When it comes to sales, your lead response is crucial. Among so many options, it’s easy for people to switch from one brand to another. And that is the last thing you want your leads to do. On the contrary, once a lead shows interest in your product, you want them to retain it and proceed to purchase. However, if your response is slow, a lead may lose interest. Their attentiveness and excitement will quickly fade. As a result, they are more likely to choose another brand or completely change their mind about the purchase. Either way, you lose not only a sale but also a potential returning customer. On the other hand, a quick response will pique your leads’ interest and is more likely to boost web lead conversions. That’s why it’s important to know how lead response impacts sales and how to use it to increase your profits!
What is the lead response?
The lead response time is the average time it takes a sales rep to respond to a new lead. This response can take different forms and can happen over different channels. For example, after creating an account, your lead is likely to expect a welcome email. On your website, the ConvertMore callback widget may make a difference between a new customer and a lost opportunity.
While ideal timeframes will be different for the phone, website, or email, your leads expect a prompt response on every channel. A quick follow-up is important because it shows your lead that you value and appreciate their time and interest.
Some important lead response statistics
Now, let’s see what numbers have to say on how lead response impacts sales. If we haven’t convinced you yet, these statistics surely will.
- the ideal time for following up on phone calls is 5 minutes or even less
- calling within 5 minutes is 21% more effective than calling within half an hour
- if you follow up within an hour, you have 7 times higher chances to qualify the lead
- if you respond within a 1-minute timeframe you have a stunning 391% higher chance to convert the lead
- first businesses to respond increase their sales by 35%-50%
- over 80% of customers expect you to respond within 10 minutes
- over 70% of people make their purchasing choices based on CX (customer experience)
- only 37% of businesses respond within an hour
- with a low lead response time, you can expect a 15% increase in your churn rate.
Ways to improve your lead response
So, what are all of these statistics trying (not so subtly) to tell you? The lead response time (the speed to lead) matters! If your goal is to increase conversions, you must prioritize the speed. Every minute counts and makes a difference between a missed opportunity and a closed deal. Fortunately, the low response time is a problem you can easily avoid. Here are some excellent tips on how to improve your lead response time!
Sales CRM will help you to manage inbound leads
CRM or customer relationship management sales systems are sales tools that keep a record of your interaction with leads. As such, it has numerous benefits when it comes to the impact of lead response speed on the number of conversions. So what does it do, exactly?
Firstly, it notifies you when a new contact is created. Then it scores the leads and shows you which ones you should make your priority. That way, even if the number of new leads is overwhelming, you’ll be able to distinguish the ones most likely to make a purchase and respond to them first.
Automation tools have many benefits
Automated tools are not ideal for every type of situation. For example, they can’t answer or make a phone call for you. However, they are very valuable in a number of other situations. By sending an automated email or a text, you’ll show the lead that you’ve received their communication. Additionally, you can inform them about the next step – the timeframe within which they can expect your call or get further information.
The lack of this follow-up to the lead’s action may motivate the lead to look for what they want elsewhere and opt for your competitor instead of you. And here is where automation can help you. Automation tools, especially in combination with lead engagement software, will prevent this from happening and retain your leads’ interest and attention.
Live sales support adds a personal touch
It goes without saying that for phone calls, a quick response is essential. However, the same can be said for the interaction with leads on your website. Some prospects will be happy to schedule an appointment for a later time or even another day, but most of them want you to answer right back. This is where live support comes in.
There are several things you can do. For example, make your phone number visible and accessible on your site and set up a standard live chat pop-up. Additionally, you may offer video chat on demand. Your leads will appreciate all of these opportunities to get in touch with a real person and get help right when they need it.
Analytics will show you how lead response impacts sales at your company
Of course, it would be very helpful to analyze your sales process and response speed before you start making strategies to improve them. For starters, calculate your speed to lead. Once you know this, set a realistic goal and consider ways to improve it.
Additionally, analyze your leads and sales patterns. Which days are the busiest? At what time of the day do you get the most leads? Using this data, you can utilize your resources in the most effective ways possible. For example, increase your sales support at those times and ensure your top sales reps take care of the most important responses.
Track your speed regularly
Last but not least, check how your lead response changes over time. The demand for fast response is getting stronger and stronger, and it’s a constant battle to keep your business competitive. However, if you track both each of your sales reps’ performance and your weekly (or at least monthly) stats, you will be better equipped to decrease response time.
The bottom line
Instant gratification is becoming a norm, especially online, so knowing how lead response impacts sales is essential. By knowing where you’re at exactly, you can make plans and use different strategies to improve your response speed. As a result, you’ll be able to better score, qualify, and nurture your leads. Ultimately, this effort will pay off and ensure higher conversion and sales rates.
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