Like most businesses these days, yours probably receives leads through your website. With all the other tasks that are essential to running your business, you and your sales team may delay initial contact with your leads. However, the longer you wait before contacting them, the more the conversion probability will decrease. HubSpot wrote about this issue in one of their latest blog articles and it encouraged me to talk to you about it. In this article, I will show you data that will make you aware you that it is imperative to get in touch quickly with your leads in order to increase your B2B business’ sales.
Contacting Your Leads Quickly is a Simple and Efficient Way to Increase Your Sales
The Lead Response Time of B2B Companies Sales Teams is Too Long
While engaging quickly with customers is standard practice in the vast majority of B2C companies, this is unfortunately not the case in B2B companies.
Imagine that you walk into an electronics store to purchase a TV after having done a lot of research on the Internet. How would you react if you approach a salesperson expressing your intention to buy and that he answered you ”Noted. I will call you in 48 hours.” When you are ready to buy now?
Obviously, you would be surprised and upset and you would spend your money in another store. Your leads will possibly react the same way if you take too long to contact them.
Here are some evocative data from a study involving 2 241 American B2B companies:
- It takes on average 42 hours before a B2B company attempts to contact a lead for the first time.
- 37% of companies contact their leads within the first hour after receiving them.
- 16% of businesses contact their leads within 1 to 24 hours.
- 23% of companies do not respond to the leads that are forwarded to them.
While 48 hours may, at first glance, seem to be a reasonable delay, the problem is that in B2B ‘’hot’’ leads become ‘’cold’’ very fast. Indeed, a company will be much more open to a sign a contract with you if you contact it within the first minutes after receiving their lead compared to if you wait several hours to do it.
In 2014, People Use the Internet to Perform a Large Chunk of Their Buying Process
30 years ago, sales representatives were solicited during the early stages of the buying process, since they were the main source of information available about what they were selling. Today, in 2014, this is no longer the case, as we can get information on everything through the Internet. This ensures that when someone contacts you about your products or your services, he or she is already very advanced in the buying process.
In fact, according to a co-authored document by Google and CEB, people will have completed 57% of the buying process when seeking to get in touch with a sales representative. This means that they have done that they are educated about what you sell and are ready to buy now. Do not miss your opportunity!
Benefit of Your Competitors’ Slow Response Time to Get More Sales
Based on the data I have shown you, are you among the businesses that quickly contact their leads or are you among those that take too much time to do it? If you are part of the latter group, you must establish initial lead contact standards within your company to take advantage of the generally long reaction time in the B2B sector to sign new customers before your competitors have the opportunity to establish a relationship with them.
If you still need convincing, read the following sentence carefully. A research conducted by InsideSales.com shows that in 30 to 50% of cases, the sale goes to the first company that took the time to contact a lead. It is therefore profitable for you to review your processes to speed up the initial contact with your leads (while also ensuring you perform proper follow up afterwards).
This concludes my article on how you can increase your B2B business’ sales by contacting your leads quickly. I hope that reading has made you aware that it is essential to contact them as soon as possible in order to put the odds of convert them into clients in your favor. At Kezber, we can help you by creating an efficient lead generation system. However, when it comes to initial lead contact standards, you will, as a manager, need to establish them, but I am sure that you will not regret the time you spent working on this when you will see your sales increase!