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What Not To Do With New Leads
In alot of companies sales and marketing efforts don’t align. You ask the marketing team, yes we are getting tons of leads and traffic. You ask the sales team, they have a very different picture of this whole situation. Harvard Business Review, 71% of qualified leads are never followed up with. What’s more is, of the leads that are followed up on, they’re only touched an average of 1.3 times. What is the biggest problem you might be asking?
Companies don’t respond fast enough to leads. In fact, they take 46 hours and 53 minutes to pick up the phone and respond to a lead.
This can be changed!! Increase from 27% to 92% is an increase of 341% lift in results just by responding immediately and persistently to online leads. We worked with one of our clients and here are the results they got…By moving their average response time from 6 days to 1 day, their close rates went from 3.2% to 7.5%.
Here is another interesting data which will surprise you. It’s like every additional minute is costing you money….
After 20 hours every additional dial you or your salespeople make actually hurts your ability to make contact to qualify a lead.”
“The odds of contacting a lead if called in 5 minutes are 100 times higher versus 30 minutes.
The odds of qualifying a lead if called in 5 minutes are 21 times higher versus 30 minutes.”
Why response time matters?
We know where they are. We called it “presence detection.”
We are still on their minds. This is “top-of-mind-awareness.”
The “Wow Effect. Immediately surprising them
It’s like you are heading to Florida for a drive without GPS. Make sure to start using a free CRM solution to start with
Timing of Response
For a lead generated online, waiting just five minutes will reduce the likelihood of contact by 10x factor. Responding to Leads Within an Hour Generates 7x the Conversations Hubspot
Frequency of Response
When developing your lead response process, you want to address not only the time that a qualified lead should be responded to, but the frequency as well.
As I shared above, the typical lead is touched by a salesperson on average only 1.3 times. Increasing the number of touches to six increases the likelihood of making a contact by 70%. A study by Tenfold found that many mortgage lenders follow-up with their leads more than 15 times. The key takeaway–be persistent. Persistence doesn’t mean “be annoying” but it does mean don’t give up after the first, second, or third try.
The Importance of Nurturing
As a part of your lead management process, you’re going to want to designate whether a lead is being actively or passively managed. Lead should get retargeting ads or emails from you to help you stay on top of their mind.
Automate Tailored Responses
An auto-responder can be a good back-up when an immediate personal response isn’t possible, but only if it’s not a canned response. Make sure your auto-responders are personalized and reflective of the experience your customer has had up to this point.
Have a plan before you go ahead and make contact with a lead. Do your research. Plan what the next steps will be that you push for, as you always need to be aiming to move things on in some way. Also, make sure teams have access to marketing materials, such as case studies, fact sheets and specification packs – whatever may be helpful for them
Apply This 10 Step Lead Conversion & Management Process For Service Providers:
- Understanding the Mindset of Your Sales Team
- Mapping the Sales Cycle of Your Best Customers
- Capturing Lead Data Consistently and Promptly
- Fulfilling Leads Appropriately
- Identifying Marketing-Qualified Leads
- Distributing Marketing-Qualified Leads to Your Sales Force
- Managing the Sales Pipeline Through Reports and Metrics
- Getting Your Sales Force to Update the Status of Leads
- Nurturing Non-Marketing-Qualified Leads for Future Benefit
- Preventing the Process from Rotting Over Time (Constant improvement)
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