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Why Speed To Lead Will Make Or Break Your Business!
How fast is your lead followup? If it’s more than 5 minutes, you’re losing business — and you’re losing a lot of it. Believe it or not, while many companies still cling to the belief that it’s good to “wait a few hours” so they don’t seem desperate, the truth is that if you don’t follow up within the first 5 minutes, you won’t make the sale.
In the Lead Response Management Study, Professor James Oldroyd performed an in-depth study of response times & contact rates, and found that for every 5 minutes you wait, there’s roughly a 4x reduction in your chance of contacting the lead. If you wait more than an hour, your chances of contacting the lead are 10 times lower than if you’d called them in the first 5 minutes!
Keep in mind that 75% of prospects do business with the company that contacts them first. However, the average response time to an online lead is 44 hours and 50% of online leads never get a response! Why is there such a large disparity? In small business, the issue is usually that you’re busy with task-work and don’t have time to jump on new leads. With all the responsibilities on your ... more
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