurs—can be a “penny wise, pound foolish” is in their communications. Simply listing numbers that route all callers directly to your office line or mobile device doesn’t make sense. Calls aren’t prioritized, customers are stuck using local toll numbers, voicemail management is complex, customers are left waiting on hold for long periods of time, and the list goes on.

Your brand truly matters. The communications experience of your customers and prospects play a critical role in how they perceive your company. But this is missing in too many instances. For example, over 90 percent of marketing budgets for small businesses is spent trying to get prospects and customers to call; however, only six percent is actually spent on the operations for handling the call.

Why is this important? Seventy-eight percent bail on completing transactions because of a poor engagement experience. It isn’t simply sales inquiries but includes customer service touches: 81 percent of customers will change suppliers due to poor customer service. And for those who do connect with you over phone, you have about 60 seconds—40 percent hang up after 60 seconds and 34 percent of those never call back again. Are you pushing all callers to your voicemail and planning to call them back as your schedule permits? This a mistake: 65 percent will simply hang up.

These communications extend further than live receptionists. Your prospects and customers also expect an Omni channel approach that includes live web chat, email, and even self-service capabilities. Take live web chat as an example. Customer utilization rates have grown from 38 percent in 2009, to 43 percent in 2012, to 65 percent in 2015.

Turning Your “Penny Spent” into “Pounds Saved”

When you deliver a great communications experience, customers and prospects respond positively. They spend more, express higher levels of satisfaction, and positively advocate on behalf of your company to others. At the same time, managed communications allow small businesses to become more efficient while focusing on customers and core business requirements. These business premises are at the core of Davinci Virtual Office Solutions and its founding over a decade ago. Not every business has the resources to manage the technologies and hire the headcount needed for great prospect and customer communications.

This is where Davinci Virtual Office Solutions can help, having assisted tens of thousands of companies to engage with prospects and customers through exceptional communications experiences. Whether it is Live Receptionist, Auto Receptionist, or Live Web Chat services, Davinci Virtual Office Solutions has the capabilities to cover virtually all of your communications needs and turn your “penny spent” into “pounds saved.”

About Patrick Spencer

Patrick Spencer (Ph.D.) is the President and Founder of TIRO Communications that helps companies develop, build, and manage content, customer, advocacy, and demand-gen programs. Included in its offerings is TIRO Cognition Insights, a data analytics tool that enables B2C and B2B businesses to pinpoint what their customers and competitors’ customers are saying and to identify corresponding actionable product, services, competitive, sales, and marketing intelligence.

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Website: www.tirocommunications.com