In today's competitive business landscape, your company is undoubtedly spending significant dollars to generate leads. In fact, you're likely branching out to newer technologies and channels—such as mobile, text messaging, social media, and Web videos—to bring in more leads.
Though you're increasing your inbound leads, what happens once you get them? Do your lead-response efforts take advantage of your lead flow? Could your lead-conversion rates use a boost? Without successful conversion, leads are essentially useless.
Here are six steps that'll immediately increase your lead-conversion rates.
1. Focus on speed to lead
According to a Kellogg study, the odds of reaching a lead increases 100% if the lead is called within five minutes rather than 30 minutes. The study also found that the odds of qualifying and converting a lead increases 21 times if the lead is called within five minutes vs. 30. Calling leads immediately—before your competition—turns rapid response time into a competitive advantage.
2. Convert leads to conversations—then to sales
Don't get caught up measuring how many leads you're getting. The question is, How many are you talking to? Converting more leads starts with more conversations. Don't rely on email to initiate contact with a hot lead. Instantly calling incoming prospects means that you can spend more time closing sales—and less time pursuing cold leads.
3. Don't rely on CRM systems
Customer relationship management (CRM) systems can stand in the way of immediately reaching your leads by phone. A LeadQual study found that only 40% of leads receive a response via telephone within 24 hours. In the several hours or full business day it may take your CRM system to route incoming lead information to you, your competition may have already contacted and closed the sale.
4. Connect first using lead-response management services
The LeadQual study found that speed is the single largest driver of conversion and being the first business to contact a lead increases conversion 238%. Lead-response management services are designed to connect you with incoming leads by calling you immediately and giving you relevant information about the lead. Such services prompt you to be instantly connected with a prospect, offering the opportunity to begin a sales conversation. Clients of one lead-response management service have experienced lead-conversion-rate increases of up to 300% after using the service.
5. Be available—anywhere, anytime
Not there? No problem. As a busy marketer, you're often away from your desk. According to a Leads360 study, weekend and after-hour leads are extremely valuable, but they are often neglected. Similarly, a LeadQual report found that enormous opportunity exists for after-hour and weekend calling when many companies aren't staffed for rapid response. In the age of mobility, there's no excuse to miss an incoming lead. Lead-response management services enable marketers and sales reps to receive detailed lead information by phone—and to make immediate phone contact with the lead, regardless of the rep's location.
6. Be systematically persistent
You already know that persistence is key to sales success. But consistently following up with leads is easier said than done. A Leads360 report found that 35% of leads are reached on the first call and up to 72% are reached with the second call—but 48% of leads never get a second call. Accordingly, some lead-response management services offer systematic reattempt capabilities that automatically call reps with lead information, offering one-touch connection with leads for instant phone conversations on the second and subsequent attempts. As a result, no lead goes to waste, and more connections are made.
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You're competing hard to generate new inquiries and prospects, but that's not where the battle ends. You are, in essence, wasting marketing dollars if you don't apply the same amount of effort to lead response and conversion that you do to lead generation.
Make the most of your hard-fought incoming leads by putting in place systems that'll immediately connect you with leads by phone, help you close more sales, and ultimately, maximize your lead conversion rates.