With all of the buying options available today, competition for new customers and clients has never been fiercer. As previous studies have shown, prospective buyers usually visit multiple sites and fill out multiple forms as they inquire about new products or services they’re looking to purchase. Often times, buyers also submit forms on third-party sites that generate leads for multiple sellers, which is the case when buyers fill out forms on quoting or lead aggregator sites.
For sales teams, this means that when you receive a sales lead, you are likely only one of multiple companies trying to initiate a conversation with a given prospect. So, how can you improve your chances of winning their business? According to a recent study by Zogby Analytics, you can gain a significant edge by being the first company to talk to the prospect. Overall, almost two-thirds of all buyers indicated that the first company to call them had an advantage over the competition. The perceived first-to-call advantage was even greater for individuals who were looking to purchase products or services for their business.
The chart above, reflecting the results from the Zogby research, only reinforces another important discovery reported in prior Velocify research, which is that speed-to-call is the most significant driver for lead conversion. This shouldn’t come as a surprise, since the most logical way to increase your chances of being the first to talk to prospects is to place a call as quickly as possible to reach them. In Velocify’s Ultimate Contact Strategy report, we see that potential conversion gains diminish quickly the longer a company takes to reach out to its sales leads.
Leads receiving a first call within one minute of submitting an inquiry form are 391% more likely to convert than those receiving a first call any time later. The increase in likelihood of conversion for those receiving a first call within 24 hours is only 17% higher than for those receiving a call any time after 24 hours.
Here are four practices that are key for companies who wish to be the first to call new leads:
- Automatically capture new lead information – typically requires having web forms seamlessly integrated with a central database that immediately and accurately collects all of the sales leads information captured in the lead form.
- Quickly distribute each lead to the best available rep – the fastest way to achieve this is through automatic distribution methods that accurately track which reps are available and which are best are working the different types of leads received.
- Prioritize calls to new sales leads over other activities – reps have hundreds of activities to perform each day; use technology to ensure that they are in fact making calls to new leads their highest priority.
- Dial as quickly as possible – the use of an integrated dialer can make a major difference in terms of call speed. It eliminates dialing errors and saves valuable time when placing a large number of calls.
To learn more about the Zogby Analytics’ study that highlights other useful insights on buyer experiences, opinions, and expectations, download your free copy of the Online Buyer Expectations study.
About the author: Jorge Jeffery joined Velocify in 2011 and is senior manager of strategic intelligence. Jorge has been instrumental in mining data from the more than 1,500 sales teams that leverage Velocify’s solutions today. Insights gleaned help establish best practices for Velocify clients in order to maximize revenue potential.