How quickly does your sales team move when a new lead comes in? You may be surprised to learn that the average lead response time for many companies is almost 47 full hours. While this turnaround time may have been acceptable in the past, in today’s fast-paced digital world, it’s simply not sufficient. If you want to convert your property management leads into paying clients, timing is everything. Just how important is speed to conversion? Let’s take a look.
Every Minute Matters
And we do mean every minute. In fact, according to a study by Velocify, your chances of converting a web lead goes up by 391% if you respond within a minute of the inquiry. Waiting just one additional minute cuts that rate down to 120%. And if you wait an hour, your chances of converting drop to just 36%. Obviously, it’s not always going to be possible to follow-up within 60 seconds of an incoming lead, but you should always keep in mind that when it comes to success, every minute counts.
Method of Follow-up
In addition to the timeframe in which you follow up with a lead, the method you use to do so also makes a difference in terms of conversion chances. For instance, despite the fact that a lead may have come in electronically, statistics show that responding via email is only half as effective as picking up the phone. So, next time that web form or email inquiry makes its way to your sales team, make sure they’re making contact the most impactful way possible.
Being Persistent Pays Off
If at first you don’t succeed, try, try again. In other words, if your first attempt to make contact with a lead doesn’t prove successful, don’t give up. Keep trying. Leave a voicemail on your first attempt. Then try again in 30 minutes, an hour or two later, and then a few more times over the next few days. Just be careful not to overdo it. The survey referenced above revealed that after seven or more attempts to reach a lead, the chances of conversion go down by 45%. If you’re approaching double digits with your outreach, consider switching to a nurture/remarketing strategy instead.
Timing is Everything
In addition to the speed with which you respond, the method you use as well as the frequency with which you follow-up, the actual timing of your calls and emails can also have an impact on conversion rate. The same survey mentioned found that properly timing your emails and phone calls can increase the chances of conversion by 53% and 49%, respectively. Do some analysis to determine what the best timeframe is for communicating with your leads and then build your sales strategy around that data.
Above all else, the most important thing is following up on your property management leads. So, before you put the information above into action, make sure your lead-to-contact rate is a top priority. Once you’re sure no leads are slipping through the cracks, focus on perfecting your speed, technique, persistence and timing. This will dramatically improve your chances of making the connection and eventually closing the deal.