May 03, 2010 10:00 ET
New Leads360 Research Identifies Speed-to-Call as Critical Driver of Sales Lead Conversion
Conclusion: Leads Called in Under One Minute Show Dramatic Improvement Over Average Conversion Rates
LOS ANGELES, CA--(Marketwire - May 3, 2010) - Leads360, the industry leader in sales lead management software, today announced the results of new research conducted to determine the impact of speed on lead conversion rates. Results of the study determined that speed-to-call is the single largest driver of lead conversion in the first two minutes after the lead was generated. The study was conducted on the data of several million Internet-generated leads and revealed that sales leads called under 60 seconds showed an astounding 391 percent improvement over average conversion rates.
In 2009, the importance of speed-to-call and response time was widely accepted as a driver of lead conversion among forward thinking business-to-consumer organizations, including best-in-class financial institutions, insurance carriers and higher education providers. However, some authorities maintain that truly motivated and qualified consumers are less sensitive to responsiveness. The result of this latest study by Leads360 breaks new ground by proving without a shadow of a doubt that speed-to-call is in fact a critical factor even for high quality leads and motivated consumers.
According to Jeff Solomon, one of the founders of Leads360 and senior vice president of product and marketing, "For consumer-facing sales teams, the key take-away from this research is that processes must be implemented that enable organizations to consistently contact each and every consumer inquiry within minutes, if not seconds. Our research reveals that organizations that are able to respond the fastest to consumers have a nearly insurmountable advantage over those that are slower to respond, and this advantage applies to a large percentage of consultative sales, not simply one-call conversions."
Additional findings from the study indicate that leads called between 60 and 120 seconds after they were generated converted 160 percent more often than the average. Also, if leads cannot be reached within the first few minutes, attempting contact quickly is still valuable. The study also indicates that leads called within 24 hours are still 17 percent more likely to convert than those that were not. Finally, 88 percent of leads that eventually convert were called within the first 24 hours. This does not imply that all of these leads convert within 24 hours, but rather establishing the relationship at this juncture is critical to conversion -- days, weeks or months down the line.
Leads360's research shows that even though the consumer may go price-shopping, a sense of loyalty drives them back to the vendor that called them first. By initially providing consumers with education and responsive customer service, smart companies are able to create strong social and psychological bonds that tend to override competing offers.
To download a free copy of the speed-to-call whitepaper, please visit Beyond Qualification: The Impact of Speed on Lead Conversion. To learn more about Leads360, please visit www.leads360.com.
Founded in 2004 and headquartered in Los Angeles, Calif., Leads360 develops hosted software solutions for managing sales leads. Distinguished by its focus on solutions that address the unique needs of businesses who sell to consumers, Leads360 is recognized as a market and technology leader, managing more than 20 million leads for over 5,000 clients. With a suite of solutions scaled for small to enterprise organizations, the company offers the industry's most comprehensive and configurable lead management platform.
Leads360 enables companies to distribute, track, analyze, and convert sales leads using a customizable lead management workflow. Professional services, including training and process consulting, are also offered to deliver a highly effective solution for converting sales leads. Businesses look to Leads360 for solutions that allow them to maximize their investment in leads generated online and from traditional sources, and ultimately increase sales closure rates for greater revenue. For more information, visit www.leads360.com.
Follow Leads360 on Twitter: www.twitter.com/Leads360.