The Best Practices For Lead Response Management
This article was developed based on a research conducted by James Oldroyd, PhD of the Ohio State University and David Elkington, CEO of insidesales.com. During the survey, data spanning about three years were examined. They were from companies that responded to web generated leads from over 15,000 leads and over 100,000 phone calls.
The main focus of this was to determine the best method for companies to respond to their leads while optimizing results with minimal effort. Here are the findings.
What is the Best Day to Make Contact?
It was discovered that Wednesday and Thursdays are the best days to make contact as compared to other days of the week. Between Tuesday and Thursday, Thursday is better as there is a 49% difference in the success rates of these two days in favour of Thursday. Here is the break down.
• Monday – 1,640
• Tuesday – 1,590
• Wednesday – 2,260
• Thursday – 2,340
• Friday – 1,980
What is the Best Time to Make Contact
Findings revealed that the best time of the day to make contact is between 4:00pm and 5:00pm. While the second best time to call is between 8am and 9am. All other times of the day have low rates of productivity. Drawing a comparison between early afternoon (1 – 2 pm) and late afternoon (4 – 5pm) it was discovered that late afternoon has a higher rates of success.
The response time is the time lag between when a lead fills an online form and when he is contacted. The best time to respond to a lead is within 5 minutes of first contact as the responsiveness of the lead drops dramatically with the passing of each hour. As compared to 10 minutes, 5 minutes response time has a 900% positive outcome.
The chance of making a contact increases with at least 6 attempted calls. At this level, there is a 90% success rate. Most leads are not contacted by sales reps. as just a few calls would make the difference.
Through fictitious leads, insidesales.com filled out web forms for lots of companies and here were some findings.
• The number of call attempts made by the average company is 1.5.
• It takes 44 hours for the average company to respond to a lead.
• About 55% of companies fail to respond.
From this, it can be observed that most companies throw away business opportunities by failing to respond to leads.