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The Cost of Time Saved

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We’ve all heard Ben Franklin’s old adage that time is money. But what does that phrase mean when it comes to our businesses? In one sense, we can interpret time as a form of currency, something that consumers spend in order to use a service or business. And in turn, business owners and employees invest their time into the business and its customers.

But all time is not created equal, a Gallup survey found that while faster service kept customers 6 times more emotionally engaged in the business, quality service kept people 9 times more engaged. So speed matters, but only if quality is not sacrificed. While quality matters more in face-to-face encounters with customers, speed is paramount to customer happiness in interactions via phone, email, or social media. A Harris Interactive poll reported that 75 percent of customers believe it takes too long to speak to a real person, and another survey by The Social Habit found that 42 percent of those reaching out to a business through social media expect a response in under 60 minutes.

Clearly, the real “cost” of time can change depending on the situation. Time may be relative, but the prospect of time saved can be a powerful lure for your customers. Researchers studying behavior and self-control noted that humans seek instant gratification, choosing immediate “rewards” over delayed incentives. Businesses that prompt customers to think about the immediate rewards of using their services and products can encourage customer spending.

Time-saving methods have huge cost implications for businesses, so investing in free cash machine for shop saves time at your business, like an ATM, is money well-spent. America’s ATM provides businesses throughout the U.S. with quality ATMs, financial service kiosks, and marketing products. With an ATM, customers needing cash for purchases can quickly and easily withdraw money without leaving your store. The ATM can cut down on the time it takes to complete transactions at your business, and even promote more spending amongst customers. People using an ATM spend up to 23 percent more money than a non-ATM user, and store sales increase by an average of 20 percent after the installation of an ATM. America’s ATM offers a range of programs to help businesses obtain and manage their own ATM. Find out small ATM machines for sale by contacting America’s ATM through the website, http://americanatm.com/contact-us/, or by phone at 877-475-1104.

 

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