Partner Article

North East firms losing £1.3b on potential business

NEW research has found that the North East is losing £1.3b in potential business because they do not respond to potential customers quick enough.

The Vodafone Critical Response Time Index, now in its fourth year, shows that one in five (23%) of business people in the North East expect a response from a prospective supplier within one to two hours, although one in twenty (6%) is willing to wait more than a week.

“Businesses need to respond quickly and efficiently to their customers if they want to survive and thrive,” said Peter Kelly, Enterprise Director for Vodafone UK.

“More and more companies will choose to work with suppliers who can prove that they will be contactable 24/7. If your business is not responsive, it’s not going to win in this fiercely competitive environment.”

The North East is the second most likely - after the North West - of any region to call or send a reminder, with 84% of people doing so if they have not had a reply.

Of those who have not heard back within their preferred timeframe, only 16% will contact another supplier immediately, the second lowest rate in the country, again after the North West.

Business owners say that these lost new business opportunities cost them an average of more than £30,000, up from £21,993 in 2009.

Lack of urgency is costing companies in the North East dear, as 23% of businesses in the region have cancelled contracts in the last year as a result of slow response to urgent communications, because competitors were providing a quicker service or they were unable to get hold of key contacts.

This was posted in Bdaily's Members' News section by Ruth Mitchell .