To paraphrase Alec Baldwin in Glengarry Glen Ross, sales leads are “gold.”
Companies investing heavily to generate leads today would agree, with either an onslaught or drought of leads meaning the difference between missing and beating quota. Yet, there’s a leaky funnel today, and too many leads are falling through the cracks. It’s hard to believe, but one in three sales leads never receives a response from a sales rep, and those inquiring buyers that do get a response wait more than three days for a call from a sales rep, on average. It’s difficult to imagine that even today this is the case, but it is. These surprising findings (to most) were uncovered in a recent Velocify study of the lead response practices of the Fortune 100.
To squeeze more revenue out of your sales efforts, it’s important to patch any leaks you have by employing a more disciplined sales process through best lead response and follow-up practices. Here are three simple tips guaranteed to boost revenue:
Nick talks about the three things sales teams can do more of to drive more revenue in this short video: http://velocify.com/blog/3-things-sales-teams-can-succeed/
1. Call every lead you receive
The first tip is to simply follow up — make sure you are following up on all qualified leads that are coming in. It’s so simple but so many companies aren’t doing it. Not by design, but they’re simply not aware that it’s happening. For proof of the problem, look no further than other research we conducted months ago, where we found that more than 50% of buyers reported they have experienced “no response” from a business they had expressed interest in via web inquiry. See our Buyer Expectations report for details.
2. Follow up with a new lead promptly
The second tip is to increase the speed at which sales reps follow up with new leads. Speed matters. In fact,Velocify research has found speed has the biggest impact on lead conversion. Following up with a lead within 30 minutes of arrival can boost your conversion rate by 60% or more.
3. Be appropriately persistent
The third tip is to get your reps to follow up more on new leads and not give up so soon. Velocify research has found that most sales organizations give up after 1 to 2 contact attempts on average. Yet, when we researched the follow-up practices of our customers, we discovered that it wasn’t until about six attempts that lead conversion gains started to taper off and that diminishing returns set in.
Bottom line, if you are not already employing an appropriately persistent and disciplined lead contact strategy across your sales team, you need to. It will have a sizable impact on conversion and revenue. For more insights on the value of guiding your selling process, check out our popular study called the “Ultimate Contact Strategy. You can leverage the concepts within as a starting point for accelerating the performance of your sales team.