Lead Gen 101: #01 Speed kills
Updated: Jan 6
Lead Feed can increase your lead generation ROI, drive sales staff productivity, and brand equity whilst denying your competitors opportunities to sell through one simple trick.
Leads are the lifeblood of any organisation. Without leads, it's difficult for an enterprise to thrive. However, all leads are not created equal and there is a very high chance you are your internal processes are seriously screwing your lead ROI.
If you could increase your lead ROI through higher conversion rates you could buy more leads, right? And, based on what we've experienced that should result in even greater GROWTH. But what about all of those leads that never worked... were they really poor or was there something else at play?
That's right, I'd wager that you have or are paying way over the odds for a converted lead because of one simple in-house issue! An issue that is so obvious you'll believe that it doesn't exist within your business... or does it?
In fact, when I was heading up marketing for one of the largest independent mortgage companies in the UK I spent nearly a £1m to prove to my fellow directors that our performance was lagging because of the same issue. However, once proven, we were able to triple our growth trajectory!
So what is it?
Well, quite simply, it is ensuring that you talk to your prospect before anybody else does! Simple, eh? But 24/7/365 across all channels... and how are you managing that metric... you are measuring it, aren't you?
Speed Drives Contact Rates
Independent of lead source or the channel your lead chooses to use the faster that you engage the more likely you are to initiate a dialogue. The cost of delay is quite staggering especially if your objective is to speak with a prospect. MIT Sloane* examined 3 years of data across six companies that generate and response to web leads, from over fifteen thousand leads and over one hundred thousand call attempts. The research evidenced that a call back made within 5 minutes of an enquiry was 100 times more likely to be picked up than one made after 30 minutes! The principle holds true for all channels of communication.
We have had over 20 years experience in this area so if you'd like help sharpening up your act in this area then please do get in touch.
Speed Drives Conversion Rates
Increased conversion rates are directly related to increased contact rates. You will already have warmed the prospect to your brand through exceptional (speedy) service and you have shown your competitors, assuming that the lead has reached out to more than just your company, to be slow off the mark.
By replacing a traditional sales model with a channel specific model we saw a conversion rate increase from 1 to 29% for a prominent financial services company here in the UK.
The added benefit is that an increased conversion rate allows you to purchase more leads or subsidise other channels or initiatives. That is a great place to be in, believe me!
Speed Kills Competitors
They say that you don't have to run faster than a bear to get away. You just need run faster than the person next to you.
Most on-line enquirers submit request to between 3 and 5 competing companies. By acting fast and beating your competitors to that initial contact with the enquirer you have demonstrated a higher service level and seized the opportunity to drive the sales agenda. Knowing the numbers are now on your side your probability of converting will be greater and as such you will deny your competitors market share and possibly a channel to market!
Speed Benefits Your Staff
Enabling your lead qualifiers or sales team to increase their contact rates reduces the time and cost associated with follow up calls/activity which, amongst other things, can be de-motivating.
I'd hazard a well educated guess that c.30% of your sales time is being spent on trying to engage with leads for the first time through call-backs etc. You do the numbers but I'm confident that you could be saving money there or, more positively, providing them with more opportunities to sell! And a motivated team, as a rule, tends to sell more!
Speed Benefits Your Brand
You are reading this because you want to squeeze the pips out of every opportunity, right? But have you considered that by delivering exemplary service through fast and efficient prospect engagement also leads to brand advocacy?
It feels like a "nice to have" but believe me, when it comes for free, you just can't beat it. Especially when you see your conversion rates ticking up even further.
When you respond to a lead quickly, the contact rate will be higher and your conversion rates will go up. If you beat your competitors to an enquiry first, they may lose their chance of converting that customer into a sale. It can reduce time spent on follow-up calls/activity helping further motivate staff members. Providing exemplary service through fast engagement with leads also helps build brand advocacy creating a virtuous cycle!
If you would like to know more about the practical steps associated with implementing a rapid engagement strategy you can get in touch for a quick, no-obligation chat or drop a comment in the section below.