What is Lead Response Management?
Lead Response Management is the process of responding to leads at the optimal time to achieve the highest contact and qualification rates.
Recent research shows that quite often the ‘optimal’ time is immediately. But many companies spend thousands of dollars monthly to generate clicks to their website. These same companies invest tens of thousands in building a website to attract visitors. They use analytical tools to analyze how to convert these visitors to leads. Then they send the lead to the sales department.
The lead often sits 24 to 48 hours before it gets called back.
A recent survey done by Dr. James Oldroyd while at the Kellogg School of Management at Northwestern University shows that the majority of companies expect 4 to 5 attempts are made by their reps to contact a lead.
Why spend thousands of dollars on generating clicks, high conversion websites, and powerful analytics if you are going to let your leads sit for 2 days and only contact roughly half of your potential prospects?
The question is almost insulting, yet that is what most organizations do.
More research by Dr. Oldroyd shows that calling back a lead quickly has dramatic effects on actually making contact with and qualifying that lead. His research says that if you can call back a lead within 5 minutes, you are 10 times more likely to contact a lead, and 6 times more likely to qualify a lead than by waiting even 30 minutes.
And if you wait more than 20 hours to contact a lead, you actually hurt your chances of contacting and qualifying your lead with each successive attempt to make contact.
Technology now exists that can trigger callback attempts within seconds.
Technology can also schedule callback attempts at different times of the day and different days of the week to boost contact rates above 85%. Also, these solutions can automatically market to leads and continue to generate prospects every 3-4 weeks for 2 years or more.
We at XANT coined the phrase ‘Lead Response Management’. To us it means wringing every last ounce of value out of leads by responding quickly and consistently. Interestingly, sometimes responding at just the right time is more important that responding quickly.
Free Lead Resonse Management Study
Answer the question, “When should companies call Web-generated leads for optimal contact and qualification ratios?”
- Xant Team