Why Lead Response Time Is So Important To Your Revenue
Consumers can be impatient creatures, and you should never assume that a seemingly acquired lead is willing to wait around until you and your team are ready to present their next step.
In this article, we’ll look at why lead response time is so important for your revenue, and what you can do to improve it.
What is Lead Response Time?
Simply put, lead response time is the frame in which you follow up with your lead after they’ve been initially contacted.
Say you’re running a campaign to acquire new leads and get more businesses to contract your service. The lead response time, in this case, would be the time it takes you to respond to a lead after they’ve made initial contact in the way in which you set it up, be it by email, or signing up for a free call on your website.
If we look at statistics, the shorter your lead response time is, the better.
Why Is It So Important to Your Business?
Not reaching out to prospective clients after they’ve been acquired through a lead generation campaign essentially increases your chances to miss out on a possible conversion. The more you wait, the more opportunities you offer both clients and your competitors to interact.
Here are some interesting numbers that can help you put lead response time into perspective:
- If you reach out to a lead in the first minute after the acquisition you have a 391% higher chance of closing a sale;
- 78% of customers buy from the company that reaches out to them first;
- The average lead response time is 48 minutes for small companies, 1 hour and 38 minutes for medium companies, and 1 hour and 28 minutes for large companies;
- B2B teams take around 48 hours to respond to a lead, but 38% of these leads never reply;
- If you respond to a lead in the first 5 minutes, you have 100x chances to actually get in touch and are 21x more likely to qualify the lead.
3 Simple Ways You Can Improve Lead Response Time
- Establish and Track a Lead Response Time KPI within your organization
Chatbots provide an instant way to connect with leads, and answer their most common questions. You can program these chatbots to keep consumers engaged until your sales rep can reach out for a call later on.
- Use Real-Time Chat
Chatbots provide an instant way to connect with leads, and answer their most common questions. You can program these chatbots to keep consumers engaged until your sales rep can reach out for a call later on.
- Use a tool like Chilipepper
Reaching out by email is still a powerful way to connect with leads. Prepare a short newsletter funnel that delivers automatically to keep them engaged until your sales rep can intervene.
Final Thoughts
The power of the follow up cannot be understated, and with these simple tips, your business could very well see some great improvements in its revenue.
