Leaders, entrepreneurs, and CEOs use speed to lead to get an edge over their competition. They can get ahead of the rest, create a great team and stay on top of their game.
What’s Speed to Lead?
Your organization’s average response time to a qualified lead is called the speed to lead. It refers to the time taken to reply to them when they are inbound leads. Although the exact moment a prospect becomes a lead will vary from one organization to another, it is generally when they fill out a contact form or request a demo.
Because of the speed involved in multiplayer business, it is crucial to react quickly. Marketing efforts will be greatly improved if you can recognize sudden changes before they occur.
You can’t wait any longer to see if you will get wide market exposure and great cost savings.
Why does speed to lead matter?
This concept not only shows the diligence of your customer service team but also helps to increase potential customers’ conversion rates.
It is not about quick responses. It addresses all touch points for potential customers.
You can market your product via Google ads. Every time someone clicks on your advertisement and lands on a sales page or meets a person face-to-face, that’s part of the touchpoint.
If a lead is interested in purchasing your product but the affiliate marketer behind them cannot make it happen via email or phone call, you may lose a lot of money.
Is Speed To Lead obsolete?
It’s not, I think so. As long as you’re measuring your speed to lead effectively for you, there is no formula.
These days, some companies have replaced speed closing with closing ratios. Some companies are more focused on IPOs than new orders. The company’s unique business model and particular situation will determine what works best.
However, in today’s world where almost every rep receives an email from their Sales Representative Manager about whom they should be reaching next, there must still be some measurement system.
Reps can see the value in filling out forms in their CRM. Even if they have just acquired a lead, or by default, it will not impact your business’s ability to move forward.
What is your Speed to Lead?
Answer Time: 5 to 20 Minutes
Yes, I do. It is a substantial number. This can be thought of as the gap between your lead qualification level and your sales cycle.
Each company boasts that it takes them an average of one business day to qualify leads (it makes perfect sense when you take a look at their entire CRM). A 50-day sales cycle would be made up of ten such companies. That seems solid enough.
What if there were 25 businesses? What time would it take for 250 agents to qualify these leads? We know the answer: 524 hours.
50 days = 10×25 = 250 leads. Each of these would take one day to qualify. Therefore, it would take at least two weeks to allow all the steps and possibly even hit on fraudulent ones. It is a lot of work and takes time.
How SMS can improve response times?
It’s easy to increase your response time by texting leads. If you don’t reply to a seller’s text, they may wonder if it will happen. This is because they are already subscribed to your content so they know what type of answers they will get.
SMS is a popular method of lead management for many companies.
It is quick and easy to find the handle information for each lead that you receive by simply sending a text message to their number, handle, and name (“Market Professor and The Money Plan: Giving hope and solutions to people who want more”). This book presents “a realistic approach to money problems and strategies which will empower and assist you in managing your finances.” “).
What’s your speed to lead?
Although it may seem extreme, I believe that it is a fair benchmark for all of the industry.
Why is this question important:
Lead funneling is a common topic in job evaluation surveys and employee reviews. However, I don’t recall anyone being asked about their time spent qualifying methods by telephone reps.
These questions were primarily aimed at sales, and are still some of our best. However, they need to be comparable scale measurements across all levels of customer service.
Andy Grove, the former CEO of Intel, coined the concept of speed to lead. According to Grove, the only thing that matters most is how fast you can move. This blog post will discuss that.
There are two types: mental and physical speed.
Physical speed is your running/walking pace. It’s something that you can measure with your eyes.
Mental speed is the rate at which information is processed. It’s something that you have to be able to understand and interpret the text. Performance directly affects speed; you need to improve your mental and physical performance if you want success in any field.
This is it for now. We’ll see you again with a new topic!