Speed Kills: Response Rate and Revenue

In the lead gen industry, everyone is always searching for ways to bolster revenue and increase results. A research study was recently conducted to conclude the impact of speed on lead conversion rates. While quickness in response to lead inquiries has always been at the forefront of successful conversion rates, the results of the study exemplified the point as speed of the response-to-call is the most important factor of lead conversion. Responding to their inquiry within the first two minutes after the lead was generated gets instant help for the consumer and quick turnaround on the investment from the business. This study was based upon the data of search-generated leads.

Findings from the study indicate that leads called between sixty and one hundred and twenty seconds after they were generated converted one hundred and sixty percent more often than the average. In addition, if these leads can’t be reached within the first few minutes, attempting quick contact is still necessary and achievable. Leads called within twenty four hours are still seventeen percent more likely to convert than those that were not called. The final test of the study found that eighty eight percent of leads that close were contacted within the first twenty four hours. These leads might not necessarily convert within these twenty four hours, but establishing the contact at this juncture is critical to conversion rates no matter the length of time.

The critical importance of this speedy response time has become universally accepted as the driving force of lead conversion. Titans of industry in successful business to consumer services from finance to education place great value on quick response time to increase conversion rates. There are other influences, however, that feel steadfastly convinced that interested and qualified consumers will not be conducive to fast responses. The results of this current study definitively show that the speed of the response rate is a crucial determinant every type and quality of lead.

What you can apply from this research study as a lead purchaser or provider is how you can put this thought process into a business practice. The companies that can achieve the fastest speed to call rates when responding to consumer queries will rise to the top of the industry. Meanwhile, those with slower efforts to respond and less tenacity to achieve contact will be left in the wake.