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Cryptocurrency can provide astronomically high returns overnight; however, there is also a considerable downside
Published June 10, 2023
Updated June 28, 2023
Andrew LooIs Cryptocurrency a Good Investment?
With trillions of dollars invested and all the hype in cryptocurrencies and new crypto projects being rolled out daily, the question that many investors are asking themselves is whether cryptocurrencies are a good investment.
Despite investors losing most, if not all, of their investment in scams like the Squid Game token, TerraUSD stablecoin, and other altcoins, is it still wise to invest in cryptocurrencies? Even with the incredible volatility experienced so far and stories about crypto millions made or lost overnight, would a prudent investor still look at putting their money into the market?Summary
Cryptocurrency can be a great investment with astronomically high returns overnight; however, there is also a considerable downside.
Investors should analyze whether their time horizon, risk tolerance, and liquidity requirements fit their investor profile.
Investors need to do their homework, allocate an appropriate amount of their investment, and learn how to actually invest.What to Consider First?
Before you decide on any investment, you should look at asset allocation. Simply put, asset allocation means spreading your investments across various instruments to provide diversified returns over the long run. The same applies to cryptocurrencies – you should decide on your risk tolerance, financial goals, and timeframe to decide how much of your investment portfolio can be allocated to cryptocurrencies.
You should research and conduct due diligence on the cryptocurrency or digital asset you are considering. Simply listening to a friend’s hot tip or buying digital assets out of the Fear-of-Missing-Out (FOMO) is not recommended. For any crypto-asset investment, it would be wise to read the whitepaper in order to understand better the cryptocurrency’s purpose, technology, and use case.
Understanding the team also gives you a sense of the track record of the people responsible. Ultimately, given the lack of regulation and oversight in digital assets, you want to avoid the risk of trading a crypto asset that collapses due to fraud.
Once you find a crypto asset you are comfortable investing in, you need to decide how to invest in it. Do you buy the crypto asset directly? If so, will you use your account at the crypto exchange or broker to hold your investment, or will you hold it yourself? If so, do you have a digital wallet set up? Or will you choose to invest via Exchange Traded Funds or an asset manager, like a hedge fund or mutual fund?
Do you decide that you want to invest by proxy and buy the stocks of crypto exchanges? Or buy stocks in other publicly listed companies that are involved in blockchain technology or supply the sector, like GPU manufacturers? Each one of these investments comes with its own pros and cons, and the prudent investor would weigh all of the given options.Is Cryptocurrency a Good Investment for You? Trading vs Investing
Trading is approached with discipline as those who are most successful carefully manage their exposures. On the other hand, investing is also a disciplined plan but meets specific financial goals over a longer period, usually five years or more. Investors may build a strategy in order to save for college, purchase a house, or plan for retirement.
Next, you need to examine your risk tolerance. As cryptocurrencies experience volatility, whether cryptos is a good investment depends on how much risk you can bear. If even small swings in prices keep you up at night, higher volatility investments may not be the suitable investment for you.
With crypto assets experiencing levels of price volatility that aren’t too different from those experienced by other asset classes, such as growth stocks or high-yield bonds, they are risky assets. You need to be prepared to face fairly significant price swings or potential loss.Liquidity constraints
One further consideration is the liquidity constraints that face certain crypto assets. Liquidity is simply the relative ease or difficulty that which one can buy or sell a certain asset when they want to without moving the price significantly.
As an example, if you are looking to buy a rare automobile, there are that many of those around and if you can find one, the price you will pay is effectively the seller commands. If you buy it, the next seller will certainly command a higher price for the next buyer – making the market very illiquid.
However, if you are looking to buy something more generic, say some Japanese yen in exchange for your U.S. dollars, there is ample liquidity so the price you pay for the yen will be wherever the market lies. The next buyer of the yen will also likely purchase the yen at or near the same price you transacted as there is abundant liquidity in sellers of JPY who will accept UD in return.
Certain cryptocurrencies are more liquid than others, which means that to invest in such cryptos, you must be prepared to deal with the illiquidity when you buy and potentially when you sell. A worst-case scenario would be the inability to sell your crypto investment when you need to, due to a lack of liquidity in that particular cryptocurrency.Benefits of Investing in Cryptocurrency
So far, we’ve discussed some of the main considerations that investors need to be cautious about but there are certainly positive arguments about whether cryptocurrencies are a good investment as well.1. New asset class
As cryptocurrencies mature and develop, such as we’ve seen with Bitcoin and Ethereum, we also see the emergence of such assets as a new asset class. To be sure, we’ve seen large professional fund managers, such as Cathy Wood from Ark Investment Management, creating dedicated investment funds solely investing in Bitcoin and other cryptos.2. Diversification
The said institutional investors also look to diversify their risks by keeping different investments that behave differently under the same economic conditions. Some argue that cryptocurrencies provide positive diversification effects, specifically against rising inflation.
Moreover, we’ve seen the development of more investment instruments that capture the upside of not only specific cryptocurrencies, such as options and futures on Bitcoin and Ethereum, but also specific investment funds that professionally manage cryptocurrencies on behalf of investors.3. Upside potential
Lastly, one more positive is the fact that the sector is quite new, and as such there are potentially much more changes that may come down the line to make investing in cryptocurrencies even more attractive. Examples are stablecoins, which are cryptocurrencies that are linked to the value of a fiat currency and assets to back the digital currency.
For those who worry about fraud, there can be more stringent regulations, say to deal with the Initial Coin Offerings, to help protect investors. We mentioned futures on cryptocurrencies and as the market develops, there can be futures on other cryptocurrencies that are traded on a reputable exchange. Futures also allow for cryptocurrency bears to sell the asset short, thereby improving the liquidity overall.Related Resources
You're reading Is Cryptocurrency A Good Investment?
A cryptocurrency needs to be differentiated. Why would anyone use a coin that is hard to even spell and doesn’t exist on exchanges when there are numerous cryptos like bitcoin?
So electroneum targeted becoming the currency between remote freelancers and buyers of their services. To enable this, they:
built anyTask which is a freelance services marketplace like Fiverr
enabled users to freely earn electroneum by installing the app. This provides an incentive for low income individuals to earn money by downloading an app.
Since these are their primary differentiating factors, we deep dive into these:anyTask is a generalist freelance services marketplace with limited scale
There are numerous generalist freelance marketplaces and an easy metric to rank them is their monthly traffic. Below, you can see how anyTask compares to others as of Jan/2024:
As with most web based marketplaces, freelance marketplaces is a winner takes all market. So we don’t see anyTask gaining a sizable portion of this market.
As of early 2023, it does not seem to be on a consistent growth trajectory. However, it appears to have grown significantly since August.electroneum team is launching projects to promote their platform
They have launched these projects to boost the marketplace
announced the plans to launch TaskSchool to support anyTask. Given that we don’t see anyTask becoming a significant success, we see these as futile efforts.
M1 phone is a low end smart phone. It sounds like a good initiative and would also boost their app not just the freelance services marketplace
Though these could be good initiatives, it is too many things to do for a company of ±50 employees. Any startup builds subpar or at best mediocre products without focus. This seems to be the case with electroneum with their app getting 2.5 stars on Google Play. You have to do really bad for people to rate an app giving away free money with 1 stars. We noticed many user problems with customer service. They could invest in better customer support rather than these new initiatives.From a technical perspective, Electroneum is not innovative
Since this is a cryptocurrency project, it is worth looking into the technical aspects:
They had a bug in their blockchain which their tech team overlooked even after they were publicly warned about it.
As explained in their updated whitepaper, they have a blockchain that is validated by permissioned parties authorized by them. This introduces a permanent middle man in the system (ETN team) and defeats one of the important purposes of using cryptocurrencies (decentralization of trust).Is electroneum a good long term investment?
We don’t think so. In the long term,
We wouldn’t invest in a 2 sided online marketplace with limited traction in a market with giant companies so the anyTask part of electroneum is not valuable in our perspective
Electroneum is one cryptocoin among numerous and we similarly wouldn’t invest in it.Could you make money with electroneum? Using the electroneum app
In the past, ETN team was giving away rewards of ±$3/month to incentivize users to download the app and join the network. However, they have stopped this in 2023.Investing in electroneum
Some already made money as you can see from the price of electroneum below. Investors buying in February 2023 and selling after a year would have quadrupled their investments:
Many assets with limited intrinsic value such as gold, silver or bitcoin are valued highly by investors. However, this is due to the significant market acceptance over history. Even wide market acceptance is not necessary though. Assets with no intrinsic value and limited market acceptance like Dogecoin have created billionaires.
So you could speculate, buy now and sell at the right time and make money with luck. Or it could end up as a dud where you lose all your money. We are not in the game of speculating on assets without intrinsic value but it is definitely a popular pastime these days.
Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.
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Your online reputation can make or break your business. On the one hand, a great online reputation with overwhelmingly positive reviews can help you get new customers and set yourself apart from the competition.
But, on the flip side? A negative online reputation can keep prospective customers from even reaching out to your business for more information. And, it doesn’t matter whether that reputation is warranted or not.
Nobody wants that.
Let’s face it: Your online reputation is important if you want to win new customers and build trust with existing customers.
In this post, we’re going to explore:
What your business’s online reputation is.
The importance of a business’s reputation, in general.
Eight reasons a good reputation is crucial to the success of your business.What Is Your Business’s Online Reputation?
Before we get into why your business reputation is so important, let’s talk about what it actually is!
Your online reputation includes any other factor that can play into how a customer or potential customer perceives your business online.
Online review sites.
Local listings sites.
Your social media sites.
So, when it comes to building a good online reputation, it’s important to keep all these factors in mind – even if you’re focusing mainly on your online reviews.The Importance of Your Business’s Online Reputation
Reviews and online reputation play a critical role in how customers search for new businesses. In fact, online reviews impact purchasing decisions for 93% of people.
You might be thinking: Yeah, but what if I don’t have any reviews – isn’t that better than having a negative online reputation?
First of all, no reputation is just as bad as having a negative business reputation – you want people to find information about your business, don’t you?
Plus, just because you don’t have any reviews doesn’t mean you don’t have a business reputation – consumers can still develop a perception of your business based on the aforementioned factors like your website, your social sites, and more.
Now let’s go into detail about why a good business reputation matters.The Value of a Good Business Reputation
You know that your business needs a reputation, and you know that you want a good reputation, but do you know why you want a good reputation? Of course, every business owner wants people to like their business, but feeling good shouldn’t be your only reason for pursuing a positive image.
Here are eight reasons why having a good reputation is important to your small business.1. A Good Online Reputation Gives You a Competitive Advantage
Having an online presence and good products and services are great for getting customers. But, what about getting customers to choose you over your competitors?
Remember, we said that 93% of customers are influenced by online reviews. So, a good business reputation is important because it can help distinguish you from competitors and can even be the deciding factor in whether someone chooses you over them.
Think about it: If a person is researching a new landscaping company and they can choose between a 4.5 star-reviewed company or a 2.5 star-reviewed company, which do you think they’ll choose? As long as pricing isn’t too far off, they’re probably going to go with the 4.5-star business.2. A Good Business Reputation Can Make You More Money
It literally pays to have a good business reputation. People will pay 22% more for certain products if the company has a good reputation.
Customers are willing to pay a little more if it means working with a company that’s perceived as trustworthy and delivers quality goods and services.
This is something I’ve personally done when I was looking for a new hair salon. I made an appointment with a salon that had okay reviews but great prices until I found a salon with amazing reviews – we’re talking life-changing haircuts — so I canceled my appointment with the other salon and went to this one instead. I was willing to pay a little more to experience that level of service and satisfaction.3. A Good Online Reputation Facilitates Engagement 4. A Good Business Reputation Gives You a Little More Control Over Your Brand
While your products, services, and marketing messages are in your complete control, your business reputation isn’t. Yes, you can do things that build your online reputation and influence how people feel about your business, but ultimately you have no control over what people say – or read – about your business online.
If you have a positive online reputation, chances are that customers are amplifying what you also love about your business. So, even though you can’t control what they’re saying or how they’re saying it, you can feel confident that people online are seeing positive messages about your business – giving you a little sense of control you might not have with a negative online reputation.5. A Good Online Reputation Plays into Word of Mouth Marketing
With all of the social media applications, online customer review sites, and content platforms available today, people have more encouragement, ability, and convenience than ever before to voice their opinion about a business.
And, people trust the opinions of other people, even if they’re total strangers. In fact, 84% of people trust online reviews as much as they trust their friends!6. A Good Reputation Mitigates the Impact of Bad Reviews
The unfortunate truth is that people are 21% more likely to leave a review after a negative experience than a positive one. And, even worse – it takes about 40 positive experiences to undo the damage of a single negative review.
Online reviews are powerful, and negative reviews can cause serious damage, but a good business reputation can help mitigate that damage. When your business does encounter difficult customers or unlucky experiences, the negative reviews that result will have less clout. Far fewer people will adopt or be influenced by that unhappy customer’s opinion if they already have a good opinion of you to start with.7. A Good Business Reputation Enables Growth
Your business reputation impacts all of your relationships — not just those with your customers, niche markets, or target audience. Your reputation also applies to the people who work for you, invest in you, welcome you into their community, partner with, and provide services for you. A good business reputation is important because it establishes trust and will facilitate growth in your most valuable relationships and will have a ripple effect throughout your entire network.8. A Good Online Reputation Is Easier to Build On The Benefits of a Good Business Reputation
If you want to get more customers, you need more customers to want your business. Having a good reputation is crucial to getting people to pursue, trust, and engage with your business. While people have the last say in what they do and think, your business reputation is a major factor in their decision making.
A good online reputation benefits a business because it:
Distinguishes your business from competitors.
Helps you win new customers.
Mitigates the impact of negative reviews.
Builds resiliency with respect to non-supporters.
Creates opportunities for growth.
Reputation isn’t just about making your business look good. It’s about ensuring that your business survives in the larger business ecosystem and continues to grow. So, take your reputation seriously, and make having a good online reputation a top marketing priority.Stephanie Heitman
Stephanie is the Associate Director of Content for LocaliQ and WordStream. She has over 10 years of experience in content and social media marketing and loves writing about all things digital marketing. When she’s not researching the latest and greatest marketing news and updates, she’s probably watching reality TV with her husband, reading, or playing with her two pups.
Other posts by Stephanie Heitman
Experience The Magic Of Hedgeup – The Cryptocurrency That’s Transforming The Alternative Investment Market
The cryptocurrency sector has been in turmoil for the better part of the year, with a good chunk of coins down by more than 50%. In addition, the collapse of the Terra Stablecoin and the FTT exchange implosion has sent fear and shockwaves in the sector. Amid the industry’s fear, uncertainty, and doubt, the focus is shifting to projects that can transform various industries and introduce new use cases. HedgeUp is one project that remains the talk of the town as it seeks to transform the alternative investment market.What is HedgeUp?
HedgeUp is a new blockchain project that is bridging the gap between traditional and cryptocurrency investments. Operating as an alternative investment platform, it plans to provide easy access to a range of products for the everyday investor.
Some alternative products the project hopes to offer investment include diamonds, gold, luxury watches, and private jets. For the longest time, alternative investments have been the domain of high-net-worth infesters, something HedgeUp intends to change.
By doing so, it hopes to tap into a massive opportunity with the value of total alternative investment expected to total $17.2 trillion by 2025.How HedgeUp Works
Contrary to perception, it will not offer alternative products that are predominately crypto-oriented. Additionally, its professional specialist tasked with providing alternative products for investing have over 30 years of experience. Consequently, they should be able to offer alternative products that are not as volatile as cryptocurrencies but sure to generate significant value down the line.
HedgeUp’s primary goal is to offer products that have the potential to generate an annual return of more than 25%. The assets will also be open to everyone, with investors expected to gain access to them through the network’s native token, HDUP.Fractional Stakes
Additionally, HedgeUp is looking to carve a niche for itself by unveiling the world’s first crypto non-fungible token alternative investment marketplace. The unique platform offers an easy way to make fractional investments in various alternative investment products and options.
One of the biggest barriers to alternative investments has always been the money needed. However, by offering fractional stakes, retail investors will have to own only some NFT or alternative products. Fractional stakes provide an opportunity to invest only a fraction of the total amount to own part of the underlying asset.
The NFT marketplace will also offer an opportunity to buy and sell various HedgeUp investments at some of the lowest fees. In addition, the platform will also allow people to earn some residual income from the assets.HDUP Native Token
HDUP is the native token that powers the HedgeUp ecosystem acting as a medium of exchange. The token will offer holders access to alternative investment products such as diamonds, fine art, aviation, and gold. Additionally, it will allow holders to invest in fractional stakes.
Additionally, HedgeUp token holders will be incentivized to stake their holdings to help bolster liquidity in the ecosystem. HDUP is a deflationary token with the total tokens that will ever be in circulation capped at 999MBottom line
Investments in cryptocurrency have underperformed, going by the steep selloff for the better part of the year. However, the high volatility and uncertainty are already fueling demand for alternative investments with tremendous potential. HedgeUp is one project that could be a big winner as investors eye alternative investments away from cryptocurrencies.
blog / Sales and Marketing What is the Concept of Outbound Marketing and Why is it Popular
Every successful marketer knows that outbound marketing is a great approach to turning an inadequate marketing strategy into a successful one. This is because, between inbound and outbound, the latter is known to reach a wider audience and makes for a highly-effective growth marketing strategy. But how does outbound marketing work? And why is this traditional approach still relevant today? Let’s have a look.What is Outbound Marketing? Types of Outbound Marketing
Some of the most popular types include:
Events and tradeshowsIs Outbound Marketing Still Relevant Today?
There has been plenty of emphasis on inbound marketing in recent times, which is basically a highly-specific approach that focuses on creating content that informs and empowers the target audiences. So, if inbound marketing is a less-invasive and cost-effective way to cater to customer needs, why are organizations still incorporating strategies?
So given its wide range of business benefits, outbound marketing is still a popular choice among brands and continues to form an important element of the marketing world today.Pros and Cons of Outbound Marketing Advantages of Outbound Marketing
Enhances brand relevance and awareness:
Appeals to target audiences who may not be digital natives
Easy to implement and provides instant outcomes:
More viable to execute and deliver quicker results
Offers multiple metrics to measure success:
Better control over time-tracking and efficacy of channels
Can be expensive: The cost
of implementation can be greater than the overall revenue
Difficulty in targeting a niche audience:
Considering its broad outreach, tailoring campaigns to a specific audience might be difficult
May result in spam content:
People may not be interested in the product and find the content irrelevant to their requirements
Now that we have looked at the pros and cons, let’s find out what it takes to create a successful outbound marketing strategy.How to Run a Successful Outbound Marketing Strategy?
When it comes to Business-to-Business (B2B) engagements, it is difficult to imagine a winning marketing strategy without outbound. In order to create an effective strategy at a macro level, you need to first develop an extensive understanding of its components – the product, the target audience, the market, appropriate channels, compelling messaging, and customer pain points. Thereafter, you can implement a successful strategy through the following steps:Get a Qualified Sales Team
Software as a Service (SaaS) startups is commonly known to implement outbound marketing strategies and generally hire internal sales teams. It is best to hire separate professionals for each stage of the sales process. This can be divided into two categories: Hunters, who make first contact with potential clients and schedule meetings, and closers, who introduce the product, create contracts and close the deal.
ALSO READ: Secrets to Technology and SaaS Sales: Strategies, Challenges, and MoreUse Qualified Patterns and Frameworks Recognize Lead Types and Define Goals Consider Adopting the AIDA Model
Using the Awareness, Interests, Desire, Action (AIDA) model is a great way to make successful cold calls and generate intended results from it.Outbound Marketing vs Inbound Marketing
To get a well-rounded understanding, it helps to learn how it is different from its counterpart, inbound marketing. Here are the main differences between the two:
: The goal is to reach out to a broad range of customers and drive brand awareness. Inbound marketing involves creating content to attract potential customers.
often features one-way communication as there is less interaction and the primary objective is promoting the product. Inbound marketing involves two-way communication between the customer and the brand to form better relationships.
: It is market-driven as it focuses on promoting products that fit current market trends. Inbound marketing, on the other hand, is more consumer-driven as it revolves around creating marketing campaigns that meet consumers’ needs.
ALSO READ: How Marketers Win in 2023: Through Influencers, Analytics, and Omnichannel StrategyPopular Outbound Marketing Tools
Most businesses today are adapting inbound marketing strategies due to their highly personalized approach. But thanks to the unbeatable benefits, multiple businesses still continue to use it, despite other new techniques in the market. Here are some of the more popular tools used in the current market:
Helps design unique processes for emails, sales development calls, etc.
Used to customize content in the sales process, manage talent acquisition, and customer services
The only system in the market that identifies the need for follow-ups
By Neha Menon
Write to us at [email protected]
A cloud-hosted PBX system is a cost-effective business phone system option.
Cloud-hosted systems offer a wide selection of valuable features and consistent service.
If you do not have a reliable internet connection, a cloud PBX system might not be right for your business.
This article is for business owners who are considering changing their phone system to a cloud PBX option and are looking to learn more about this kind of system.
Cloud-hosted PBX phone systems have become increasingly popular in recent years. The ability to add a robust phone system with all of the features and tools you need, without having to install or maintain any equipment, is particularly appealing to many small businesses. However, for some businesses, having a phone system that is totally dependent on the strength of an internet connection is not ideal. Before deciding whether a cloud PBX system is right for your business, it is important to understand exactly what a cloud PBX system is, how it operates, and the pros and cons.What is cloud PBX?
A private branch exchange (PBX) system is a business-grade telephone network that enables communication both within and outside your organization. A business phone system is different from residential or cell services in that it has additional service offerings, which typically include call conferencing, extension dialing, business-hour settings to route off-hour calls, customer waiting queues and hold music.
Cloud PBX, also known as hosted PBX or virtual PBX, is an IP-based PBX solution that’s provided and accessed completely through the internet. Instead of hosting software on a server the way digital systems do, cloud PBX hosts all software and data in the cloud.
A cloud PBX system is a business phone solution powered by an internet connection. All of the software and data are hosted in the cloud. Cloud PBX systems offer valuable features, like automated attendants, call queues, extension dialing and conference calling.Digital vs. cloud PBX
Cloud phone systems are an offshoot of digital – or on-premises – PBX systems. These systems offer the same level of functionality but differ in where the equipment is located and how it is maintained. The cost structures of the two systems also set them apart. On-premises phone systems have PBX equipment housed in large hardware units that must be stored on-site. On-premise systems can be very costly because of their size and requirements for a special storage facility. Companies are also on the hook for expensive regular maintenance, since the machines are complex and require professional attention.
Digital PBX phone systems are monitored using a PBX switchboard. The switchboard processes the connections between telephones to facilitate a call and controls many business-grade phone system features.
Cloud PBX takes all the functionality of a digital system and moves it into a virtual space, eliminating the need for hardware and other equipment, which saves you money on installation and maintenance. Hosted PBX systems have become popular largely because they are easier to use and provide all of the functions of a digital PBX platform (and more) without requiring clunky, costly equipment.
A digital PBX phone system is an on-site solution, which means all of the equipment is stored on servers inside your business. A cloud PBX system doesn’t require physical equipment. All of the equipment is stored in the cloud, making it a much more flexible option.How to use a call flow
A call flow helps you manage how your calls are routed. A call flow configuration lets you control when, where and how calls come in through your main business phone lines. This means you can set certain business hours for receiving calls, see the location of the caller or control who receives the call. The call flow interface varies by provider, but most offer similar customization options for your hosted PBX solution.
For example, you can specify which phones you or your employees are using, in what order those phones should ring (parallel or in a sequence) and what the rules of call handling will be if no one answers.
Call flow is essentially how calls made to your business phone line are managed. You can control where, when and how calls are handled with your system.
Editor’s note: Need a business phone system? Fill out the below questionnaire to have our vendor partners contact you with free information.What are the benefits of cloud PBX? Low cost
The greatest benefit of a hosted cloud PBX system is its low cost. Because a hosted PBX system is provided as a service, you do not have to purchase any physical equipment; the only equipment you may need are VoIP-enabled desktop phones.
However, you also have the option of routing all calls to employee mobile phones. The lack of equipment also helps you save on installation and maintenance costs. All of your services and features are fully hosted in the cloud and maintained by your provider, which means that the cost of your phone service covers regular updates and maintenance. Most providers offer online portals through which you can manage your phone lines, updates and maintenance needs.
A hosted PBX solution also gives you significant control over how much you pay, since you pay only for the features and phone lines you need. Additionally, most cloud-hosted business phone systems offer unlimited domestic calling, which ensures employees can use the phone as long as they want, without ever having to worry about racking up added fees.Features and flexibility
Cloud-based PBX systems offer significant benefits in terms of features and flexibility. As the world moves increasingly to flexible and nontraditional working environments, it has become a large business priority to be reachable anywhere and anytime. A hosted solution allows you to conduct business calls via your smartphone or computer as long as you have an internet connection, so if you’re thinking about moving your business to a new location, you won’t have to worry about lugging any equipment (except for the phones).
Your employees can customize their phone settings to whatever works best for them, such as having their calls routed to both their desk phone and their computer, or to their desk phone and mobile phone.
Cloud PBX also provides features such as texting, voicemail transcription, call recording and integration with vendor services. Features vary among systems, so you should explore what features you think your business will need and shop around to see what features each vendor includes and which ones you must purchase as add-ons. [Read related article: Choosing a Business Phone System]
Here are some additional useful features many cloud-hosted PBX systems offer:
Online management: Administrators can make changes to the phone system, such as adding users, assigning phone numbers, creating ring groups, and reviewing call reports and monthly statements from an online portal. Employees can log in to the portal to check their voicemail, see the company directory and set up call-forwarding routes.
Ring groups: A ring group is used to organize your employees into groups by what they do or their department. For example, the sales team may have its own ring group so that when a client calls to speak with a representative, everyone in that ring group is notified.
Voicemail-to-email: This feature lets you send audio files or transcriptions of voicemail messages to an employee’s inbox.
Call queue: Call queues help manage your influx of calls by placing callers in a line or on hold until an employee is available to take the call.
Unlimited calling: This allows employees to make as many domestic calls as they need for no additional cost.
Video/web conferencing: Users canhost video meetings that allow for screen sharing, which lets users view and discuss documents or presentations. Although call capacity varies among providers, some allow you to have up to 1,000 people on a call.
Instant messaging: This feature allows users to send online messages to co-workers.
Text messaging: Employees can send text messages from their business lines instead of from their personal phone numbers.
Auto-attendant: Auto-attendants are basically virtual receptionists that answer calls and transfer callers to the appropriate employees. For example, a caller might hear an auto-attendant say, “Press 1 for sales, press 2 for customer service or press 0 to speak with an operator.”
Extension dialing: Instead of punching in an employee’s entire phone number, employees can dial a few numbers to connect with co-workers.
Conference calling: You can host calls with hundreds, or sometimes thousands, of participants at one time.Reliable service
For many businesses, phone communication is the backbone of their day-to-day activities, so reliable service is a must. A traditional landline system uses copper cabling to transfer phone calls, and these cables are vulnerable to natural disasters, vandalism, and general wear and tear, all of which can mean extended outages of your phone service.
Cloud PBX systems use the internet, which means your phone service is as strong as your internet connection. Because all of your information is in the cloud, your system should experience little or no downtime in the event of an issue. Geographic redundancy, which is when the provider has several servers in different physical locations, is one of the most common reliability measures of these systems. Each server contains identical information, so if one fails, another can take its place almost instantly.
Cloud PBX systems are cheaper and more flexible than on-site and traditional landline systems. Cloud PBX solutions also offer several valuable features, like unlimited calling, call queues and automated attendants.
Kiely Kuligowski contributed to the reporting and writing in this article.
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