said , Verse co-founder and co-CEO. The lead conversion report provides valuable insights to help companies understand the lead conversion gap and provides insights and tips on how to close the gap.
Here are some notable lead conversion statistics from the research, Lead conversion status in marketing and sales .
Search #1: Companies that need more potential customers Data
Difficulty converting leads. Identifying challenges with lead conversion allows you to develop a plan to overcome those challenges.
Collecting and organizing relevant data, then leveraging that data to better communicate with prospects is essential to increasing price lead conversions. 43% of those surveyed reported that gathering enough lead data was the biggest barrier to successful lead conversion. Tracking leads quickly, before they lose interest, and initial contact with a prospect also ranked at the top of this list of challenges for 41% and 39% of salespeople, respectively. Marketing and sales specialist.
Search #2: Companies Struggling to establish a quick initial contact with potential customers
Research shows that 24/7 response speed to a lead enquiry is important for improving conversions. 41% of companies feel tracking leads quickly is a challenge, especially when a significant number of leads arrive after regular business hours.
There are three reasons Inside Sales are cited as to why lead speed is so important:
- Presence detection – if a prospect puts their information on a website or fills out some kind of online inquiry form, the prospect will likely remain beside their phone or computer. Instant Lead Contact offers the best odds by far to get leads engaged quickly.
- Top perception – this concept of calling or contacting a prospect immediately equates to being on their mind. The average callback time is almost 48 hours after a prospect submits a request – if you can't do significantly better than that, consumers may have forgotten about your business. (InsideSales.Com)
- “Wow” Effect – people seem to be more impressed than worried when a company follows up within minutes of asking! This “great” factor generates feedback from consumers to establish immediate trust. Prospects can be correlated with promptness of response and the assumption that their business is prioritized and valued.
The quest for a quick lead is non-negotiable for sales teams to take advantage of them. According to LeadSimple you're 21 X more likely to convert a lead if you respond within the first 5 minutes compared to 30 minutes.
Spot #3: Communication Issues
The majority of marketing and sales teams are using more manual and time-consuming methods of trying to contact inbound leads. More than two-thirds of those surveyed say that email (37%) and phone calls (36%) are the most frequently used communication channels to follow up with leads. Only 6% of those surveyed use texting/SMS to follow up with leads.
Take a closer look: Do you use text to follow up with leads? 89% of consumers prefer to communicate with businesses via MESSAGE. With a well-defined opportunity like this, now might be the time to re-examine your communication strategy and ask the question, are phone and email still the best option?
Finding #4: The State of Marketing Automation
Almost half (44%) of those surveyed have email marketing automation and 39% use a Customer Relationship Management (CRM) tool. Interestingly, only 25% of marketing and sales professionals have automation software specifically for converting leads.
Did you know? There are 8, 000+ MarTech solutions and the number continues to grow. There is a lot of technology available but complicated and expensive technologies can't cut it, especially at the bottom of the funnel. Intelligent integration between systems is critical to success. For example, the software integrates with any CRM solution, meaning you don't have to invest tons of time and money creating and maintaining additional software for the sake of a contact center. This simple solution is another step toward closing the lead conversion gap.
Search Bounty: Sequence Problems
According to 43% of marketing and sales professionals, the first attempt to contact a prospect is made by phone call, followed by email for 40%. By the third follow-up, those surveyed started using text (21%) and live chat (11%) more often.
The most common tracking sequence is: Phone → Email → Phone
Lead conversion tracking sequence by channel
While phone calls are still the communication channel of choice, 87% of people don't answer phone calls from numbers they don't know. And follow Gartner SMS/text is much more effective than email – 98% of text messages are read, compared to just 22% of emails.
Conclude
How do you close the lead conversion gap? Please leave a comment and share what is working for you. How are you improving data, tracking, security and speeding first contact, and using technology to optimize the process? Help the community by sharing what works for you.
You can download the whole Lead Conversion Status in Marketing and Sales for more data, tips and strategies to close the lead conversion gap.
Post a Comment
Post a Comment