Key Takeaways:
Going as far as the 1800s and the shifting economic landscape around the world, there has been a recognition of the secretarial role.
The virtual assistant services market size is projected to reach $29,000.3 million by 2031, growing at a CAGR of 28.44%.
While there has been $30–40 billion in enterprise investment into GenAI, around 95% of organizations are getting zero returns. For long-term business relationships, it seems that AI cannot replace the human touch of VAs.
Assistants are an important part of any office. Every business needs reliable administrative support to run smoothly. Without dedicated assistants to take care of your day-to-day tasks, you can easily fall into the trap of overworking your employees.
Strong support means you can rely on the assistant’s capabilities to perform repetitive and tedious tasks with care so you can focus on core business processes.
But for businesses that are looking to hire virtual assistants for the first time, it can be hard to understand the scope of this field. What is a virtual assistant? What is the virtual assistant industry? What businesses is it relevant for?
This article will answer all these questions and give you an overview of the virtual assistant industry, its origins and what it means for your business.
What Are Virtual Assistants?
Virtual assistants (VAs) are remote workers who are hired to perform various administrative, creative or technical tasks for a business.
VAs handle non-core business tasks like attending phone calls, managing emails, scheduling appointments, organizing documents and more.
But their scope is not limited to general tasks.
They can also be hired for specialized tasks such as marketing, content creation, bookkeeping, graphic design and more.
Timeline of the Virtual Assistant Industry
For as long as there has been any business activity, there has been a need for someone to take notes and track documents. Whether it is in the form of a scribe or an office secretary, assistants have always been around to perform tedious day-to-day tasks.
Initially, this role was centered around transcribing and typing business documents and noting down details of business activities. But what is often forgotten is that assistants have always performed a wide range of tasks.
Going as far as the 1800s and the shifting economic landscape around the world, there has been a recognition of the secretarial role. Back then, it was a single role without a defined job description.
It wasn’t until the 1930s that this sector recognized a need for creating a hierarchy.
This led to the distinction between personal assistants, typists and receptionists, which was later further divided into roles that we now know as executive assistants, administrative assistants and so on.
The first big change came in the late 1980s. With the rise of the internet and the integration of computers in the workplace, the duties of assistants shifted completely.
Assistants were now required to bridge the gap between technology and the companies. They were responsible for ensuring that the latest technologies were adopted smoothly without interfering with the day-to-day operations. This meant they provided administrative and technical support.
Assistants have always adapted to the changes in business and it is no surprise that they easily adapted to the virtual landscape.
Current and Future State of the Virtual Assistant Industry
COVID-19 significantly changed how businesses around the world worked. With the growing wave of work-from-home jobs, the role of assistants has once again transformed.
Assistants around the world went virtual!
This is not to say that assistants weren’t working from remote locations before. Outsourcing has been a major contributor to the popularity of remote workers.
But the VA market increased exponentially post-COVID-19 and it has not stopped expanding since. In fact, the virtual assistant services market size is projected to reach $29,000.3 million by 2031, growing at a CAGR of 28.44%.
What Virtual Assistants Can Do for You
Virtual assistants are a versatile force. From administrative tasks to data entry, there’s a VA for every task.
Virtual assistants can be hired for things like:
- Administrative tasks: You can hire VAs to manage your emails, organize your meetings, take meeting notes and arrange travel plans.
- Recordkeeping tasks: VAs can keep digital records of invoices, financial statements and order histories to make sure the documents are easily accessible.
- Data entry: VAs can also perform data entry-related tasks like updating new data and clearing data of any duplicates and repetitions.
- E-commerce tasks: VAs can update product listings, manage the online shop, conduct market research and also solve customer queries.
- Social media management: VAs with experience in handling social media accounts and campaigns can optimize your social media to increase its visibility.
If you are unclear about which type of virtual assistant is best for the work you have, you can contact virtual assistant agencies, like Zenius, that are committed to finding the right match for you.
Industries That Can Benefit From Hiring Virtual Assistants
General and administrative tasks like those mentioned above are unavoidable hassles. All business activity generates receipts that need to be organized, data that needs to be collected and updated and emails that need to be managed for quick communication.
This means that virtual assistants are relevant for almost every industry.
Marketing
If you work in the public relations or marketing industry, a virtual assistant can support your daily tasks. Whether it is blog and website support or running email marketing campaigns, your marketing virtual assistant can provide the much-needed support to boost your marketing ROI!
They can help you with:
- Social media marketing: VAs can create social media posts, plan your content calendar, engage with your followers and track metrics to improve your performance.
- Email marketing: From creating customized email campaigns to scheduling bulk emails, your VA can help with email marketing tasks.
- Pay-per-click advertising: Your VA can create ads for different platforms and track the progress of your PPC campaigns.
- Content creation: Marketing VAs can write and design on-brand content for your business to attract more traffic and leads.
- Seo optimization: VAs will optimize your website with relevant keywords, fix broken links and drive organic traffic to your business.
E-Commerce
If you run an e-commerce business, you know how overwhelming it is to manage an online shop. Between managing the platform, receiving and processing orders and meeting delivery requirements, you can easily get overwhelmed.
The stress of retail business owners is high because of growing customer expectations. A whopping 56% of buyers expect online retailers to keep products in stock and ready to ship!
To manage these expectations and stay market-ready, virtual assistants are a must for any e-commerce business!
An e-commerce VA can provide the backend assistance you need to successfully run your online shop. They can:
- Update your website with product prices, stock availability and seasonal deals.
- Track stock levels and follow up with vendors.
- Optimize the website with smart SEO tools for more visibility.
- Offer customer support with a personalized touch.
- Perform general market research and collect data to help you analyze your competitors.
Real Estate
A report shows 89% of all buyers purchased their home through an agent. While this is good news for your business, for you, it’s a heavier workload.
It’s not always easy to schedule meetings, keep track of your leads, answer queries and promote your business at the same time. A detail-oriented virtual assistant will take over such tasks and help you stay organized.
Real estate VAs can create property listings, schedule appointments for property viewing, arrange events and facilitate communication with possible clients. They can also perform data entry tasks and ensure that customer information is up-to-date and accurate.
Finance
If you spend most of your time accounting for your own business, you lose valuable time that could have been invested in high-level financial analysis or business expansion.
Hiring a virtual assistant can solve this problem. VAs can:
- Organize your financial invoices and records.
- Arrange appointments with clients.
- Help you prepare reports.
- Research the market for investments, stocks, trends and competitors.
While the bookkeeping VAs take care of everyday transactions, you and your team can focus on managing your business.
Legal
Lawyers working in small and mid-sized businesses work for 42–54 hours per week and lawyers working in large firms work for around 66 hours per week.
Between serving an extensive list of clients and constantly catching up with tedious tasks, your work-life balance will suffer.
While you deal with your clients, why not delegate other admin tasks to a virtual assistant?
VAs can assist with legal research, format, proofread and prepare paperwork, take down meeting minutes and organize your documents. They can also ensure that your invoices, payments and other financial statements are accurately recorded.
With the right support, you can balance work and rest even during busy seasons.
Healthcare
There has been a shortage of the healthcare workforce and a decline in hospital capacity, leading to longer wait times for patients.
In this case, hiring virtual assistants to handle the back-office tasks is an ideal and cost-effective choice. They can streamline admin tasks, coordinate with your patients and reduce wait times while you focus on patient care.
Your VAs can:
- Keep accurate patient records.
- Schedule patient appointments without overlaps.
- Answer frequent queries.
- Send appointment and medicine reminders to patients.
- Share guidance on disease outbreaks, new vaccinations or general diet information.
What Kind of Businesses Hire Virtual Assistants?
Not every business is the same. But a virtual assistant can fit into almost every business model.
Here is a list of businesses that can benefit from hiring virtual assistants.
Enterprises
Owning a large enterprise means busy schedules and demanding workloads.
Not anymore! You can build virtual teams with custom talents to perform different business functions.
They’ll use cutting-edge tools and their industry-standard skills to streamline your admin, creative or technical tasks, so you can finally focus on growth and not the grind.
Small Businesses
Small businesses need skilled talent that fits their budget.
General admin virtual assistants can support these teams by taking on tedious administrative tasks so that the in-house capacity can focus on their core competencies.
Specialized virtual assistants can also be hired for niche-specific tasks without breaking the bank.
Start-Ups
Starting a new business can be expensive and overwhelming. Since virtual assistants can help start-ups reduce expenses without sacrificing productivity, they are a popular option among new businesses.
Online Business
Online businesses often hire VAs to take care of background tasks like managing invoices and providing order processing support. Virtual assistants with specialized knowledge can manage online shops, update product listings and ensure that the site is SEO optimized and easily visible to the target audience.
Benefits of Hiring a Virtual Assistant
By now, you can already tell how virtual assistants are advantageous for businesses in many industries.
Here is a summary of all the benefits you can enjoy by hiring a virtual assistant.
Save Time
Time is the most valuable resource that any business has.
Unfortunately, so much of it is often spent doing tedious and monotonous tasks around the office.
To save time, consider delegating these tasks to virtual assistants.
Virtual assistants can perform all office support tasks. This means you do not need to worry about managing your inbox, scheduling meetings, following up with clients for payments, booking conference rooms, etc.
VAs can do these tasks for you so that you can focus on expanding your business.
Reduce Costs
Whether you are a small business or a large company, you need employees who can take care of the regular administrative tasks.
The median annual wage for admin support workers is $46,320. Hiring permanent in-house teams can cost a lot of money.
You can reduce your expenses by hiring virtual assistants instead.
Unlike regular in-house employees, hiring VAs allows you to save money on overhead costs like rent, equipment and maintenance. And when you hire from an agency like Zenius, you do not need to worry about payroll, insurance or employee benefits.
Add a Human Touch
AI tools, such as content-creating software and chatbots, have become increasingly common. But the lack of human connection that comes with such technology is felt by consumers and companies alike.
Chatbots can converse with your customers, but they cannot provide an in-depth, personalized experience.
Empathy in customer service should not be underestimated. This is especially true for industries such as healthcare, legal and marketing, where customers rely heavily on personal connections.
A personal touch in business also makes it more authentic and credible in the eyes of the customers. By hiring a virtual assistant, you can retain this personal touch and show your customers that you care.
Reclaim Work-Life Balance
Maria Bamford, an actress and comedian, says,
I think taking vacations and turning off the phone and only doing emails or social media for a specific short amount of time helps with work/life balance.
Between keeping your core business processes running and planning for the future of your business, you’ll often sacrifice your personal time.
Taking on additional responsibilities can harm your and your employees’ morale and health.
The effects of burnout and stress on productivity can be severe.
Research shows that a healthy work-life balance can increase productivity. With a balanced lifestyle, you can consistently pursue your long-term goals.
| Life With a Virtual Assistant | Life Without a Virtual Assistant |
|---|---|
| Well-scheduled & productive workday | Late nights spent on tasks |
| More energy and rest time | Fatigue & burnout |
| Worry-free life | Constant overwhelm |
| Higher morale | Low morale |
| Free weekends | Work spillover |
Common Myths About Virtual Assistants
While outsourcing virtual assistants is increasingly gaining popularity, there are some misconceptions surrounding this role and industry.
Let’s understand and bust them.
Unreliable Time Commitments
Due to the remote nature of their job, many businesses think that virtual assistants cannot be trusted to stick to a consistent schedule.
But this is far from true.
Professional VAs work on fixed hours, manage deadlines diligently, provide regular work updates and deliver the same dependability as in-house employees.
To avoid the risk of hiring unreliable VAs, choose a reputable VA company over independent contractors. You’ll get guaranteed time commitments and high-quality work, without compromising on accountability.
Rise of AI
There have been many concerns regarding the development of artificial intelligence in the virtual assistant industry.
Is AI better than humans in performing routine tasks? Can AI completely replace humans? Does this mean human assistants are becoming obsolete? The answer is a resounding no!
In a world transforming with AI, there is a large quality gap. While AI can perform repetitive tasks to some extent, the technology lacks the finesse to handle customized tasks that require a human touch.
For example, an AI chatbot can answer queries using pre-programmed responses and natural conversations to some extent. But a human assistant can add empathy, communicate patiently and handle tricky conversations sensitively.
Reports show that while there has been a $30–$40 billion in enterprise investment into GenAI, around 95% of organizations are getting zero returns.
For long-term business relationships, it seems that AI cannot replace the human touch.
Quality of Work
Another concern among companies that are looking to hire virtual assistants is the quality of work VAs provide. It is a common misconception that remote workers, especially those who are not regular employees of the company, cannot provide the same quality of work.
But that is not the case at all!
Qualified virtual assistants add value to your business. Experienced VAs can often perform complex tasks like those of an in-house executive assistant. It all comes down to carefully vetting the right candidate.
VA agencies select top candidates with the right hard skills, soft skills and industry experience and match you with a VA who best suits your needs.
By hiring a good virtual assistant, you can rest assured that they will only add productivity and quality to your tasks.
Final Thoughts
The virtual assistant industry is hard to define. Since virtual assistants are versatile and can provide a wide range of services, their services are not limited to one industry. This means that you can find general or specialized virtual assistants for whichever industry you operate in.
While the assistant jobs have been around for a very long time, it was only at the beginning of the 21st century that their importance in the office was realized.
Since then, there has been a significant change in how assistants operate in this role. The emergence of virtual assistants and the development of AI tools have raised many concerns about the value of remote assistants. But the value of virtual assistants has not decreased and it is still a rapidly growing industry.
More and more companies are realizing the strategic advantages of hiring virtual assistants to stay ahead of the competition.