Despite the widespread use of CRM today, sales opportunity waste is staggering, with nearly one in three leads failing to get a response from a sales rep. Perhaps even more astounding, those buyers who do receive a response, on average wait two days before hearing from a member of a sales team.
When I first heard this statistic, uncovered by Velocify Research, I began to reflect on the pace at which today’s buying and selling happens across different goods and services categories. One of the first thoughts that came to mind was that service and speed norms are very different when web forms and email addresses aren’t used as a mechanism to filter our buying interest. Whether buying in person, or via ecommerce today, you can just walk in or login and purchase. It would be simply ludicrous today to wait 48 hours for an oil change. We would never wait 48 hours to buy a new mobile phone or even to hear back from a realtor on something as large as a new home we’re interested in. Yet for some reason, when our inquiries go through a form on a website, we wait.
But for those businesses that respond promptly and judiciously to incoming web inquires, the spoils could be theirs. In fact, research shows that leads responded to within two minutes of online inquiry submission have a 160% higher chance of converting. Even if you can get your team to respond within five hours, research indicates roughly a 25% boost in conversion over slower response times.
If your organization is not responding to new leads quickly today, imagine what it would be like for your inquiring buyers if within seconds of submitting a web form, their phone started ringing. Velocify clients responding this way for the first time often share their call transcripts with us, and they go something like this…
Prospect: “Wow, that was fast, I just submitted a request for more information on your website.”
Sales Rep: “Yes – we saw your request on XYZ product and wanted to connect with you right away to answer any questions or to get you more information.”
Prospect: “Great, I’m still on your website now, and yes I did have a couple of questions on XYZ product. First can you tell me a little more about …”
Imagine this same call 48 hours later – after the prospect has left your website, researched three of your competitors, and already had discussions with all of them. When you call them back, if you get a hold of them, you may find that the prospect doesn’t immediately recall your product, what their questions were, and worse, they may be so far along the purchase path with your competitors that they may no longer be interested in speaking with you. Ouch.
Orchestrating a perfectly timed call isn’t always easy, but with the right technology and process in place, you can greatly increase your chances of making more meaningful connections. Today, sales managers can ensure high priority prospects are called at the right time, by the right sales rep. And if you’re looking for a leg up, a well-timed and helpful conversation could earn you a lasting first impression and loyalty points that ultimately win you the deal.
For more information on how high-velocity practices can help you generate more wins, check out the Ultimate Contact Strategy research study.
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