Lead response time has gotten a lot more attention over the last decade. Once a metric that wasn’t regarded highly, it is now considered as one of the greatest determiners when trying to convert a lead into a paying client. In this article, we will discuss everything you need to know about lead response time and how a CRM can assist you in improving this aspect of your sales process.
What Does Response Lead Time Mean?
Lead response time can be defined as the amount of time it takes for a sales representative to follow up on a lead from the moment they fill in a form, email, or call a company. While it might seem unbelievable, it has been found that 58% of companies don’t follow up on their leads at all. This could be caused by a number of reasons, including not collecting and storing leads correctly, not having an effective lead distribution software or process, and more. While we all can agree that an ignored lead will never convert into a sale, what about the amount of time a sales representative takes to respond to a lead?
What is a Good Lead Response Time?
Studies show that a fast response time can increase the chances of having a meaningful and positive interaction with a potential customer by sevenfold. Now, a response doesn’t have to take place within 5 minutes; however, making contact with a potential client within an hour of them becoming a lead has been shown to yield positive results. Therefore, it is important to have some kind of communication with a lead within an hour, even if that means sending an automated email or SMS to ensure them your company will be getting back to them soon.
How a CRM Can Increase Lead Response Time
While responding to all leads within an hour might seem daunting, there is certain software such as Customer Relationship Management (CRM) systems that can help you manage and respond to your leads quickly and efficiently. Here are some features of a CRM that assist in increasing lead response times.
- Centralise Lead Management: A CRM allows for all leads to be stored in one centralised location. As a lead comes in, it is automatically stored in this location. This is beneficial as it allows sales representatives to easily and quickly access and respond to leads.
- Automated Lead Distribution: Once a lead has come in, the CRM will be able to automatically qualify and distribute the lead to the correct salesperson. This happens immediately and there is no waiting period as is experienced in manual processes that often result in a lead queue forming.
- Lead Follow-Up Reminders: Once a lead has been assigned to a salesperson, the CRM system will automatically track response time. If it picks up that a lead has not been responded to within a certain amount of time (determined by the company) a reminder will be sent to the sales representative whose lead it is.
- Lead Redistribution: If a lead has not been responded to for an extended period of time the lead can be reassigned to another salesperson. This can be done automatically or manually, depending on the setting applied and the capability of the CRM.
Leadtrekker is a CRM that assists companies in storing and tracking leads while helping them increase their lead response times and as a result their conversion rate. Contact our team to find out more about how Leadtrekker can help you improve your lead response times.
