Interactive voice response (IVR) is an invaluable tool for countless businesses. With IVR, firms can handle a wide range of customer queries and problems without the need to dedicate customer service agents to many of these matters. IVR’s common applications extend from guiding callers to the correct department to offering account updates to automated appointment scheduling and much more. All of this can improve efficiency and productivity throughout the contact center.

But there is another reason why IVR can prove to be a powerful resource for companies: IVR can serve as a powerful revenue generator. How? Consider these three key points:

1. Automate reorders

For many businesses, reorders are the most lucrative form of revenue. Reorders are dependable, pre-established and profitable. With IVR, the process of enabling customer reorders can become even smoother, generating even greater revenue. DialogTech contributor Jane Intrieri noted that companies can use outbound IVR to automate order reminders, which saves time, cuts costs and encourages prompt ordering from customers. This tactic can be utilized for virtually any supplier whose customers tend to require regular reorders.

2. Find leads

Intieri also pointed out that IVR can help businesses generate revenue by collecting more sales leads. The writer noted that firms can use IVR to ask callers questions that will help qualify the consumers for specific campaigns. If the caller is promising enough, the IVR system can forward him or her directly to a sales representative, potentially sealing the deal right then and there. Alternatively, the information gleaned from these interactions will lead to more focused and well-tailored marketing campaigns, which in turn will generate greater revenue for the company.

3. Cut down on misdirected and missed calls

Another IVR revenue advantage is the opportunity to cut down on misdirected calls, as Phil Gray, executive vice president of Interactions, explained to Sound Communication. IVR, unlike human support agents, can handle numerous callers simultaneously. As a result, callers will quickly reach the correct department or representative without complication. Gray noted that his firm was able to cut down on missed calls by 60 percent following the implementation of an IVR system, and that this led directly to a 15 percent increase in revenue per call.

Together, these three strategies combine to make IVR useful not just as a means of boosting contact center support capabilities, but also to increase and speed up sales. Of course, all of these benefits are only available when the IVR system used is well-designed and effectively implemented. Handled incorrectly, though, and an IVR system may confuse callers or come across as off-putting to the company’s customers.

What’s next:

  • Check out our┬áblog about┬ástrategies for optimizing IVR systems and avoiding some of the complications mentioned above.
  • Have question regarding how your company can best leverage IVR to increase revenue, as well as improve customer service throughout the contact center? We can help! Click here to get in touch with us.