The Importance of Lead Response Time
Every Minute Counts. The Importance of Lead Response Time
What is Lead Response Time? Imagine you’re looking for someone to build a pergola in your backyard. You do some Googling. Find a couple of businesses. Fill out their contact forms. You wait. The time it takes for a business to respond to you after you’ve contacted them is called Lead Response Time (LRT). Let’s say one business gives you a call within 5 minutes of you filling out the form. The other takes 42 hours to get back to you. How would the LRT of each business affect your decision to choose them to build your pergola? For the majority of customers, a shorter LRT is more effective. If you invest time and money into lead generation in Perth, it makes sense to do everything you can to convert those leads. LRT is a key part of that conversion.
Does lead response time really affect the rate of conversion?
The data says it does. The quality of a lead degrades over time. That means the longer you take to respond to a lead, the less likely they are to buy your product or engage your services. According to research by InsideSales.com, 35-50% of buyers choose the vendor that responds first. Another lead response stats, found that you have 21 times greater odds when you respond to a lead in 5 minutes rather than 30 minutes. This is pretty powerful knowledge. Unfortunately a lot of businesses don’t make the most of it.
Why lead response time matters for your business
Think about it from the lead’s perspective. Before they reach out to you and your competitors, they’ve probably done a bit of research first. They might even be halfway through the sales process before contacting you. If they’re not ready to buy, they’re at least ready to talk. Now. The longer you leave it, the less it’s on their mind and the less likely they are to even pick up your call. Responding sooner gives them the impression that their enquiry is important. They’re a priority to you. When you’re competing with other businesses, that’s a great way to stand out. Make your lead feel like they’re valued, that you’re never too busy to chat with them.
How to improve conversion success rates
We know that internet lead response time is crucial. But how do we actually put that knowledge into practice?
1. Measure and monitor your lead response time
If you don’t monitor your LRT, how can you improve it? When you’ve got baseline data, you can set goals to get better. Take note of:
- How long it takes your sales team to respond to leads
- How many times they try to follow up leads
- How they contact leads (i.e. whether they call, email or both)
2.Assign lead scores
Not all leads are equal. Some require urgency, while others don’t necessarily need a quick response. For example, someone who downloads a brochure probably isn’t looking for an immediate response. But someone who fills out a contact form is. Your sales team should be working on those hot and spicy leads first. Assign a score to each type of lead to help your sales team manage which leads should take priority Brochure downloads might be a 3, email opt ins a 2 and contact forms a 1.
3. Find the best contact method
Leads will have their preferred way of being contacted. That could be phone calling, emailing, social media, instant messaging etc. It can take a little bit of trial and error to figure out the best communication channels for your business and its leads. Phone calling is usually more effective than email, but of course this may depend on your industry. The most important thing is to be available and ready to respond, no matter how a lead contacts you.
4. Have a follow up strategy
If at first you don’t succeed, try, try again. Follow ups are really important for converting clients. According to The Marketing Donut, 98% of people will only spend money on your products or services once a level of trust has been built up. People have a lot vying for their attention. Follow ups help you stand out and remind a lead that you’re here and that you care. Figure out an effective follow up strategy for your sales team and make use of tools such as automated emails to make the process smoother.
5. Focus on the quality of the conversation
We’ve been banging on about how important the speed of your contact with a lead is, but you won’t get anywhere if you don’t focus on having quality conversations. When you focus on the quality of a lead, you’re more likely to convert. Quality conversations are personal, understanding and sensitive. They help you build and nurture the relationship you have with the lead. It’s a great way to develop loyalty.
Not getting enough leads in the first place? Chat with the lead generation Perth specialists. We’ve got your back.
All this chat about converting leads doesn’t make sense if you’re not getting enough leads in the first place. At Dilate, we help achieve impressive lead generation for Perth businesses. How?
- We get to know you and how your business rolls. That way, we can come up with a lead generation plan that works for you.
- We create a comprehensive strategy to bring the leads in from many different avenues. This could include methods such as social media ads, Google Adwords Perth, SEO and email marketing.
- We track progress and conversions using all data points. When we know what’s working we double down on that.