Even though you may not have a Superbowl sized marketing budget, it's time to strategize for 2018! A marketing budget typically covers costs for advertising, promotion and public relations. The size of the business can usually help determine how much of its annual sales it spends on marketing. It also depends on the amount of money the competition is spending advertising. Depending on the industry, marketing budgets can range from as low as 1% of sales to over 30%. New companies may spend as much as 50% of sales for introductory marketing programs in the first year. Smaller business may just try to match the spending of their direct competitors.
On Hold Statistics Tell the Story
The verdict is in. On Hold Message Programs should play an important role in a company’s overall marketing strategy. According to USA Today, business executives spend 15 minutes a day-or 68 hours a year on hold. The On Hold Marketing Association provides further statistics to make the case for on hold.
- “41% of American consumers have initiated a purchase over the phone in the last year.” -American Teleservices Association
- “On average, seven out of ten callers are placed on hold.” – Inbound/Outbound
- “94% of all marketing budgets are spent on inducing a customer to call, while only 6% is spent on handling the call once it is received.” – Inbound Telephone Call Center
- Jefferson Denneandrus, a research firm, found when callers were presented with On Hold Messaging versus silence or a radio commercial they would stay on hold longer, they were more likely to exhibit interest in the product advertised, they were more likely to retain information, and they were less agitated.
- Survey results found that 88% of callers preferred On Hold Messages to other hold options, and 16% made purchases based on an on hold offer. MaxiMarketing
- Callers stay on the line up to 25% longer when provided with On Hold Messaging versus “dead air” or “background music,” and up to 17% longer than radio. Infomax, Inc.
- “The average person will spend 1.2 years on hold.” – Woman’s World Magazine
- “34% of callers who hang up will not call back.” – Voice Response, Inc.\
For over 30 years, AyerPlay has provided on hold messages for companies across North America. Our clients tell us on hold is one of the most cost-effective marketing tools they utilize. Compared to radio, television, print and digital ads, the return on investment for on hold is significant.
So when it comes to selling your company’s products and services make sure on hold is part of your plan. Stay on message with on hold from AyerPlay.
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