Branded calling is a fantastic benefit to businesses in a variety of ways, but one area we’ve touched on but never gone deep into is the positive return on investment, or ROI, that branded phone calls provide.
Your ROI is a way of measuring the benefit you receive back – whether it be monetary, reputational, or some other positive business result – from the investment that you put in. For example, let’s say you invest $100 but you make $120 from your investment; that means your ROI was 20%.
However, for some businesses, it’s not just about the money; there are many other areas an investment in a branded phone call solution can benefit your enterprise.
But first, let’s start with the financial return.
Branded Calling Reduces Costs and Improves Efficiency
Utilizing a branded caller ID is a cost-saving initiative.
For industries that make hundreds and thousands of calls a day, any amount of missed calls can quickly add up.
Consider form-to-call requests, a service that many industries utilize particularly those in the insurance, real estate, education, and healthcare fields.
When a form-to-call request is made on a website, the customer inputting their information expects to receive a phone call. However, oftentimes what happens is that businesses are calling from unknown numbers or have outdated CNAM information. This leads customers to decline calls more often because they don’t know who’s calling.
However, by branding a call with a product like INFORM®, the business’s name and information are properly identified, leading to fewer missed calls and an increase in revenue.
For an industry like insurance, every missed form-to-call request is a hit to the bottom line.
If a large online insurance provider receives 10,000 form-to-call requests per month at an average profit of $50 per successful call, yet 1,000 of those requests go unanswered, that’s $50,000 in lost revenue per month.
Even if branded calling reduces the number of missed calls by half, that’s $25,000 in additional revenue per month and a great improvement to a business’s ROI and call efficiency.
Branded Calling Increases Customer Trust and Loyalty
Obviously, revenue is important to every business. But for some businesses, revenue isn’t the only metric to measure successful ROI.
For many in the retail industry, brand loyalty and customer trust are just as important as the money that they bring in. Because if customers are not loyal to your brand and don’t continue to shop with you, they’ll give their hard-earned money to your competitors instead.
For retail stores that operate their own deliveries, a missed call can mean a missed delivery attempt. According to research, in the U.S. the average cost of a failed delivery can be as much as $17 per delivery.
Delivery drivers who are unable to complete a delivery have to wait to try again or reroute their attempts, which can result in increased costs from wasted labor hours. And if it’s a time-sensitive delivery, such as food or a frozen item, a missed delivery can result in the inventory being scrapped, lost, or wasted altogether.
Missed deliveries or ruined inventory can result in a major hit to how customers feel about your brand.
A branded call, however, lets customers know it’s your brand attempting to make contact and can result in more successful call interactions. When you make connections with customers, you’re increasing the trust between you and them, all while increasing the chances they’ll stick around and continue to purchase products from you rather than another competing business.
Branded Calling Enhances Brand Awareness and Reputation
Finally, ROI can be measured in how aware clients are of your brand, and where your brand reputation sits in the marketplace.
Consider the importance of a connected call between healthcare providers and their patients. Healthcare providers contact customers for a number of reasons from appointment reminders and scheduling changes to vital communication like test results and outstanding account balances.
For some patients, a missed call can be the difference between getting the care they need and an adverse effect on their health.
Your brand reputation is on the line whenever you repeatedly fail to connect with clients who depend on reliable communication.
Branded Calling is a Positive Boost to ROI
Branded calling is a boost to ROI that every business can benefit from implementing. Whether you’re a retail business that is tired of missing deliveries or a healthcare provider looking to better connect with patients for vital care, using INFORM branded calling can deliver a positive ROI for your use case.
Looking for more on the ROI benefit of a branded call? Talk to our sales team today for a free demo of INFORM.