How To Improve Your Lead Response Time
Lead response time can make or break your sales cycle.
Want to give your leads one good reason why they should go with the competition?
Start by putting them on hold.
The customer experience is increasingly a determining factor in buying decisions, for customers AND businesses.
When a lead books a demo on your site, they’re ready to start their buying process immediately.
So, why are you starting their experience by keeping them waiting?
What is lead response time and how to calculate it ?
Lead response time, also called speed to lead, refers to the amount of time that separates lead generation from the first touch point with a sales rep.
The shorter it takes to get in touch with a lead after an interest was expressed, the higher the conversion rate.
What are lead response time statistics ?
You can easily be drowned in useless figures and vanity metrics.
Which is why we inspected the best resources about speed to lead to give you the 3 most important lead response time statistics :
- Calling a lead within the first 5 minutes has a 21 times higher conversion rate than calling after 30 minutes
(Source : leadsimple)
- 64% of buyers end up picking the sales that call them back first
(Source : leadsimple)
- The average speed to lead for a B2B business is 42 hours
(Source : hubspot)
Why you can win big by improving lead response time
Almost every sales organization out there – including your competitors – omit one important factor when they handle their leads.
Beyond company size, industry, job title, lead response time is the one criteria you don’t want to overlook.
Whether leads are clicking a “Request a Demo” button, reaching out via your website chat, or sending an email to firstname.lastname@example.org, they can be left unattended for hours – sometimes even days.
And while you are waiting for hot leads to make their way to a sales rep, those leads are already hard at work looking for other solutions.
If you want to stay ahead, acting fast is key.
Sales organizations actively tracking and improving speed to lead stand to gain a lot from their efforts.
Not only do leads close better when they receive a quicker response, decreasing your lead response time can start the buying experience with an easy “wow” moment that your sales rep can build on to create trust.
And capitalize on buyer intent.Not convinced?
Try tracking your lead response time and measuring your close rate on a sample of customers given a quicker response.
How to improve lead response time ?
There are a million ways to shorten lead response time, here are a few tactics used by some of the best sales teams in the business to get you started :
#1 Perform live demos
Sales organizations stand to gain a lot from offering customers a direct line with their reps.
Placing a phone number on your site is a first step towards achieving this.
An invitation to engage with a sales person via a chatbot can also help.
But these measures don’t leverage the full potential of live sales.
“In an ideal world, a website lead could initiate a demo call live during his visit.”
For Vincent Thuillier, VP of Sales at Lunch, the future is live demos, requested on the site and answered in real time.
Ultimately, we expect to see more sales teams turn to performing live demos to prospects via the “Request a demo” button.
It’s a bold but logical step towards a more immediate and fast-paced sales experience that customers have come to expect.
#2 Book demo meetings instantly
An all-too-familiar situation when sales reach out to prospects is the never-ending email back and forths to find a good time to schedule a call or a demo.
A simple way to reduce lead response time is to cut out the need for this exchange entirely by sharing your reps availability and allowing leads to find a slot that works for them.
You can do so by email by sharing a link to a given reps’ calendar with Bonjour.
You can also go one step further and allow leads to pick a time to chat while they’re signing up on your website.
Doing so reduces the leakage on leads that signed up and never answered, as well as drastically increases speed to lead by allowing leads to book a meeting without a follow up email.
Related topics : 3 frameworks for custom built product demos
#3 Score (and prioritize) leads
Lead scoring is a methodology that aims at scoring to score leads against their perceived value to your company.
Data points like job title, company size, industry, as well as previous interactions with a lead (e-book download, webinar attendance, event participation) can all factor in to predict a) probability of closing and b) value of the account.
By running a quick search on your inbound leads, you should be able to surface some of the hottest prospects.
Once you have that list, move them to the top of the pile so your sales team can start selling asap.
Some solutions (such as Madkudu) can also help you score leads in real-time against your current customer base, allowing you to reduce your lead response time on your most highly qualified leads – AKA the people who want to buy from you now.