Study Shows that .EDU Lead Buyers Have Room for Improvement

I have been in the lead generation/performance marketing space for about 6 years, which in Internet years is about 12 years, and there is one thing that becomes clearer and clearer to me every year that goes by. It is without a doubt that the most important factor for working Internet leads successfully, regardless of the vertical they are being generated for or how many times the lead is being sold, is speed to contact.

Read the rest of this entry »

True Success With Leads Comes From Speed!

With the last post we established the importance of having a full plan of attack for working leads generated from your marketing efforts. The first and most important objective in your plan will be to create a process which allows you to call the leads ASAP. Now, let me clarify that point a little further. “ASAP” does not mean, I will call the lead as soon as I finish this 3 page memo, as soon as I come back from lunch, or (even worse) the next day. ASAP means you need to call the lead within 5 minutes of the consumer filling out the form. Yes, that is right! To have success with business leads you need to respond back to the inquire within 5 minutes or less.

I have had discussions with industry professionals that claim the speed to contact depends on the industry and/or product that is being sold, and in many respects that can be true. If a lead is generated for a product or service that is solely dominated by one company, the time to contact required will may be slower. If  leads are generated for companies in more competitive industry like the financial or online education industries, follow ups need to happen much quicker. However, in my opinion, and regardless of the level of competition, companies should start a precedent of calling prospects within minutes of the consumer filling out a form. In the case of a company with very low competition it will demonstrate that you respect the consumers time and the business they will soon give to you.

There are many people in the lead generation industry that are familiar with the MIT study that was conducted a year or so ago, and I think it is important to bring it up again in this post. Additionally, I think it enforces the common thought that companies need to call their leads as soon as possible.

Amongst all the data they present, this to me is the most important. This first graph shows the rate in which leads were contacted. A “Contact” would equal someone picking up the phone.

You can see the huge drop in numbers from not calling a lead within 5 minutes and waiting 10 minutes. The bottom line is that we compete for the attention of the consumer and each minute that you do not contact them you are opening up the door for your competitors.  When people request information they want it right then, while they are in the mood, not in 15 minutes and definitely not the next day.

The next graph takes it one step further and looks out how speed to contact affects the qualification of a lead.

Again, you can see the how important it is to call the lead within 5 minutes.

My suggestion to every out-bound sales division manager is to make this your number one objective. Every sales associate should have these graphs posted in their cubical. There should be no question when asked what their main objective is they answer “to call a lead within 5 minutes of receiving it or faster”.

Speed to contact will be essential for your companies success and will give you a solid foundatation to build the rest of your lead management process. The next post will will include addional stratagies that will help you manage leads better and maxamize your ROI.