It’s a shocking figure, but it’s also a reality revealed in a new study by Velocify.
This figure, and others, are based on a study of Fortune 100 companies, looking at both their ability to respond and their responsiveness to potential B2B and B2C customers.
One would hope that the figures are better for small and mid sized businesses, but if the biggest companies can’t get their acts together, what’s left for the rest of us?
Perhaps more business than you thought.
Findings on Potential Customer Response Time
Here are some of the key findings of the study:
- 1/3 of potential customers who had requested information or quotes online didn’t receive a phone call response.
- 1/3 of potential buyers go without receiving an email response, 12% receive no response at all.
- Of potential buyers who receive a return call, the average wait time is 3 days, and more than 10% had to wait a week for their phone call.
- 1.6% received a call back in less than 1 minute, 15% in less than 1 hour, and 20% within a few hours.
And while all that might sound like the status quo, or just another day at the office, here’s the real kicker:
“…research shows that responding in under 60 minutes improves the probability of converting a prospect by 36 percent.”
By missing out on just making a simple phone call or even having an automated email response, these companies are missing out on a 33% more sales.
Seriously, just get on the phone
It’s insane because those sales are there and ready for the company to take.
There’s nothing else required, no marketing dollars, no traditional rhythmic dance to perform.
All you have to do is respond, preferably in the fastest, kindest, most concise way possible.
That ain’t bad.
Phone and email, but mostly phone
The two best ways to reach out to online leads is still over the phone or via email, but mostly over the phone.
While email might seem like a great option for you to save time and not have to speak to a total stranger, the effectiveness depends on many things.
Those include your ability to write attractive subject lines so they open it, your ability to write a convincing email so they take the action, their tendency and frequency of opening their email, and their decision to arbitrarily take action on the email when they feel they have time.
It can quickly turn into a low percentage of effectiveness.
On the other hand, a phone call gets them right where you want them. They might not be in the right place at the right time, but it immediately shows you’re interested in their business, that you’re responsive, and gives them the option to take action on the spot.
It also gives you an even better chance to showcase your sales[person]ship and to close the sale better right there on the phone (or at least set up another time to chat).
But the mix of both might actually tip you over the edge. Doing an immediate call, while also sending an immediate and follow up email is not only possible, but with the right CRM software it’s also as simple as setting up a few automation rules and getting your bottom in gear.
Really, this lack of response can only be attributed to a lack of strategy, implementation, and the software to power it all.
If you don’t have a strategy for engaging new and existing customers, it’s time to stop reading this post and head back to the drawing board.
If you don’t have a plan for implementing your CRM strategy, you have no higher priority than to figure it out and start putting it in place.
And if you don’t have CRM software to power your strategy toward a successful implementation, then you need to try JobNimbus right now for the next 14 days.
I guarantee that you can close more sales by engaging all your new leads in the best way possible.
Don’t let good money go to waste.