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Unable to convert leads into sales? Here’s a diagnosis.

1 min read

Are you unhappy about your online lead conversion rate? Guess what, you are not alone; 88% of B2B and B2C consumers carry the same fate.

You may have constructed the best lead generation strategies and curated content that strikes a chord with the audience. You have got all bases covered and contain the firepower to have a leg up in the competition. But somewhere, the fizz is still missing. So, where have you gone wrong? Lead Response Rate.

Lead response rate is the time frame between the lead’s first contact with the brand and the first response of the organization to that attempt. It is an integral part of a sales cycle and can make or break your sales.

Leads are like oil to an engine. Without potential leads, you cannot implement your sales strategies and drive your business. And lead response rate comes crucial here to anchor your leads and convert them into fruitful customers.

Don’t believe us? Here are some data to give you some food for thought.

According to an article published in Harvard Business Review, after auditing 2000 US companies, researchers found that 37% of companies responded to a lead in an hour or less while 16% did the same within 24 hours. 24% of the companies took longer than 24 hours and 23% did not respond at all.

Those are some disturbing numbers!

And all that whining about why companies cannot make sales conversions can be ascertained to this negligence.

Let’s delve into this in detail to understand why lead response time is vital for a business.

Leads lose fizz quickly: Customers today are fickle-minded and won’t wait long for your response. So, you must strike while it is hot. According to LeadResponseManagement.com, businesses that contact the leads within an hour are 7X times more likely to qualify the lead than those who contact them an hour later; and 60X times more than companies who waited for 24 hours or more.

Leads Response target times: Calling a lead at an unearthly hour can lead a company to lose credibility and spell disaster for its business. In their study on lead response time, researchers of the above firm found out that Wednesdays and Thursdays are best days to follow up leads while Tuesday is the worst.

For qualifying the leads, Thursday is the most opportune day.

4-6 pm is the best time to contact the lead while 8-9 am and 4-5 pm are good enough to qualify it.

Now that you know the exact time and day optimal for following up a lead, you can experiment yourself with those and manage your timings accordingly. However, one thing which you should take very seriously is the time between obtaining a lead and following it up. Even if that is on a Friday.

Working in a holistic manner with the marketing team can help in speedy sales conversions by eliminating delays in moving leads down the sales funnel. Adding sales automation tools can enhance your lead response rate and drive maximum conversions.

Sumit Mondal Content Analyst at Square Yards.
Sumit Mondal Content Analyst at Square Yards.

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Square Yards is the leading platform for home buyers across 10 countries. Our cutting-edge technology empowers consumers with credible data, inspiration and knowledge, while connecting them with in-house experts who hand hold them from the start of their home search till property handover.

We serve the full lifecycle of owning and living in a home: research, due diligence, selling, financing and more. It begins with Square Yards’ deep relationship with over 500 top developers and our home loan company Square Capital’s partnership with over 90 banks and NBFCs. A team of 2,800 experts power our award-winning services which have delighted more than 35,000 customers already.

Square Yards started its journey in 2014 and is headquartered in Gurugram, India.

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