01 Dec Data Driven Insights on Lead Response Management
Data-Driven Insights on Lead Response Management
Here’s what we learned from managing over
Every good sales rep knows the importance of a sales pipeline. It is often the first step in the sales process, leads that have to be contacted, nurtured, and serviced.
But, sales reps don’t get too many chances.
It only makes sense to analyse what works, and hedge your skills whilst engaging these leads!
Take follow-ups for example – how many calls or meetings is too much (or too less?). As a manager, are you aware of what issues your sales reps are facing that could’ve been avoided or maybe fixed earlier in the conversation?
Sales teams use tech & digital to prioritise their outreach, enable rapid communication, gather contextual information, and deliver in conjunction with real human connect.
- A lead on your website clicks the call to action button & fills out the information.
- 3 seconds in: The lead chooses between scheduling a call or talking right now.
- 4 seconds in: The lead chooses to talk now.
- 10 seconds in: The lead receives a call from the sales rep.
Sounds too good to be true? Yet, non traditional competitors like Insurtechs and Fintechs offer this experience – consistently. Why?
When a person opts- in, they’re at their highest interest level in your service or product.
It’s a fact—the closer your response time is to the moment of opt-in, the better chances you have of moving the lead along your sales funnel.
The first touch gets more effective when personalized. To that end, every bit of information helps.
The time they opted in, the device they opted in from, the reason they opted in, what part of the funnel they’re in, the content or event they opted-in through and other pertinent information.
This rings true for any firm in the Financial Services & Technology space.
We crunched some data to better understand from our deployments what the Top Performers are doing to exceed or meet their targets.
3 Data-Driven Insights on Lead Response Management:
Leads that are responded to on day zero have 10X impact on Lead Conversion
Act on your leads as soon as they come in, think of it like this – every lead deserves a good story!
If you respond to a lead within the first 2-3 hours, your chances for conversion are significantly higher
Do you know how many leads decay exponentially before they’re picked up for an initial outreach? Prioritizing leads & assigning them in real-time can have a 10X upside.
From what we’ve seen, leads are reached out only 7-8 hours after they flow in. 90% of warm leads decay within the first 4-8 hours. If you’re reaching out to them with a time lag post first interaction, you’ve already lost them to your competition.
First touch response time has a definite impact on conversion.
Leads with 9+ activities performed on them are very likely to be Converted
What the data proves consistently is that the best reps follow up with leads multiple times and through multiple channels before dropping it.
But, how much is too much? We see that beyond 12-14 follow ups, marginal utility of additional follow ups is limited. It is best then to add the lead to a nurture bucket.
But, what’s interesting is the jump from around 4-5 follow ups to 9 follow ups, the conversion percentage increases more than 10x!
Imagine, 10x outcomes: policies sold, renewals, etc. With 3-4 additional follow ups.
That is huge!
For high lead quantities, Monday & Thursday are optimal days to call
This may surprise sales people!
They usually do the opposite – reserve Mondays for follow ups with existing prospects/customers and call new leads when they find a few hours at the end of the week.
Perhaps, people are slow to start the week and are more open to conversations, perhaps they had the time to drop in enquiries over the weekend and are more receptive to calls sooner than later.
Well, whatever it is, the data indicates that Mondays are the best time to call a lead.
The effectiveness tapers off as the week progresses and is marginally better on Thursdays, before peaking again on Sunday (people have more time on their hands?) – best to test and find out!
[Download Case Study]: How AXA sales reps doubled meetings and improved conversions by over 30%.
Vymo helped optimize its people-heavy workflow across geographies and eliminated the subjectivity in how leads were being assigned. While earlier, supervisors assigned leads based on ‘equal opportunity’, Vymo enabled impact based allocations. Supervisors were able to create rules for these allocations, so leads were pursued by the right Sales representative.
Vymo’s Intelligent Personal Sales Assistant has helped 125,000+ insurance agents and salespersons to effectively track upcoming renewals and increase sales through existing customers by 3X even during the global pandemic.
Vymo makes it easy to capture customer interactions, identify (winning) behaviours, and marry it to (deep) relevant contextual information to deliver proactive nudges for sales teams to work from anywhere! It’s also about making sure that your workforce has the right opportunities, tools, resources, and culture to excel in this marketplace going forward.