Is A Slow Response Time The Only Thing Keeping You From Turning Leads Into Sales?
According to research by InsideSales.com and the MIT Sloan School of Management, the single most important aspect of lead generation is having prompt replies to inquiries.
Based on the results of the study, in order to have the best chance of turning a lead into a sale, you need to reach out within the first five minutes after a form has been submitted.
The odds of contacting a lead if called in 5 minutes versus 30 minutes drop 100 times. The odds of qualifying a lead if called in 5 minutes versus 30 minutes drop 21 times.
Of course, statistics like these should be taken with a grain of salt. It’s not going to apply to every situation. While all leads should be reached out to in a timely manner, I would argue that for B2B it also depends on how the inquiry was generated. A Request for Quote inquiry is looking for immediate feedback, but someone downloading a whitepaper is probably not looking for a call-back, let alone within five minutes.
So if it is a form that warrants a quick response, why is the five-minute window so important?
You Know Where They Are:
If someone is researching a company online during business hours chance are that they’re at their desk, probably right next to their phone, meaning they’re far more likely to actually answer. That five minutes after the form was submitted will be one of the only times you can actually be relatively certain they’ll be at their desk.
Highest Interest or Need:
B2B buyers search the internet because they need something now – be that a need for the actual product or service or simply a need for information. Interest and need wane quickly. A few days later they often don’t even remember they submitted a form. The immediacy of response hits the respondent at their highest point of interest or need.
The “Wow” Effect:
Fast response times impress people. Leads feel that the sales representative must be really on top of things, and that is the kind of person and company they want to work with. First impressions matter and fast response time is an easy way to start out on the right foot.
Clearly, there is value in having a fast response time, but the sad truth is that 95% of the leads filling out your forms are not ready to make an immediate purchase.
They aren’t dead leads, they just need a little more time to travel down the sales pipeline. This means that you need to nurture the lead after you’ve made that initial reach out so when they are ready to buy, you’re the first company they think of.
When they are ready to move forward, many will return to your website -sometimes months later. If you’re able to see when they return, this can give you a serious edge against your competitors because you can reach out to them as soon as they demonstrate intent.
With marketing conversion software, you’ll be able to follow your lead’s activity and receive a notification when they come back to explore your website. Remember, no one is visiting a B2B website multiple times for fun. If they’re coming back, there’s intent behind it.
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About Gail Moch
Gail has a background in marketing and technology that she puts to use as ActiveConversion's marketing manager. She has a passion for innovation and creativity that she applies to all aspects of her life. When she isn't at the office, Gail can be found relaxing with her husband and two dogs.