The Reasons Why Companies Fail to Utilize 71% of the Inbound Leads
The existing black hole evident between market and the sales departments
When you come to terms that you are losing 71% of your inbound leads
Most agencies work around the clock and invest heavily on Google search, social media advertising, and tailoring training and development programs for the sales team purposely to enhance their search to increase up to around 10% of their leads. The prospects of continuously looking for new marketing channels and strategies that are pegged on cheaper clicks. However, very few people can establish the missing link between marketing and the sales teams.
Many companies fail to reply to inbound replies as soon as possible an aspect that makes it more an intricate case.
According to the statistics from the findings of the research conducted by Steve Olenki and published on Harvard Business Review and other established platforms, the study reported that a lead waits at an average time of 46hrs and 53 minutes before they receive a call back from a company. Data for this study was collected from ten thousand small and medium-sized businesses in a span of years. Findings from the study established that on the occasion a sales representative failed to reach out to a lead on an average of 0.3 of numerous follow-ups a new lead was sought. Therefore, this means a lead was likely to get a call after 2 days and if they fail to pick, a fact which is expected, companies did not make efforts of calling again, thereby, losing a potential deal. The moment companies fail to call back quickly an approximate of 27% manage to communicate to the sales rep. the worst case scenario arises where between 35- 64% of the leads failing to a call ever.
Nevertheless, the current technology can inevitably help reach out to over 92% and even extend their gratitude to them.
There are various ways identified in this discussion that details the process of achieving these results. The growth plummeting from 27% to 94% of the contact rate reciprocates to an astonishing 341% increase in sales by responding instantaneously and tirelessly to new leads.
How does callback time influence chances of winning over a new lead?
A case scenario of walking into an offline boutique with an intention of buying a pair new shoes and you pose a question to a sales rep and in return, he responds that he will happily assist you in a week’s time. Given this response, it unlikely that you can purchase anything from the shop. Interestingly, the same approach is manifested amongst online sales rep with the problem being coupled with a great number of running ads and a continuous struggle for users’ attention.
The speed of reaction is a crucial component for closing deals as stipulated from the findings of the research mentioned above which further stipulate that during the first hours, it takes around 6 calls before a lead is qualified and the deal closed. Further devastating findings indicate that the probability of contacting a lead within 5 minutes is 100 times when compared to making a contact within 30 minutes.
Moreover, the chances of qualifying a lead with a call made within 5 minutes is 21 times compared to the call made in 30 minutes.
How does the response time play a crucial impact?
The moment we take the initiative to call back:
- We can locate the lead more easily
The moment a lead reaches out through a request, there is a high possibility they are still looking at the company’s website or perusing through other products on the platform and probably not tending to their children.
- Leads still recall your company
For this case, the response rate is pegged at 46 hours. Do you think you can reminiscence most of the websites you visited 2 days ago? This is a clear indication of the lead’s memory of your company through the website.
- Delivery carried out efficiently
People get overwhelmed once their requests are taken with prompt delivery. Credibility and efficiency are key to developing the relationship and this elicits the relevance of initiating quality online requests as manifested on your products and services.
How we increased inbound request using a quick callback tracker
We implemented the software we had designed on our website using best practices identified as the: Callback Tracker. The software launched enables a user to enter their phone number and the Callback Tracker quickly connects them to the next sales rep on the line. In this case, there is an increase in the inbound requests with a positive conversion rate, closed deals and happy customers. This can be verified through a free trial as guided on the website.
Few points to note, the Callback Tracker can be installed easily from any website in less than five minutes. There is also a specification that needs to be clarified whether you are using landline or mobile phone numbers for your sales representatives. After the installation process, you can enjoy the high performance and sales funnel.
Improving and enhancing your sales funnel
It is evident that even in 2017 and 10 years since findings from the first Kelogg/MIT study were reported we are still experiencing problems with the system. This does not augur well with the presence of common knowledge with the practice not becoming common in the business environment. The bar gauging customer service speed still hits rock bottom with many businesses failing to respond quickly with determination.
Unveiling this software presents a great opportunity for enhancing your business operations as your pursue that competitive advantage in your respective industry. This is all thanks to a new guaranteed speedy response, favorable landing pages with better conversion rates with a closing rate that stipulates a likelihood of between 2-3 times higher of clients becoming loyal customers.
Trying Callback Tracker is risk-free and value for your money
