Webinar Replay: Research from Harvard, MIT Pinpoints Hard Lead Conversion Lessons with Easy Solutions
Since 2007, InsideSales.com has been partnering with leading academic institutions to analyze data gathered from two billion communications with 80 million customer profiles. During Tuesday’s B2B Lead Roundtable webinar, Dave Elkington, Chairman and CEO of InsideSales.com, shared the juiciest statistics and trends from these analyses to help B2B marketers optimize inbound lead contact, qualification and close rates. Here’s a taste of what he presented:
• 78 percent of sales goes to the company that responds first
• An average of 43 percent of companies never respond to inbound leads
• Most sales professionals give up trying to reach a lead after an average of 1.29 attempts, but 61 percent of leads go into the pipeline after the second call.
• If you set an appointment, expect a 20 to 45 percent no-show rate. Decrease no-shows by 20 percent by using Google or Outlook calendar invitations.
Not a minute passes in this webinar without Dave presenting some type of data you can use to speed leads into your sales pipeline. If you’re serious about driving the highest ROI from your inbound marketing investment, be sure to watch the video replay below.[vimeo 26639918 w=600&h=400]
Want to jump ahead to key points fast? Review these timestamps.
2:20 – Dave outlines the history of InsideSales and why organizations like MIT, Harvard and Stanford are eager to partner with them.
7:00 – There is a revolution in sales, says Dave. In 2009, there were 800,000 inside sales departments. In 2013, there will be 2.3 million. Meanwhile, outside sales will have flat growth. Venture capital firms want companies in their portfolios to have inside sales departments, so much so that they’ll recruit, train and transplant inside sales teams into their portfolio companies.
9:33 – When does a web lead cold go? Immediately! Contact rates decrease 100 times if you wait 30 minutes, as opposed to five minutes, to call back. If you think your company is good at responding, think again, says Dave. InsideSales.com has conducted more than 5,000 audits for leading companies, and the average response time is 44 hours! An average of 43 percent didn’t respond at all.
13:15 – 78 percent of sales goes to the company that responds first – not to the company with the best or cheapest product.
14:00 – Sales professionals will attempt an average of 1.29 calls to reach a lead and give up after that. However, in the B2B environment, 30 percent of leads go into the pipeline after the first dial attempt, 61 percent go into it at the second. It’s worth calling back until the eighth attempt. Some companies see leads move into the pipeline even after the 12th call.
16:18 – Higher-ticket items require more research before calling the customer. The more you research, the less you will have to dial.
19:00 – Efficient sales reps tend to leave more voicemails because they’re making more calls. That means they can spend more than two and a half hours a day leaving voicemail. However, about four percent of those voicemails result in a call back which goes directly into the pipeline. Script voicemails to ensure more call backs, and even automate them.
22:11 – Make the most of every call by capturing permission to communicate with them in the future. A single rep can capture 7,500 permissions in the course of a year, “That’s enough contacts to fill a webinar without making another phone call,” Dave points out.
26:23 – No-show rates to appointments can be as high as 50 percent. Prevent that with a “hot transfer” – ask if they would have 10 to 15 minutes to talk immediately.
27:42 – Build a direct dial database. Contact rates increase by 300 percent when using direct dial.
29:21 – If you can’t do a hot transfer, do appointment reminders via Google or Microsoft Outlook, there will be a 20 percent greater chance that they won’t cancel.
30:32 – If you call between 8 and 9 a.m. and 4 and 5 p.m., you’re 150 percent more likely to connect. If you call on Wednesday and Thursday, you’re 80 percent more likely. Always call before emailing. And don’t limit communication to email – leverage Twitter, LinkedIn and fax. Dave reports fax pulls seven times better than email.
33:53 – Show a local presence. When callers used a local number, there was at least a 60 percent increase in contact rates. Emails sent with a local number received a 40 percent higher response and 33 percent lower negative response rate.
39:08 – Review of key takeaways
41:08 – Q&A begins