Are You Wasting Internet Leads

Are You Wasting Internet Leads?

According to Forbes magazine, companies that generate leads on the internet are wasting nearly 71% of them. Companies work hard to boost close ratios and to generate fresh leads but they overlook the most important aspect, which is taking advantage of the leads they already have. What is the biggest challenge that today’s companies face? Ironically, it’s possibly the simplest to address, they don’t respond quick enough to leads.

The Big Challenge

On average, sales reps take anywhere from 1 to 46 hours to call and respond to a lead. Moreover, the rep assigned gives up after making just 1 or 2 call attempts. How was this problem identified?

Over the last five years, tests were done in over 10,000 companies. These were “secret shopper” studies where the companies were informed of a potential lead on their website. The lead came with an email address and valid telephone number. From there, the company’s performance was analyzed based on how fast they responded and how many calls they made to the lead.

Research shows that out of all the marketing that companies do only 27% of the leads they generate ever get contacted. What’s worse is that nearly 60% of the time an attempt isn’t even made.

Bad Timing

Another way that leads get wasted is bad timing. According to a study conducted using call center data combined with the results of the calls (customer relationship management), the best days to contact leads was on Wednesday and Thursday. The best time to call them was between 4-6pm while the best time to contact and set up an appointment with a lead was between 8-9 am and 4-5 pm.

These studies demonstrate the effect that response time can have on lead conversion, but why is it so important?

Why Is Response Time So Important?

The first reason is that when you respond to a lead within five minutes, the chances of setting up an appointment with them are increased by up to 21 times. This is because your company is still on the client’s mind.

Second, if you contact them immediately, you know you will have their attention. By responding within five minutes after the initial inquiry your prospect is most likely still at their computer. If they are looking for specific information you will be able to direct them to your website and help to answer any questions they might have. You also lower the chances that they will stumble across a competitor’s website.

Thirdly, when you respond immediately, prospects will be impressed by your rapid response. Consequently, the company is able to build trust with their prospects. The prospect will understand that their business is valued and will be more likely to become a customer.