Published in the Harvard Business Review, the research of Dr. James Oldroyd, a visiting research fellow at M.I.T. in partnership with David Elkington (InsideSales) reveals the four ways to increase lead response.
Based on three years of data, across many companies that responded to their web-generated 15,000 unique leads, and 100,000 of attempted calls, one can make the following conclusions:
- Best days to make contact are Wednesdays and Thursdays (with 49% difference between the worse day – Tuesday and the best day Thursday)
- Best times to make contact (from first dial) are between 8 am – 9 am and then ultimately between 4 pm and 5 pm.
- Best time to respond from the moment a lead submits a request to the rep calling them – is within 5 minutes. If you respond after the initial 5 minutes, your contact and qualification rates decrease 10 times. Here is a shocking statistic from this study of 100,000 attempted calls: The difference between 5 minutes and 10 minutes response time is 400% decrease in odds of qualifying the lead!
- You have 90% chances of making a contact after the 6th attempt. Most reps give up after the first or second attempt. By making just a few more call attempts, you can experience up to 70% increase in contact rates.
I am curious to find out also the industry verticals of this study. Where did these 15,000 leads come from? I wonder how do the types of services and products affect these statistics? For example, if a lead is interested in life insurance and financial planning vs. a new car insurance, it seems to me that the need is more urgent in the case of the car insurance.
What do you think? Do you have any experience which may shed some light on the types of leads, or the types of the industry the leads are coming from? Please use the comment section below to provide your feedback.
Download the Infographic: Best Practices for Lead Response Management – Infographic. Infographic produced by InsideSales.com.