The average lead response time for a B2B business is 42 hours. Businesses that wait too long to contact their leads can miss out on amazing opportunities to qualify and convert leads to sales. This is why you should optimize your lead response time. With the rise of account-based marketing, lead to account matching is very important. The process enables you to confidently engage with the correct leads and personalize your marketing campaigns. But how can you improve your lead response time?
Here’s what to know.
WHAT IS LEAD RESPONSE TIME?
Lead response time is a sales metric that measures how quickly a business responds to a lead that initiates contact. Leads can come from a phone call, an email, an online contact form, or social media. Some factors that affect how long it takes to follow-up with a lead are availability and skills of lead response representatives, availability of lead tracking tools as well as time-based and geographic factors.
So what is a good lead response time? Generally, five minutes is the ideal timeframe for responding to a lead. This is the golden time that increases your chances of moving a lead down the sales funnel.
WHY ACTING ON LEAD RESPONSE TIME IS INFLUENTIAL
About 78 percent of customers buy from the company that responds to their inquiry first. This means that responding to leads quickly puts you ahead of the competition. Faster lead response times will also help you make a great first impression of your brand.
Timely and relevant responses enable you to have meaningful conversations with prospects. They also improve your chances of closing a deal, a factor that ultimately impacts your bottom line.
STRATEGIES TO IMPROVE LEAD RESPONSE TIME
Considering the vital role that lead response time plays in the sales process, the importance of responding quickly cannot be denied. Below are some tips for shortening lead response time.
CONTROL ALL THE LEAD SOURCES
There are numerous ways through which potential customers can get in touch with you. These include email, phone calls, social media, callback tools, and chats on your website. Without keeping all possible lead sources under control, you may lose or mismanage your leads. Centralizing all incoming leads will make it easier for your sales team to find them and respond quickly.
SCORE AND PRIORITIZE LEADS
Lead scoring involves the use of specific data points to determine the perceived value of a prospect to your company. These include the company size, industry and previous interactions. The information will help you prioritize leads and start selling faster. You can also organize leads based on their age so that you respond to the older ones first.
PERFORM LIVE DEMOS
Placing a phone number and creating a chatbot on your website can help to improve lead response time. However, including a ‘Request, a Demo’ button will deliver a more immediate sales experience for your customers. Prospects will be able to initiate a demo call and the sales rep will deliver a presentation in real-time.
AUTOMATE THE PROCESS
Automating the process of reaching out to and managing contact with prospects can reduce lead response time. Consider using tools like automated emails, automatic SMS follow up and chatbot. This will ensure instant response that will enable you to engage potential clients right away. Using lead to account matching and routing software can also help to enhance the efficiency of your sales process.
LET POTENTIAL CUSTOMERS KNOW HOW LONG IT TYPICALLY TAKES YOU TO RESPOND
There are times when you will not be able to respond to leads immediately. Letting them know your hours of operation and when they can expect your answer will help you look good. You can then use the right technology to track leads and optimize your lead response efforts.
At LeadAngel, we offer tools and technologies to help you solve complex lead routing challenges. Our innovative solutions are designed to deliver the best B2B lead management experience and enable you to grow your business. Contact us today to learn more and request our services.