{"id":5437,"date":"2022-03-23T04:02:05","date_gmt":"2022-03-23T04:02:05","guid":{"rendered":"https:\/\/getvymo.com\/us\/blog\/?p=5437"},"modified":"2023-04-02T21:28:15","modified_gmt":"2023-04-02T21:28:15","slug":"4-reasons-why-your-bank-has-poor-lead-conversion","status":"publish","type":"post","link":"https:\/\/vymo.com\/blog\/4-reasons-why-your-bank-has-poor-lead-conversion\/","title":{"rendered":"Four reasons why your bank has poor lead conversion"},"content":{"rendered":"
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[vc_row][vc_column][vc_row_inner][vc_column_inner][vc_column_text]A poor lead conversion rate isn\u2019t just frustrating, it\u2019s also expensive. Given that your bank spends a lot of resources to generate leads, it\u2019s only natural that you expect your sales teams to do a better job.<\/span><\/p>\n

Is a higher conversion rate possible? Gartner <\/span>says<\/span><\/a> that high-performing SDR teams can convert 59% of SQLs to actual opportunities. Evidently such teams must be doing something right that others aren\u2019t.\u00a0<\/span><\/p>\n

In that context, it\u2019s tempting to pin down your own teams\u2019 below-average performance to bad quality of leads. But such simplistic reasoning would be almost fatal; it\u2019d keep you from improving your pre-sales processes and rob you of future opportunities.<\/span><\/p>\n

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4 reasons your leads don\u2019t convert<\/span><\/h2>\n

Pre-sales processes like lead allocation, for instance, play a big role in whether your sales reps will close the deal. A McKinsey article <\/span>suggests<\/span><\/a> that win rates could be as high as 40 to 50% for organizations with strong pre-sales machinery.<\/span><\/p>\n

By examining what keeps your teams from converting leads, you will be able to improve your systems, get better results from the same sales team, and drive growth in revenue for your financial services organization.<\/span><\/p>\n

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Here are the top four reasons:<\/span><\/p>\n

1. Your lead allocation is seriously sub-optimal<\/span><\/h3>\n

If you\u2019re using some primitive method of lead allocation, you\u2019re likely losing the battle even before getting started.\u00a0<\/span><\/p>\n

Sales leaders often use a rep\u2019s location to decide whether to allocate a lead. In many cases, recency – whether the rep converted the previous lead allocated – impacts the allocation decision . Such manual lead allocation methods are highly inefficient. Moreover, they contaminate the process with human bias.\u00a0<\/span><\/p>\n

Against that, an automated sales engagement platform built for a bank or financial services organization would be able to collate multiple data sets and allocate leads in a highly efficient manner.<\/span><\/p>\n

2. Your reps aren\u2019t responding in time<\/span><\/h3>\n

Your leads are short of time. They have a number of things sitting on their mind, and delaying your response significantly decays your chances of conversion.<\/span><\/p>\n

Perhaps the lead went to a rep who was already overbooked. Or perhaps the rep thought they didn\u2019t have enough sales collateral on hand to even make the first call. Or maybe the system at your bank took a long time passing on the lead.\u00a0<\/span><\/p>\n

Whatever the reason, you were late in beginning to engage the lead. And in the meantime, an agile competitor, even one with inferior features, might walk away with the deal.\u00a0\u00a0<\/span><\/p>\n

Vymo\u2019s own deployment data shows that by reducing the time for the first call, businesses have seen an increase of 25% to 35% in their lead conversion rates.<\/span>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner]