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Lead Conversion Rates Better When Response is Timely

By | 11.12.15

Lead Conversion Rates Better When Response is Timely

It appears that timing is everything when it comes to converting leads. A newly released study from the sales software firm Velocify found that sales conversions more than double when calls are made within the first few minutes of receiving a lead. However, while this may seem obvious, the study discovered that only 3 percent of leads are contacted within this window of opportunity, and more than half of the leads received are not contacted until 48 hours later.

The report addresses call frequency and the line between appropriate assertion and being too aggressive. Here it finds almost all leads (95 percent) convert by the sixth call, with 85 percent occurring within the first three. It recommends that voice messages be left when no contact is made but only two, one of which should be on the second call.

Voice messages left on the first and second call converted 21 and 31 percent higher (respectively) than other times, and messages left after the third call rarely, if ever, produced.

With emails, the study finds that the relationship between speed of response and conversion is not as critical, although most businesses respond to emails within an hour, due in part to more efficient automation, and the most effective number of emails is between four and six. However, most leads either received only one to three emails (53 percent), and more than a quarter (28 percent) did not receive any email response.

According to Velocify President and CEO, Nick Hedges, “Responding quickly and with the appropriate level of persistence not only ensures…maximizing revenue, it also establishes the foundation of a good relationship between buyer and seller.”

References:

MarketingCharts. “Speed-to-Call Important in Converting New Leads,” November 9, 2015

Velocify. “The Ultimate Guide to Inquiry Response,” November, 2015.

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