A VoIP service lets you make and receive phone calls via the Internet. But that’s just the tip of the iceberg. In its advanced form, a full-featured VoIP solution provides many additional and useful features such as call recording, voice-to-text transcription, video calls, web conferencing, internet fax, and online live chat messaging.
No wonder VoIP (Voice over Internet Protocol) solutions enjoy widespread adoption in the business world. Compared to traditional landline telephone systems, VoIP offers superior capabilities, flexibility, and practicality. It helps companies fix technical issues in business communications, drive team collaboration, and enhance customer relationships.
Most importantly, VoIP is more affordable in the long term — even when you include all its powerful features in the package. Across the board, no other business communications solution can equal the cost efficiency, range, and reliability of a standard VoIP service.
But did you know that VoIP can also amplify your revenue?
Here are six ways the right VoIP solution can boost your business performance:
1. VoIP improves profit margins by reducing costs.
Using VoIP generally helps businesses save money. Compared to traditional landline phones, VoIP systems are cheaper to install, operate, and maintain.
At the basic level, all you really need is a phone/computer, an internet connection, and the VoIP software. Once the software is installed, you can assign multiple numbers to ring on a single device. And you can start making and receiving calls.
Domestic calls are free while (optional) VoIP hardware are inexpensive and can be deployed in many ways. On the other hand, long distance calls cost much less and adding new lines only takes a simple software tweak: create a new virtual number. You don’t need a cost-intensive and time consuming upgrade that involves physical cabling just to connect with the main line.
Clearly, VoIP increases savings by lowering acquisition, repair, and maintenance costs. So what does that mean across the board? When a significant business tool is cheaper to use, companies tend to improve their profit margins. That is, their bottom line gets bigger when expenses contract.
2. VoIP enables businesses to scale more easily, efficiently, and economically.
Because of their flexibility, VoIP solutions enable companies to easily expand operations or extend market reach with very minimal risks as well as investments. For all cases, corrective measures can be easily orchestrated via software reconfiguration, allowing the company to generate additional revenue faster. A decent VoIP service ensures that a business always has the right number of virtual lines and the right feature set for its current size, market requirements, and target growth.
Using VoIP, for example, a business can onboard any number of new hires and get each of them equipped with exclusive virtual numbers immediately — enabling new staff to build value for the company as soon as they learn how.
In contrast, landline systems require tighter planning and budget management. Any excess element (such as an unneeded additional phone line) is considered a waste of company resources. On the other hand, an extremely conservative, cost-conscious upgrade might fail to maximize opportunities for revenue growth. Because of these factors, landline upgrades generally take longer to plan, execute, and benefit from.
Over all, VoIP systems can grow or downsize comfortably and cheaply with your business. If you are scaling up, a standard VoIP system can provide proportionate support with zero risk and minimal costs. Which means you can grow your revenue without fear of overspending on additional resources.
3. VoIP helps drive revenue by improving customer experience, engagement, and service.
Range and versatility are two characteristics that strongly differentiate VoIP services from traditional landline communications. While conventional phones largely provide voice-only features, VoIP services offer the whole nine yards — from simple phone calls and SMS messaging to email, video conferencing, and AI-powered chatbots.
VoIP makes it possible for organizations to build an omnichannel and multifunction solution for customer engagement. These capabilities extend and enhance the reach as well as the impact of businesses when it comes to customer experience. With VoIP for example, customers have an easier time reaching and connecting with a brand regardless of their location, preferred messaging channel, or communication device. They also get to enjoy superior customer service (e.g., immediate and effective response to queries or concerns, etc.).
Excellent experience and customer service lead to high satisfaction rates — which help reinforce brand reputation and customer loyalty. These, in turn, lead to more business and revenue for the company from its existing client portfolio.
Additionally, when customers feel they are well taken care of, they share their satisfaction over social media and product reviews. This helps generate new leads, opportunities, and revenue. The main lesson in all of this is simple: So long as your business communications system remains excellent, the cycle of value continues.
4. VoIP lifts productivity and business results by improving employee workflows and process efficiencies.
With VoIP, customers are not the only ones who end up with a smile. Managers and staff also benefit in many ways.
For example, cloud-hosted VoIP systems enable field workers to remain connected to customers or the head office wherever they are in the world as long as they can access the web. Being able to communicate in any environment greatly improves productivity. It also extends the ability of teams to collaborate, solve problems, and drive innovation.
The flexibility and portability of VoIP systems eliminate the need for time-consuming and costly adjustments when you need to move a team from one location to another. The need for hardware switching is rare, while configuring VoIP software is easy. Pretty much everything is just plug and play. This leads to very minimal downtimes and higher productivity.
VoIP services also enable the centralization and auto-updating of customer information and contact data. Best-in-class VoIP platforms even provide native CRM (customer relationship management) functionalities. Among other benefits, these features ensure that contact numbers are always correct and uniform across all departments, reducing the time it takes to otherwise manually search and update contact information.
For businesses whose revenue performance depends on a reliable communication system, VoIP serves as the ultimate omnichannel solution. VoIP helps simplify workflows, automate manual tasks, and give more time for staff to perform high-value functions. By improving the overall productivity of a company, VoIP provides an upward push to its sales results.
5. VoIP reinforces the impact of sales and marketing campaigns.
VoIP shines best when a company’s revenue team consists of customer-facing professionals.
Advanced VoIP solutions that have multi-function and omnichannel features perfectly match the operational requirements of modern sales, marketing, and customer success teams.
A VoIP-based call center, for example, can have all the communication support it needs to meet clients wherever they are and provide convenient and compelling experiences. VoIP provides all the features of a traditional call system such as auto attendants and call routing. But it also possesses additional and powerful capabilities such as voice analytics which is perfect for ramping up productivity; and video conferencing which is perfect for presenting demos or making a sales pitch to an audience of decision makers.
For marketing teams, VoIP provides features that help enhance or monitor campaigns, including campaign-specific virtual numbers, measures for tracking dark social activity, and powerful data analytics engines.
6. VoIP makes it easier to execute organizational transformation through integrations with other business solutions.
Because VoIP largely runs on software, building tight integrations with other solutions in your technology stack is possible.
For example, VoIP allows making calls from your email screen or getting a voicemail message sent to you already transcribed as text. You could even kick your messages into a SMS sequence. Because almost everything is digital, you can easily record, analyze, and monetize large volumes of data from calls, messages, and other activities.
VoIP also makes it possible to place all your business communications assets under one roof and get it synced with all other applications and technology solutions your company uses. This interoperability allows organizations to transition to a full digital enterprise more easily.
A fully digital organization has more agility and impact than one that has yet to be transformed. A company fully equipped for the digital economy is also one ready to haul in a large share of revenues.
VoIP is not only a solution to specific business problems. Because it forms the framework for messaging, communication, and collaboration, VoIP also helps open the gateway to opportunities and transformation. In fact, the right VoIP solution will make it easier for your business to optimize processes, people, and profits over time.