Category: Business Insights

Keeping harmful and abusive financial practices and customer data protection in mind, the MiFID II was created to increase transparency within the financial services industry. Among the many rules, the MiFID II also regulates communications between European Union (EU) banks and its customers and clients. Let’s look at call recording compliance under this regulation.

What is MiFID II?

MiFID II or the Market in Financial Instruments Directive II came into effect in 2018. This EU legislation follows the old MiFID version by enforcing rules that prevent breaches and malpractices within the finance industry. Institutions like EU banks, interdealer brokers, stockbrokers, etc., are regulated under this ruling.

Call Recording Compliance Under MiFID II

Among others, MiFID II requires business communications — telephone and electronic correspondence — be recorded. More specifically, correspondences that “result in transactions concluded when dealing on own account and the provision of client order services that relate to the reception, transmission, and execution of client orders,” according to its policy statement. Additional types of communication that fall under the legislation’s call recording requirements include those between:

• Bank and selling shareholder or bank and buyers relating to the purchase and resale of a block of securities.
• Bank and its corporate client and bank and sellers in relation to the purchase of securities in “buy-back” transactions.
• Bank and buyers regarding the resale of shares purchased by an underwriting bank.
• Bank and its clients and bank and a third-party seller/broker regarding purchase of securities as part of a stakebuilding exercise.

Complying with MiFID II

Financial services companies, as a precaution, should comply with the regulations of the MiFID II legislation. Doing so can increase transparency and reduce liabilities, especially if your company conducts business appropriately and in its best interest. So, how do you record calls to be in compliance with MiFID II?

You can invest in recording technology or a call recording software or choose a cloud-based solution. Recording technology like devices and recorders can prove expensive and may not produce high-quality recordings. Additionally, they will require physical storage space. Call recording software may be a better alternative but not all come with unlimited or cloud storage. Most virtual phone service providers, interestingly, offer call recording solutions that let you store recordings on the cloud for a certain amount of years. And the quality of such recordings is generally good, depending on which provider you work with.

Global Call Forwarding offers call recording as an additional feature for a small monthly fee. With this feature, you can record up to 100% of all inbound and outbound calls. The calls are stored as MP3 files and are stored for up to six years. Additionally, you have the ability to record over different channels and devices. And since this comes along with your business number, you don’t have to purchase special equipment.

Other Reasons to Record Your Calls

Call recording is a popular choice with businesses that carry out transactions involving sensitive information and customer data through communication systems. Recording and storing such data can help reduce liabilities, both business and personal. Additionally, it can be useful with regard to quality assurance. Utilize recordings for training purposes and to teach employees what to do and what not to do on calls. Create and uphold a company standard that is reflected in the way your business interacts with its consumers.

Get Call Recording with Global Call Forwarding

Setting up call recording for your office phone system is easy. You can purchase a business number or port your existing one to Global Call Forwarding and add the feature to your service. Then, you can record 100% of your calls or adjust to record as many as you need. Access recorded files and important customer information quickly all while following the MiFID II regulations. Sign up today or call us at 1 (888) 908 6171 to learn more.

Every writer, marketing specialist, and a salesperson will tell you: words are important. Most of the time, you are not consciously paying attention to what draws you to certain products over others. The correct use of words or keywords can bring you closer to the product you need. And specific words can also make random products attractive and suddenly necessary. So, how can you use this power of words to your advantage as a business? Here’s a list of 15 persuasive words and phrases that will transform your sales pitch and convert customer interaction into purchases.

Persuasive Words and Phrases: 15 Ways to Attract Customer Attention

It is necessary to pay attention to how you are interacting with your potential customers. And even more, to the words and key phrases used. Here are some persuasive words and phrases that can help roll the ball in your direction in business:

1. Free

Free is one of the most used and common persuasive words and phrases associated with marketing and sales. However, companies still use it because it works, and it works well. People love free stuff. And more importantly, they appreciate free trials, where they can test something before needing to purchase more. This word still turns heads and so it should definitely be included in your marketing strategy.

2. Easy!

Easy catches attention, big-time. We, almost always, have at least 50 different things to do. Whether it is at work or at home, we are constantly getting things done. And so, when taking a new product or service on, consumers will walk away from a process that seems time-consuming and difficult. And if your product falls in that category, you may want to consider ways to make it less daunting. Advertising your service as easy and convenient will make it more desirable for customers. Most product surveys come back with one standard complaint asking to make it “easy to use” and more “user-friendly.” And so, these phrases can boost your company’s image as a convenient solution to your target customers’ problems.

3. Limited Time, Limited Availability

Another one of the persuasive words and phrases that can make a huge difference is “limited.” Customers don’t want to miss out on stuff that they perceive they will use someday. And so items that are limited or available in small quantities are higher in demand. Think: limited edition comics or a limited number of signed author books. Or advertisements at a flea market that says: “First 150 people get a coupon booklet for discounts at stores inside.” This motivates users to act fast and act in your favor.

Related: International Phone Etiquette for Business in 2021

4. Exclusive

Nothing entices faster than making something seem rare or unattainable to most. Make your customers or prospects feel special with “members only” or “invitations only” discounts. Offer special products or rewards “exclusive” to certain customers or customer groups and you will find that more want to join to receive those benefits.

5. Guaranteed

Customers are looking for products they can trust. Scammers and hackers have been targeting users world over. And so, authenticity is desired. Giving your customers reassurance with “guaranteed” and then living up to it will definitely impact sales and trust in your business, which is an excellent long-term sales tactic.

6. Best

Think about these titles: “How to Groom Your Dog at Home?” or “The Best Way to Groom Your Dog at Home.” Which article will you choose to read? Both serve the same function: to teach you how to groom your dog. But one has the advantage of being the “best way” versus just a regular way to do the task. Pay attention to the economy of words with business phrases that can make or break your sale. Consider this: “10 Practical Parenting Tips: Be The Best Mom You Can Be.” Here too, the target is mothers who want to be the best and so you can use the word to target specific groups as well.

7. Avoid

As a salesperson, you not only want prospects to consider your product or service but also to help them resolve an issue or achieve their goals. And sometimes this means protecting them from something that may slow them down. One of the most persuasive words and phrases is simply “avoid.” Think: “Avoid a high phone bill by purchasing virtual phone numbers.” Or, “Avoid forgetting and losing your passwords, use our password manager to keep track of all important login information.”

8. Fix

Similar to “avoid,” “fix” indicates a way to identify and resolve a problem. While “avoid” is protective and preventative, “fix” is action and solution-focused. And so, for someone going through a problem, your “We can fix that for you” sign will be a sight for sore eyes. Remember that customers are very loyal to companies that can help them fulfill their basic needs.

9. Because

Another factor to consider when working in sales: customers love to understand and learn. This could be regarding the backend, how and why a product works a certain way, or why they should choose your company over a competitor. And so, providing reasons can go a long way. “Choose us because we have a 98% success rate and guarantee that you will be satisfied.” Or, “Because your cat doesn’t know how expensive carpeting is, buy her a scratching post with imbued with organic catnip leaf that she can’t resist.”

10. You

Using the second person — you, yours, yourself — can really pull your client in. Writing in the second person makes your writing conversational as if you were talking directly to the reader. Consider: “Let us help you” versus “Let us help.”

11. We

Like “you,” using “we” again speaks to your clients on a personal. It shows that you are involved and invested in this as well. You and your customers are a team, together drifting through turbulent waters of commerce. And so, their problem is your problem. Additionally, words like “our” and “us” can also speak to the volume and mission of your company. They demonstrate that your business thrives on teamwork and it’s their collective mission to provide you with the best service possible.

12. Now

This word works similarly to “limited” in that it tells your customers that now is the time. Waiting is pointless and this may not exist tomorrow. Carpe diem, and all that. “Now” places emphasis on the present. It gives you the ability to acquire something or get to the bottom of a nagging problem almost immediately. And so, this word works as a good motivator.

13. I Don’t Know

Honesty: another business tactic that is highly appreciated. If you do not know the answer to a question, be honest and say you don’t know. But ensure that you follow up with the correct response. Customers prefer this over responses that are inaccurate or not confident.

14. Let’s Make A Change

You could use the word “change” with a customer that is not satisfied with your service. Change represents a different, new experience that may or may not be better. But it is something different, which is what most users are looking for when they are in the market for a product or service. You can use this to promote change: “Tired of dropped calls? Change your service provider and get 25% off your first four months with our service.”

15. Save

“Sign up today and save 25% on your first purchase” or “Save budgeting headaches by downloading our budget app.” These statements present an opportunity that is a clear win for customers. Anything that saves time, trouble, and money is a gift you give your customers, and they will show their appreciation for it.

Some Other Phrases To Try

Here are some other persuasive words and phrases to consider or experiment with on business calls:

• Advantage
• Amazing
• Always
• Change
• Compare
• First
• Free download
• Get started today
• Imagine
• Install now
• While the offer lasts

Ensure you use the right phrases to attract customer attention and effectively market your product. Some of the instances will also mean changing your marketing tactics to make room for strategies that include keyword research and marketing. And before you know it, you will have clients interested in your products. And when you live up to the expectation, these customers will form a loyal fanbase, further promoting and recommending your services. Check out our post about business telephone etiquette so that you communicate effectively and professionally with your customers!

The job of an appointment setter or call center agent is to call leads and make appointments or sales. Call center agents make multiple calls a day, promote the product, and work hard to generate a sale or appointment. But getting a customer to answer the phone and then stay on the line is a rather difficult job.

Common Mistakes and Solutions to Fix Them

Appointment setters and agents experience great pressure to make sales, as their commissions depend on it. However, you can prepare in advance to decrease the pressure and become a more efficient agent. It is, therefore, essential to be aware of common errors and solutions to fix them. Here are some of the most common ways to perform at the highest level, to achieve the most of your efforts as an appointment setter.

Calling Unqualified Leads

Call center agents and appointment setters may frequently call people that do not match the target audience or ideal customer. These leads are unqualified and they are less-influential prospects.

Fix: Identifying good potential leads helps with time-saving measures. One way to ensure you are calling the right leads is to conduct call center quality assurance (QA). Call center QA will help you identify customer data and create a precise buyer persona. This way, you can focus on contacting the most viable customers.

Straying Away from the Script

Customer service agents may slip away from the script when trying to connect and empathize with a customer. This may lead to a longer and less productive call.

Fix: Sticking to the script and promptly answering queries will demonstrate your qualifications to sell this product or service. It will also demonstrate that you are respectful of your customer’s time.

Ignoring Customer Concerns

Every once in awhile, a customer may ask a question that you’re not qualified to answer. Ignoring the query and moving on with the script will put your customer off, making them less likely to consider your product.

Fix: When this happens, do not ignore the query and move on with your script. Instead, let the customer know that you will find the appropriate response for them and follow up. It will also allow you to answer any other queries or concerns causing hesitancy. Adopt active listening, maintain clear communication, answer any doubts, and deliver unwavering courtesy and respect. If you want to learn more, check out these practical tips we wrote on how to be a good customer service agent.

Disregarding Customer Feedback

Customer feedback is very important. This is where you can identify where you are gaining and losing customers, while also identifying their preferences. This helps when incorporating changes and makes your company more approachable to your target consumer. Not providing customer feedback tools such as surveys or forms, or ignoring feedback received can negatively affect your business.

Fix: Adopt good customer relationship management (CRM) to enable healthy customer interaction. An appointment setter or agent needs to update CRM records. Make notes after a call that can be used as a reference later. Coordinate with marketing teams for information about prospective clients or customers who have previously interacted with your brand.

Mishandling Objections and Rejections

Consumers are often busy and do not have time to answer or indulge in your call. Not being prepared with the right rebuttal may result in the loss of a potential lead.

Fix: Prepare yourself ahead of time with rebuttals. Let your customers know that you are aware that their time is valuable. Tell them that you would like to make an appointment when they are available. They should know that their convenience is a priority. If a customer declines or rejects your service, politely request why or how you could do better. This information is very valuable for CRM records.

Reaching Out During Business Hours Only

Calls during business hours, when a potential customer is neck-deep in their responsibilities, are more likely to go unanswered. As an appointment setter, you need your lead to do more than just answer the phone. It is ideal if they are truly paying attention to what you have to offer. For this reason, calling during business-hours-only is not always productive.

Fix: Call during off-hours as well. This includes early morning or late evening calls, and because they are acutely-timed, they are more successful. Communicating via different media channels can also have a higher response rate. Sending emails and texts gives your clients more time to respond with well-thought-out answers.

Closing: Make Customer Interaction a Priority

Calling customers and leads may prove an exhausting and disappointing job when customer interaction is awkward or error-filled. Keeping just a few things in mind and maintaining a good attitude can go a long way. Global Call Forwarding provides virtual call center solutions to help you maximize your outreach efforts. One option is to have a virtual office, which will allow you to have agents available online at all times of the day. This way, your company is reachable to international customers as well. Sign up for outbound calling for your call center today.

For any company, online or in a physical location, tracking website traffic is a must. With this, you can gain insights into how your business is doing and how it can improve. There are a number of different ways to measure website traffic. Let’s have a look at how you can measure website traffic with virtual numbers.

Why You Should Measure Website Traffic

One of the most effective ways to introduce customers to your brand, product, or service is through a well-developed website. However, how do you know if you have developed your website well enough to get customer calls and leads?

Call tracking is one way to find out how many people are visiting your website and, in turn, calling your business to make a purchase or gather more information. Google Analytics is a common tool used for this purpose. However, there are other ways to determine how well your website is functioning.

So, how can you measure website traffic with the help of virtual numbers?

Step 1: Select a Phone Service Provider That Offers Call Analytics

Research and identify the right phone service provider for your needs. The most important step in call tracking or measuring website traffic is to use a phone service provider with call analytics.

Call analytics give you access to the different areas of call tracking. You can gather information about the duration of your calls, where your calls are coming from, keep records of your leads, and more.

Some providers offer integrations with companies that specialize in customer relationship management (CRM) systems. These tools help you organize customer data and information while tracking call efficiency. With such data, you can identify which marketing strategies are working and how you can improve the others.

Step 2: Purchase Different Toll-Free and Local Virtual Numbers

To identify which of your marketing efforts is most successful, you would first need to create different platforms. And so, focus efforts on developing your website, social media accounts, and email lists.

Then, purchase different virtual phone numbers for each location. For instance, you can have a toll-free number for your website and a vanity number to draw attention to your social media accounts.

Vanity numbers are numbers that you customize with letters or patterns. For example, 800-554-5544 or 1-800-DRINKSS. These make your number recognizable and memorable, attracting customer attention.

Step 3: Place Numbers in Various Marketing Spaces: Website, Print Ads, Billboards, Google Ads

Now that you have your numbers ready, place select numbers on certain platforms. Have your main business number on the website and business cards. And promote vanity or secondary numbers through social media and email marketing. Distributing the numbers will let you keep a record of who is coming from where.

Another option is call-only advertising. Google’s call-only ads encourage customers looking for your company to call it. These are ads that are located at the top of the search result, highlighting your business number and website, enabling the call to occur directly from the link. You are charged on a cost-per-click (CPC) basis.

Step 4: Analyze and Track Incoming Calls

Now, use your call tracking software to pull call detail records and statistics of your incoming calls. Identify how many calls are coming through the website. A caller may have either visited the website and seen your number there. Or, if you are using call-only advertising, they may have called you through the paid ad in the search results. Or, from Google’s mobile search results that offer users a business profile with the website, location, phone number, hours, and more.

Step 5: Measure Website Visitors and Improve

Watch where your calls are coming from. If your website visitors are low, then your calls are probably coming from other social media platforms like Facebook and Instagram. This means that it is time to optimize your website more effectively. Utilize effective strategies such as search engine optimization (SEO) to increase your rankings in Google search results. Add educational and informative content to draw attention from prospective customers. Gradually, your website will move higher in search results and that will drive website traffic.

Develop Your Website as a Way of Gaining New Customers

Company websites need to be well-developed and updated continuously to maintain their rankings in search results. The more website visitors you have, the more attention and clients your company gets. It is, therefore, necessary to do everything you can to support the growth and engagement of your website.