A survey by Inbound Telephone Call Center reports that 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. A targeted On-Hold Messaging strategy can improve the credit union customer experience in a number of ways:
1. Member Experience: When members call a credit union, they may be placed on hold for various reasons, such as waiting for a representative or navigating through automated systems. On-hold messaging provides an opportunity to enhance the overall member experience by keeping them engaged and informed during the wait time. It helps prevent frustration and ensures that members feel valued.
2. Information Delivery: On-hold messages allow credit unions to deliver important information to members while they wait. This can include details about new services, promotions, upcoming events, or any other updates relevant to the credit union’s offerings. It serves as a communication channel to keep members informed about the latest developments.
3. Cross-Selling and Upselling: Credit unions can use on-hold messaging as a subtle way to cross-sell or upsell their products and services. By highlighting additional offerings or promotions, credit unions can potentially increase member participation in various financial products.
4. Brand Building: On-hold messaging provides an opportunity to reinforce the credit union’s brand identity. By incorporating the credit union’s values, mission, and unique selling points into the messages, it helps strengthen the brand image and fosters a sense of trust and reliability among members.
5. Professionalism: Well-crafted on-hold messages convey a sense of professionalism and organization. It shows that the credit union is attentive to member needs and is proactive in providing information. This can positively impact the perception members have of the credit union.
6. Regulatory Compliance: Credit unions may need to communicate important regulatory information to their members. On-hold messaging ensures that members are aware of any regulatory changes, compliance updates, or other essential information that may affect their accounts or services.
7. Reducing Perceived Wait Time: By providing interesting and relevant content during the hold time, on-hold messaging can help reduce the perceived wait time. When members are engaged, they are less likely to feel frustrated or impatient while waiting for assistance.
Due to the low cost and immense ROI, on-hold messaging is a no-brainer customer service solution for every credit union. Enhance member experience, deliver important information, promote additional services, build brand loyalty, maintain professionalism, ensure regulatory compliance, and mitigate the negative effects of perceived wait times…all by leveraging something that already exists within your business…..the inevitability of hold time!
CONTACT US to get the ball rolling.
