Sales leads are the lifeblood of just about every business. With more consumers going online to research and buy products, the internet has made lead generation easier than ever before — but generating leads is only half the battle. Turning leads into revenue requires sales efforts to convert them. Here are some tips that retailers can use to increase conversion rates on their leads.
Speed to Call
Studies have shown that speed to call is the single largest driver of lead conversion in the first two minutes after a lead was generated. One study, conducted on the data of several million internet-generated leads, revealed that calling sales leads in under 60 seconds showed an astounding 391 percent improvement over average conversion rates.
In general, companies that are able to respond the fastest to consumers have a nearly insurmountable advantage over those that are slower to respond. This advantage applies to a large percentage of consultative sales, not simply one-call conversions.
Maximize Follow-Up Efficiency
Not only is speed to call important, but there's also an optimal number of times to contact leads. A recent study of more than 20 million leads revealed that contacting prospects six times is the best way to maximize conversion rates without overtaxing staff resources.
The same study revealed that another key factor influencing lead conversion rates is the timing between the six contact attempts. Calling leads three times on the first day, once on the third day, once on the fourth day, and a sixth and final time on the 11th or 12th day was the optimal baseline for a call attempt strategy. Results showed that the sixth call returned a remarkable 500 percent improvement over average conversion rates.
Lead Nurturing
If at first you don’t succeed, try, try again. Staying in touch with leads that are "not ready" to buy is the secret of many great sales and marketing companies. But converting aged leads doesn’t just happen; it requires consistent contact. Effective lead nurturing is achieved by incorporating different content at different intervals. It’s important to vary the format because people respond differently to various types of communication. Newsletters, personal notes, relevant articles and follow-up calls can all work well in combination.
By using lead nurturing to distinguish your organization as a provider of value, you'll create relationships that result in increased sales over time. Consumers tend to prefer "snack-sized" bites of information, so short and consistent communication will keep you top of mind and ensure your leads actually hear the message you send.
Jeff Solomon is the founder and senior vice president of product and marketing at Leads360. Jeff can be reached at jsolomon@leads360.com.
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