Imagine you have walked into a shoe store to buy a brand-new pair of Nikes. Your eyes catch one snazzy pair that looked like a gift from the heavens.
But lo! There is not a single staff in sight to fetch you the right size. You wait for some minutes admiring the pair and then leave. And then pop into another shoe store and buy the same pair from that store.
Got the message, folks?
Your customers won’t wait if you don’t value them and attend to their needs at the right time.
This story bears an uncanny resemblance to the lead response time of most B2B and direct sales organizations.
Leads are the fuel of your sales strategies. And the most valuable thing you can give your leads is your time. Studies have shown that if you don’t attend to your leads within 5 minutes of first contact, you risk losing the prospect.
Leads response time has become a common determinator of successful sales conversions. No matter how popular your brand is, your competitors are always gnawing to take a chunk of your success pie. And if you sit with this thought that your customers will never betray you, you are living in a fools’ paradise.
Let’s look at why leads response time is a critical component of your sales strategies.
- 5 minutes deadline: Tick Tock! Tick Tock! This time limit is your only shot to glory. You respond to your leads within 5 mins and the chances of converting will be 21 times higher. It will show your leads that you value their time and needs. On the other hand, if you allow the response time to drift beyond the prescribed limit, your chances will decrease by 80%. That is an exponential decline.
- First response= 78% more sales: Customers become loyal fans when their queries are attended to immediately. That is how severe the competition is. You may provide the highest quality service and the best prices, but the lead has been swallowed by your nearest competitor because they responded to that query first. So, attend to your leads right after you make your first demo and enjoy steady conversion.
- Faster conversion= more revenue: The quicker your lead-to-customer conversion rate, the double will be your revenue earned. You don’t have to splurge on marketing to attract leads and earn revenue. Just attend to your leads at the right time and you will efficiently turn them into sales.
Let’s be honest, if you are not attending to your leads within 5 minutes, you are heading for disaster (if you are, thumbs up!).
Most businesses fail to achieve the mandatory lead response time owing to a lacuna of resources including time, bandwidth and budget.
The truth is you have to carve out a way to get close to the response time limit. Studies say that 55% of the companies take more than a day in contacting leads. To take you out of this hitch, we have curated four strategies that we believe will ease your response-time worries.
- Prioritize response time: This should play on the mind of every sales employee. Set a lead response time and make it clear to everyone that it is on a high-priority list and one should strictly adhere to that. If your team needs convincing, show them the figures that link revenue with time.
- Assign lead duties properly: Having a pipeline full of leads is a great thing. But those leads will fall through the cracks in your sales funnel if the leads are not properly assigned to the right person. There should be a primary responder and a secondary responder. If the primary one is unable to respond to the lead at the correct time, then the secondary responder will follow.
- Notification alerts: Leads get buried/lost easily when you miss them. To arrest this problem, set up notification alerts on your message and email system. Alerts will instantly jerk you off your daydream so that you can attend to the hot lead instantly.
- Review and improve: Get back to square one at the end of each month and review your lead-response-time performance. Check the weaklings in your strategy and take on the fresh batch of leads with a full-proof plan. This will help you to reduce the lead response time slowly and earn more conversions.
Lesser lead response time is the elixir to a successful sales strategy. Besides steady conversions, a healthy lead response time will fetch handsome revenues for your business. Remember the old adage, “ Time is money” when you brew your sales plans next time.