Table of Contents:
1. Why does it matter?
Lead response time is a metric that determines the conversion ratio and the financial performance of a company. It is a metric that determines successful closes and bookings for many businesses operating in the B2B world.
The longer you take to contact a lead after the request for information, the less likely you are about to close the deal.
Every minute that passes has a dramatic effect on the convertibility of that lead into a customer. Remember that if you don’t contact your leads as soon as possible, someone else will.
2. Interesting statistics and facts
A Lead Must Be Contacted in 5 Minutes or Less
According to Harvard Business Review’s Lead Response Management Study, taking longer than 5 minutes to respond to a new lead, results in an 80% decrease in lead qualification, and worse yet, sales conversions decrease by a whopping 391% after the first minute!
In today’s digital world, every minute that passes - in fact, seconds - matters.
Also, Harvard Business Review’s The Short Life of Online Sales Leads Study found that 71% of internet leads are wasted. All the time, hard work, and money spent are wasted...
3. How to decrease lead response time
So, how can you decrease the lead response time and increase your conversion rates? Moving from theory to practice, here are a few tips to help you improve your sales efficiency.
Technology has provided us with amazing online tools to attract new customers. A live chat tool is a great way to begin the lead qualification process and start the first point of contact. While they’re still on the page they’re interested in, this is the best time to have a conversation. This is when customers are most interested in.
Every business that operates in the B2B space needs to have e-mail automation. After your potential customers have done some research on your website, maybe they requested for a free PDF, or they used the live chat tool), in any case, they should always receive an e-mail response.
Monitor Lead Sources
Make sure to monitor all possible lead sources. Incoming inquiries may come from many sources, not only to e-mails sent. Here are a few channels to keep in mind:
- social media channels (messages and comments to posts)
- Review sites
- E-mails or phone calls of employees
- Live chat on the website
- General e-mail
Therefore, it is essential to ensure that all possible lead sources are being monitored.
Lead Qualification Process
It is important that leads pass through a qualification process before they pass along to a sales representative. This is going to prevent both marketers and sales reps from wasting time on dead-end calls.
The more efficiently your sales and marketing teams can qualify leads, the less time is wasted on calling leads that aren’t a fit.
Align Sales and Marketing Teams
One thing we know for sure.
Marketing and sales teams are doing the same thing: trying to get someone to purchase from their business.
Aligning both departments around a shared goal — revenue — will increase the responsibility for marketing and sales teams.
Also, when marketing and sales are collaborating together, your business will benefit from these:
- Increased close rates
- Optimized sales cycle
- More leads
- Higher conversion rates
4. What’s next?
Here at FinanceVine, we are experts in generating ROI-positive results in the financial services space through online lead generation.
Schedule a call with us and discover how we can help your business.