In 2012, Mashable Business reported the results of a study conducted by Dr. James Oldroyd of Ohio State University and David Elkington of InsideSales.com. The two men studied three years’ worth of data from web-generated leads and made the following discoveries.
A Fast Response Time Is Everything
If you wait longer than five minutes to call the prospect after his or her initial contact request, your odds of reaching the prospect, let alone making the sale, plummet sharply. After 30 minutes, your chances of reaching the prospect on your first phone call are nearly zero.
Persistence Is a Close Second
If you try to contact a prospect at least six times, you stand a 90 percent chance of eventually making contact with him or her. Unfortunately, less than five percent of sales agents call Internet leads six times or more. In fact, the majority do not even make the initial call.
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Times of the Day
If you can’t follow up within the first five minutes of the lead’s request for a contact, the study suggests that the best time to reach a lead is between 4:00 p.m. and 6:00 p.m. The second best time is between 8:00 a.m. and 9:00 a.m. This information is also useful for cold calling.
Days of the Week
The study suggests that Wednesdays and Thursdays are the best days of the week to contact Internet leads and to qualify leads by cold calling.
Don’t Be Average!
Whatever you do, don’t make the sales mistakes made by the average insurance company. According to Oldroyd and Elkington, most companies average only 1.5 call attempts to follow up with leads. The average response time is around 44 hours, way past the ideal response time of five minutes, and 55 percent of companies do not respond to leads at all, even if they have paid dearly for them. If your company is average, it is missing a lot of opportunities to make sales.
For more information on this study, please visit http://mashable.com/2012/08/