Lead management has been defined as the process of identifying and nurturing potential customers all the way through to conversion, all of which is underpinned by technology that automates this process. Whether you work in Sales, Marketing, or ano
You would think that in a $30 billion industry that had matured well over a decade, that by now you would see the majority of businesses running the basics like a well-oiled machine.
Particularly when this industry has a vast array of research, commentary, articles, how-to guides, best practice reports, whitepapers, webinars and heaven knows how many experts willing to offer advice for users to lean on for guidance.
The industry I’m referring to is of course the lead generation sector and the area I’d like to focus on for this blog is ‘time’.
The time it takes for a lead to get from the point of data capture to an actual response or action by the vendor in question. The statistics vary, but no matter what research you look at, this initial time period of contact is absolutely crucial in the likely success of failure to convert the lead from a basic contact into a meaningful business opportunity. Here are some key stats to think about:
- The chance of converting a lead reduces by 400% after 5 minutes without contact
- Firms that tried to contact potential customers within an hour of receiving a query were nearly seven times as likely to qualify the lead
- 30-50% of sales goes to the first salesperson to contact the prospect
- The odds of a lead entering the sales process, or becoming qualified, are 21 times greater when contacted within five minutes versus 30 minutes after the lead was submitted
Based on the stats above, the first hour at best is crucial. Now that is probably less of a problem for many of the inbound marketers automating their lead journey with marketing automation. But what about all the outbound marketers and the performance marketers, spending valuable budget driving leads into the funnel? How are they processing leads? And how quickly are they getting them into their sales funnel? For many companies this is days, weeks and sometimes more than a month after the initial lead capture. It’s no wonder so many companies lose opportunities from cold leads.
At Convertr we frequently deal with companies facing this exact problem. How to speed up and automate the delivery of leads from outbound and paid media channels and get them into the sales funnel in real-time.
If you want to learn more, visit out page on automated lead routing.