A VoIP business phone can help you improve your business in several ways. Oftentimes, it’s proved to be a real asset for businesses.
VoIP is one important product of the emerging modern technology, which has brought a revolution in telephony communication system. It not only improves the communication system but improves your business productivity and ROI.
Apart from saving costs, one of the main priorities of most of the company is to increase the return on investment using modern technology.
Switching from a traditional telephony system to a VoIP business phone system not only helps you to reduce the monthly telephony bill but also increases your customer satisfaction and productivity.
VoIP is the modern telephony communication system that facilitates voice calls over the Internet. It has many advantages over traditional phone systems like cost efficiency, voice quality, productivity, and convenience. In addition to that, VoIP offers a seamless and improved customer experience.
Let’s learn more about VoIP, how it works, and how it can help you increase business ROI.
What is VoIP and How Does it Work?
Voice over Internet Protocol is a modern technology in telephony system that allows you to have phone calls over the Internet instead of traditional communication providers.
It covers the voice signal into the digital signal and sends the message through the Internet. The digital data is changed to voice again, which can be heard by the receiver through the speaker or handset.
VoIP business phone system includes all the features of the traditional phone system. Apart from that, it includes several features like Interactive Voice Response (IVR), intelligent call routing, sales dialer, call monitoring, etc., which not only improve your business communication and improve your productivity.
VoIP system converts the sound signal into digital signals and is transferred via IP networks like the Internet. You can use VoIP phone software to create a virtual phone on your computer or smartphone or use physical phones that use VoIP technology.
VoIP uses internet protocol to exchange data with other devices using small data packets. Here in this process, data refers to the conversation that you have with the client.
Your VoIP provider generates small packets of information that are sent through your device. VoIP technology allows you to make audio calls, record the calls, send voicemails, and forward calls.
How VoIP helps to increase business ROI?
With a VoIP business phone system, you can eliminate traditional telephony systems’ tedious and expensive process. Apart from that, there are several advantages of VoIP business phone system over the traditional phone system.
VoIP helps in different ways to increase the return on investment of your business. Some of them are given below:
1. Minimizing cost
With the implementation of the VoIP business Phone system, you can reduce your expenses on hardware, maintenance, upgrade, etc. Installation of a VoIP system is cheaper than the traditional telephony system as it doesn’t require any hardware to install at your business.
Since you don’t have to install any hardware device, the cost for maintenance is saved. Installation of the VoIP system is simple and easy and just requires better internet service and a PC/smartphone that already exists on your business premises. With this, you can save a lot of your capital investment and increase your ROI.
Let’s take KrispCall’s virtual cloud phone system, for instance. It just costs you $15 a month, which is much cheaper than a traditional phone system.
Apart from capital investment saving, VoIP business phone system also helps you to reduce the operational cost of your business. The operational cost is obviously less than the traditional phone system.
Similarly, you can also save on your communication bills as VoIP offers you can make an international call at a lower and affordable price.
So switching to VoIP systems can significantly lower the cost of long-distance calls when a company has a global network.
2. Improving Customer experience
Customer satisfaction is one of the important concerns of every business, and hence every business focuses its sources and energy on improving its customer experience.
As we all know, customers always prefer customized and personalized treatment from the service provider, which can be achieved via a VoIP business phone system.
Different advanced features of VoIP phone systems like call monitoring, SIP trunking, call routing, call forwarding, predictive dialer, etc., make it easier for you to improve customer experience. You call also integrate your VoIP cloud telephony system with the CRM system and collect all your customer data to improve the customer experience.
Improved customer experience helps you to retain the existing customer. Apart from that, a satisfied customer can be a great source for word of mouth, which helps you gain a new customer.
In this way, you can increase your business ROI with a VoIP business phone system.
3. Enhancing customer Retention
Customer retention is often expensive, and it isn’t easy to retain the existing customer for businesses in this competitive global market. It is often said that customer retention is more difficult than gaining new customers. And if you want to succeed in business, you need to focus on customer retention rather than adding new customers.
VoIP business phone is that tool, which can help you improve your customer retention rate. You can integrate the VoIP system with the CRM system, which facilitates you to collect all the customer data. Unlike traditional phone systems, VoIP makes it easy to utilize CRM and call data for more refined insights.
Using these data, you can improve your customer experience and enhance your customer retention. You can customize the customer call and improve their experience with your product. This will definitely help you to retain that customer and hence increase your ROI with VoIP.
4. Minimizing Downsizing and Upsizing cost
Business is very dynamic in nature, and you can’t predict when you have to upsize or downsize your business. And it is often seen that most of the business suffers a noticeable amount of loss/expenses on this process.
Most businesses invest their money in their business assets, and scaling your business is always an expensive process. Similar is the case for a business communication system. If you want to expand your business, you must allocate resources and infrastructure to the telephone system.
This is the case with the traditional phone system. With a VoIP business phone system, you can easily add or remove a communication system at a very low cost. Since the installation of a VoIP phone system doesn’t require any hardware, expanding or downsizing is very easy.
To expand your telephony system, you just need to add members or purchase some numbers with your VoIP services provider. This process is very easy and simple and is completed within few clicks. Growing companies should consider VoIP systems when expanding, and a cloud-based VoIP system can deploy new lines almost instantly.
With a VoIP system, you save a significant amount of money, making the ROI immediate and long-term.
5. Increasing Flexibility
As you know, for VoIP business telephony systems, you don’t have to install a separate hardware system. This provides greater flexibility and mobility to your business communication system. With a cloud-based phone system, an organization does not need to purchase new phone lines every time it moves.
Using a centralized communication system for meetings and communicating with clients is no longer necessary for workers. With the VoIP app for desktop and mobile devices, VoIP communication and interactions are incredibly hassle-free.
VoIP technology allows employees to manage their calls remotely, attend meetings, and transfer callers to call center agents without cutting the line. In addition to teleconferencing and group chats, VoIP phones provide a wide range of strategic communication tools.
Regardless of their geographical location, the remote staff can collaborate and share ideas on a variety of projects.
Amid the pandemic, VoIP telephony is an efficient and reliable means to minimize business expenses by transitioning to a remote working setup.
The use of this technology can optimize communication within your business without compromising data security if you have staff who can work from home and still keep the business running.
In comparison to the traditional phone system, the VoIP business phone system improves ROIs for your business. It is very cost-effective as it lowers both capital investment and operational costs. Along with cost-effectiveness, it also ensures high call quality and improves business communication.
Consequently, you will experience an increased ROI by increasing lead generation, customer acquisition, and conversion. With an ideal VoIP system, you can easily increase your business’s ROI.
Expanding your business and handling international customers can be tedious and expensive. But VoIP business phone systems offer easier options to purchase international or toll-free numbers. And that too at a relatively affordable price.
Furthermore, these kinds of telephony systems come aboard with handy features like campaign calls, smart dialers, intelligent call routing, etc. The availability of these kinds of sophisticated features improves team productivity, ensures high customer service standards, and increases ROI.