Are you responding to leads as quickly as you can? It would be foolish not to, according the the research. Responding quickly to leads is the largest driver of lead conversion, according to a Leads360, November 2012 report. Data was analyzed from more than 400 companies where 3.5 million leads were generated in the first half of 2012. The study concluded that calling a new potential customer within a minute of lead generation increases conversion rates by 391% compared to making the first call at a later time. The conversion rate halves in the second minute to 160%, and drops to 98% in the third minute. In 24 hours, only a 17% improvement.
Contacting a lead usually requires multiple calls; however, only 50% of leads are called twice, regardless of the data that shows 93% of all leads that convert are reached by the sixth call attempt. Only 7% of leads are converted after a 7th call attempt, suggesting that 7 or more calls are likely not worth it and are 45% less likely to convert than those reached in less than 6 calls.
Leads360 suggests making the first 3 of 6 calls within 2 hours of lead generation, with the first call placed under a minute; the second between 30 minutes and an hour; and the third between 1 and 2 hours, the 4th on Day 5, the 5th on Day 14, and the 6th call on Day 15.
According to Leads360′s “Ultimate Contact Strategy,” email included with a telephone call has a positive effect upon contact and conversion, and, emails sent in between calls increase contact by 16%. However, 59% of potential customers did not receive any email. Data reveals that the most favorable amount of emails to increase conversion during the first month of a lead is 5.
Researchers also found that the 5 attempts must be cautious and more spaced out than calls. Emailing within 20 minutes of lead increases conversions by 49%, while making a second attempt on Day 4 also is advantageous. The remaining attempts should be made on Days 8, 15 and 22.
In conclusion, combining the findings for phone calls and emails, the most effective contact strategy involves 6 phone calls and 5 emails, scattered over 22 days. Normally I would call 2-3 times and email maybe 1 or 2 times, then move on believing the consumer was uninterested. I would also be concerned if I was being too pushy and annoying. This information tells me not to give up on a lead so soon and gives me the motivation to continue the pursuit.
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