The rapid growth of the On Hold industry is not just coincidence. More and more, organizations are becoming aware of the need to have a complete marketing campaign. At the same time, companies are cutting costs and trying to do more with less human capital. The result has been increasing hold ratios and times. Recent studies confirm the importance of an effective On Hold Gold Marketing Program:
More than 70% of business calls are placed on hold for an average of 45 to 60 seconds each.
60% of the callers placed on hold hang up, and 30% of those that hang up never call back.
94% of advertising budgets are spent to induce a call and only 6% is spent to handle the call once it comes in.
North American Telecom
Callers with silence on hold will abandon their calls in less than one minute.
Ninety percent hang up within forty seconds.
Callers with music on hold will stay on the line thirty seconds longer than with silence.
Callers with information on hold will stay on the line for up to three minutes longer.
US West Communications Study
Providing information on hold results in:
A 40% increase in retention of callers on hold
A 15% increase in inquiries
A 12% direct increase in requests for products and services mentioned on hold.
More On Hold Facts
The average executive spends 17 minutes per day on hold. Office Team Survey
The average person spends 60 hours per year on hold. CNN Survey
55 seconds is the national average hold time for companies with more than two telephone lines. CNN Survey
Over 85% of callers prefer on hold messages over silence. Cellular Marketing Magazine
1 in 5 respondents made a purchase or decision based on information heard while on hold. Telemarketing Magazine Survey