How A Fast Response Boosts Sales
I’ve always been curious on how response times effect your sales success. For instance when you get a lead through, say when a prospect fills in a contact form on your website, how long do you wait at the moment till you get in touch with them?
That’s a question that bugged me? Was it best to get in touch straight away or would that seem too keen and desperate? Or maybe if I leave it too long the prospect might think the opposite, that I don’t value their business?
Then I looked into some research on this area and uncovered the following findings:
- 35% to 50% of sales go to the vendor that responds first
- Lead qualification drops by 10x when you wait longer than 5 minutes to respond
I was amazed by these findings, and then a moment of complete serendipity occurred, a few days after reading this I received a lead through from our website. So I decided to put the concept into practice, I made it my mission to responds as quickly as possible and be the first to do so. As soon as we received the lead I called the prospect and had a long qualified conversation with him and booked a meeting for the next day.
In my meeting I broached the subject of competition, and asked him whom else he contacted. It was at this point that he gave me an answer which supported the research findings. He highlighted to me that he had contacted three different companies including us. So far us and one other had been in contact with him, and he was still waiting for the third despite it being 5 days since his enquiry. He explained to me that even if they do get in touch now he won’t consider them as his perception is that they’re not keen to work with him otherwise they would have been in touch already.
So this answered my question and gave me a practice to follow from here on in and that is
- A fast response positively effects sales
So next time you receive a lead in any format, make it your mission to respond with haste, be the first and in a timely manner and then your chances of a sale increase drastically.