Hey there! I have one simple question: Are you ready to have your mind blown? I’m going to present a very simple way to increase qualified leads, defined as meaningful conversations with a key decision maker, by as much as 60X? It’s more obvious than you think, but there may be some heavy lifting you have to implement into your Salesforce.com or CRM platform. But if it Boosts Your Sales by up to 60X, it’s worth it, right?
Harvard’s Mind Blowing Data
A few years ago, I stumbled across a study published by Harvard Business Review , and based upon 1.25 million sales leads, which clarified a huge sales operations gap in most sales teams. Ultimately, the article indicated that online lead response time predicts a sales rep’s ability to actually get on the phone w/ the prospective customers, and qualify them. As you know, the ability for a sales rep to get a prospective customer on the phone predicates their ability to close deals and generate revenues for the company, and sales commissions for themselves. Here’s a synopsis of the data which will blow your mind!
Summary of the compelling Data
Here’s what you really need to know about the data from the Harvard Study of over 1.25 Million online sales Leads:
- Responding to the lead within 1 Hour: 7X Better Qualification Rate than waiting 1 more hour
- Responding to the lead within 1 Hour: 60X Better Qualification Rate than waiting 24 hours
If you’re a sales leader running an Inside Sales or Outside Sales team, and your jaw didn’t drop, it better be because you’ve already seen these data :-). Seriously, this is compelling information. This just proves that growing revenues is as much about smart fundamentals as it is about razzle, dazzle positioning & sales techniques. To me, tracking time to first response is like learning how to dribble & shoot layups in basketball; whereas, advanced Sales Techniques and Sales Training are like dunking from the free throw line. Or, I could even use a quote from the rapper E-40 “Don’t buy an $85,000 car before you guy a house.” In my professional opinion as a Sales Consultant, if your company isn’t tracking this, and you’re spending a bunch of money on other ways to increase sales, you may want to put this toward the top of your list!
Are Most Companies Tracking Time to First Response?
The truth is that the majority of Sales Leaders I provide Sales Consulting & Sales Leadership to are not tracking Time to First Response for their leads. And Why Not? They’re not tracking this GOLDEN SALES METRIC mainly because Salesforce.com doesn’t provide this type of tracking out of the box, and you really need a highly qualified Salesforce.com Consultant or Salesoforce.com expert to help you navigate the best way to implement metrics into your CRM to track this.
What to Do Next
Quite Simply, you need to find a way to track first touches on new leads. So, my advice would be to figure out how your sales team is reaching out to leads in the first place. Is it an email, a phone call, a text, or knocking on their door? All of the above can be tracked, but you have to find out how the team is responding, then devise mechanisms to track these things. Sales Leaders that fail to follow these steps are missing such a wonderful opportunity to increase qualified leads by 60X.
This article was published by BOST Sales Consulting. Click here to see a list of BOOST’s services. The original article, which is located here , was published by James Oldroyd, Kristina Mcelheran, and David Elkington.