How Your Lead Response Time Killing Your Sales?

Improving your lead response time efficiently and responsibly will help you save costs and reduce customer frustration.

In terms of how fast we expect our clients to respond – that’s pretty simple. You should be responding at the speed of thought! There’s no time to waste so jump on it and go!

The speed with which you respond to leads makes or breaks how quickly you succeed. Make sure that you respond as fast as possible. There is no such thing as putting it off until later – get started on this important endeavor now!

Read the blog below to learn how you can use lead response time to your advantage.

Stats by Harvard Business Review

According to a study published by the Harvard Business Review, “5 Minutes after their inquiry, you are 100X more likely to get in touch with a lead than 30 minutes later. The chances just keep dropping with time.”

• Facts also reveal that 78% of customers buy from companies that respond to their inquiries promptly.
• B2B sales teams take 42 hours on average to respond to a new lead, and 38% never do!

Let’s look at what we could do to respond more efficiently to the leads if this is indeed the case and if so, what can we do!

Rule of thumb: A strategic approach to responding to leads

If your clients are cold contacting you, there may still be a way for this to work out for the better. If you can respond in a way that helps them gain interest in your company’s products or services, it can be beneficial in the long run.

According to James B. Oldroyd, in The Short Life of Online Sales Lead, “The average first response time of companies that responded within a month, is 42 hours.”

How to use lead response time to your advantage?

Lead response time, the time between when a customer sends off an email and when a business responds, may not seem like the most important metric in customer service. But, it’s one of the most important. Your customer’s lead response time can be a significant predictor of your customer’s ability to convert.

When you get a lead, respond as promptly and clearly as possible.

When a lead response time is good enough:

Not all leads are equal — some require a lot of attention and others not so much. It is important to know the difference between both. Lead response time is the time between a lead being sent to a business, and the time the business responds to the lead. Lead response time can be a very important factor in a lead’s decision-making process. If a lead waits a long time for a response, they may feel like the business does not care about them and go somewhere else. So, how long is too long to wait for a response from a lead? A general rule of thumb is a maximum of 24 hours for a response to a lead, but this of course depends on how critical the lead is. An average response time of two days is usually enough to keep leads interested, but anything over a week may cause leads to drop off.

How quickly should your business respond?

There are many ways to approach the lead response time, but how do you know what the right response time is for your business? Let’s look at a few factors that determine how quickly leads should be responded to, as well as DialDesk’s recommendations for how you might want to respond to new leads, depending on their source.

It’s no secret that sales can be a tricky thing to manage. But if you’re struggling to manage your sales, there’s a good chance that you’re not using the best tools available to help make the process easier. So, if you’re looking for a way to improve your sales, then you may want to consider switching to a better CRM. But how do you know if your current CRM is making your sales team’s life harder? Well, for starters, you can look at your lead response time. If your lead response time is too high, then that might be a sign that you’re not using the best CRM for your business.

Inbound Leads

An inbound lead is essentially someone who contacted them directly. Many larger organizations will use sales functions to help collect inbound leads specifically.

The role of these lead management coordinators is as interesting as it sounds – ensuring that leads are met with as soon as possible and turning first contacts into real opportunities for more qualified people within the team. As satisfying (and lucrative) as the job is, it can be stressful because the demand for leads can be overwhelming at times. So, coordinating efforts across a matrixed organization, transcending departments and levels of experience, is also an important aspect of this role to pay close attention to – how quickly are findings reported back? What does quality assurance entail?

A strategy for prioritizing leads and responding to inbound requests is critical as well as having technology in place to help you filter out unnecessary leads. Not every lead or request for your services will be a convert and that’s why it’s important to know where to focus your resources and efforts by staying on top of your leads with lead management software.

The main goal here is to automate the path to a response (or segment and funnel lead accordingly before directing them to a team member as needed… etc.)

DialDesk Lead Filtration Management makes your sales team more effective by filtering out the unqualified leads and thus creating a pool of interested customers. The team captures, distributes, and filters your leads with smart technological support to boost your business. Lead filtration management helps businesses analyze which strategies generate the most leads, so they can refine their sales approach so that it is both profitable and reliable.

Let’s learn more about these solutions

Instant Inbound

A comprehensive inbound query management solution that is backed by 24/7 support is offered by DialDesk.

Here is how the process works:

• Leads coming from different sources
• Assisted by 24X7 Human Support – Leads called in 5 minutes via automation
• The customer is provided with first-level information and guided through the conversion process
• Leads are filtered and passed to sales for a targeted approach.

Impact:

• A greater percentage of conversions
• Enhanced Customer Satisfaction
• Winning the trust of customers
• Comparative advantage over competitors
• Brand Promotion
• High profit margins
• Increased efficiency of the sales team
• Highly motivated employees

Sales Automation CRM:

• DialDesk Sales Automation CRM will help you to make better decisions, act faster, and get more sales.
• Within 5 minutes, Sales Automation CRM can provide the information to your prospects who opt-in to receive more information.
• Tracks every prospect who calls to get more information on your products and services.
• We offer a 360-degree approach, including lead generation, lead tracking, lead segmentation, and automated communications.

Conclusion:

In a summary, to solve your lead response time problem, you need to step back and look at the big picture. It’s more than just getting more leads. It’s about making sure that every lead that reaches your organization is handled in the best way possible. Lead response time is a problem in many organizations. As a business owner, you might feel like you’re doing everything you can to keep your customers happy and growing, but your company’s lead response time could be hurting your business. Lead response time can be hard to define and even harder to determine. Some businesses might report that they are addressing their lead response time issues, but the truth is that they may be addressing the wrong problems. Defining your lead response time problem first is the first step to solving it.

Count on DialDesk to help you succeed. Reach out to experts by mailing us or contacting us. We also provide 24/7 support to our clients.

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2 responses to “How Your Lead Response Time Killing Your Sales?”

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