Do you know when a prospect fills a form on your website, they also apply on ten other websites simultaneously? So, if you are wondering why your leads are not converting into sales, it’s time to relook into your existing lead qualification process.
An ideal lead qualification process involves the marketing team passing all the Marketing Qualified Leads (MQLs) to the sales team, and the sales team analyzing, scoring, and identifying Sales Qualified Leads (SQL). A qualification process like this is awesome, but this process only works well for B2B companies where the sales cycles and decision-making processes are lengthy.
In a fast-paced ecosystem like Fintech where sales cycles are short and instant gratification is the motivation of purchase, a long lead qualification process could kill 40% of your potential leads. What you need is a process where your sales support team responds to your lead faster than your competitor and closes the deal first. What you need is an improved lead response time!
A study by InsideSales.com on lead response time revealed that sales teams that take more than 5 minutes to follow up on website leads have 10 times less probability of converting them into sales opportunities. It essentially means that your team needs to have its hand on the pulse of your prospect always. A miss by a minute could have a direct impact on your sales.What you need is a lead qualification process with a difference!
Identifying the right lead and contacting them in 5 minutes is not an impossible feat to achieve. All you require is a different lead qualification approach. With a modern contact center in place, you can equip your sales support team to engage with customers at every stage of the customer’s journey – right from the awareness stage where a person might have questions about the loan application process, to the decision-making stage. By continually engaging with the person and responding to their queries in real-time using technology such as chatbots, your support team will be able to identify the prospects displaying high purchasing intent. The final call with the lead will be focused on closing the deal and not qualifying them for a sales opportunity.
Improved lead response time improves sales velocity. Sales velocity is the key metric to consider when you measure sales effectiveness. It indicates how swiftly your sales support team moved your leads through the sales pipeline and how fast were they able to close the deal. It tells you about the health of your sales process and its ability to generate revenue for your business quickly. Lead response time is directly correlated to sales velocity. An improved lead response time leads to an improvement in sales velocity as it accelerates the process of lead conversion.
So, if you are finding ways to improve your sales velocity, it is perhaps time to re-engineer your existing lead qualification practices and focus on reducing the lead response time.
Need help in setting up a modern contact center to reduce lead response time and to improve sales velocity through customized modern contact center solutions? Contact us for a quick POC.