What is Lead Response Management?
Lead Response Management is the process of responding to leads at the optimal time to achieve the highest contact and qualification rates.
Recent research shows that quite often the ‘optimal’ time is immediately. But many companies spend thousands of dollars monthly to generate clicks to their website. These same companies invest tens of thousands in building a website to attract visitors. They use analytical tools to analyze how to convert these visitors to leads. Then they send the lead to the sales department.
The lead often sits 24 to 48 hours before it gets called back.
A recent survey done by Dr. James Oldroyd while at the Kellogg School of Management at Northwestern University shows that the majority of companies expect 4 to 5 attempts are made by their reps to contact a lead.
Why spend thousands of dollars on generating clicks, high conversion websites, and powerful analytics if you are going to let your leads sit for 2 days and only contact roughly half of your potential prospects?
The question is almost insulting, yet that is what most organizations do.
More research by Dr. Oldroyd shows that calling back a lead quickly has dramatic effects on actually making contact with and qualifying that lead. His research says that if you can call back a lead within 5 minutes, you are 10 times more likely to contact a lead, and 6 times more likely to qualify a lead than by waiting even 30 minutes.
And if you wait more than 20 hours to contact a lead, you actually hurt your chances of contacting and qualifying your lead with each successive attempt to make contact.
Technology now exists that can trigger callback attempts within seconds.
Technology can also schedule callback attempts at different times of the day and different days of the week to boost contact rates above 85%. Also, these solutions can automatically market to leads and continue to generate prospects every 3-4 weeks for 2 years or more.
We at InsideSales.com coined the phrase ‘Lead Response Management’. To us it means wringing every last ounce of value out of leads by responding quickly and consistently. Interestingly, sometimes responding at just the right time is more important that responding quickly.
Top 30 Articles on www.KenKrogue.com (with total views) and a Summary of Ken’s Forbes Articles
- What is Inside Sales? Our Definition of Inside Sales | Ken Krogue – 56,369 Views
- Inside Sales Best Practices - 9,281 Views
- Inside Sales Tips by Ken Krogue - 5,488 Views
- My Final Comment on my “Death of SEO” column on Forbes - 6,411 Views
- 31 Linkedin tips – How-to-use-Linkedin-Best-Practices for B2B Prospecting - 5,680 Views
- Prediction – SEO will be Dead in 2 Years - 3,976 Views
- KPI – Key Performance Indicators – 2,285 Views
- Inside Sales versus Outside Sales – 2,226 Views
- Is Leaving a Voicemail Worthwhile? – 2,100 Views
- Inside Sales Tips – How LinkedIn Gives you 3 Free SEO Backlinks - 3,057 Views
About Ken Krogue - 1,943 Views
- Inside Sales is Top Method of Lead Generation – 1,074 Views
- Inside Sales Training - 1,888 Views
- Good to Great by Jim Collins - Ken’s Notes Summary – 1,526
- Inside Sales Tips – Skip to the Beep – 1,392 Views
- Inside Sales Best Practices: 7 Ways to Increase Contact Ratios - 1,360
- Climb the Trust Ladder to Increase Results in Prospecting - W/ VIDEO! – 1,339 Views
- Harvard Business Review says Sales is No Longer About Relationships - 1,148 Views
- Inside Sales Tips – No Vacations Last Week of the Month – 1,140 Views
- Lead Generation Strategies: When to Call, When Not to Call? - 1,049 Views
- Inside Sales Tips – Specialize – 998 Views
- Inside Sales Tips – Interest is The Counterfeit of Need – 898 Views
- Behind the Cloud – Ken’s Notes – 877 Views
- 6 Reasons Salesforce Users Need Hosted Dialer Technology - 856 Views
- Demand Generation Tactics and Strategy – 689 Views
- Power Dialers - 665 Views
- Inside Sales Best Practices: Gathering Direct Dial Phone Numbers - 601
- What is Lead Response Management – 573 Views
- Ken’s Rules: The Business Card Rule - 430 Views
- Josh James Shares 36 Startup Rules - 399 Views
A Complete Summary of Ken Krogue’s Forbes Articles, Including his newly updated “Definition of Inside Sales” and his #1 on all of Forbes (and his most controversial) article “The Death of SEO”