Why Speed is the Key to Lead Conversion

It has been said that the only thing that matters in business is speed. In sales, this could not be more true. The speed-to-lead metric measures how quickly a sales team responds to inbound leads, and it is one of the most important indicators of success. Here's why. Key Takeaways •Speed-to-lead metrics regularly prove that the faster you respond to leads, the more likely you are to guide them through the funnel and eventually convert. • If your leads encounter delays — even short ones — you run the risk of losing them forever. • Go-to-Market (GTM) revenue teams must prioritize speed to lead in order to improve conversions. • The most hallowed sales metric of them all is conversion. Converting leads into customers is the “big win,” allowing Sales to make a closed/won notation on an Account record and directly attributing to quota achievement. • According to an oft-cited study by Lead Connect, 78 percent of customers buy from the company that responds to their inquiry first. • Being first is important, without question. But, being quick is every bit as important too according to a report in Harvard Business Review. Principal 1. The faster you respond to a lead, the greater your chance of making a sale. When a potential customer expresses interest in your product or service, they are likely considering your competitors as well. If you are the first company to reach out, you have a much better chance of making the sale.  Even a short delay can cause a lead to lose interest and move on. People these days are used to getting what they want immediately because life moves pretty quickly. If they have to wait even a few seconds for a page to load, they're likely to get impatient and click away. The same is true of your leads. If they encounter any delays — even short ones — you run the risk of losing them forever. That's why it's so important to make sure your website is fast and responsive. Every second counts when it comes to keeping your leads engaged. Principal 2. The speed-to-lead metric allows you to track and improve your sales process. If you are not tracking your speed-to-lead metric, you have no way of knowing how quickly your team is responding to leads or whether your process is as efficient as it could be. By tracking this metric, you can identify bottlenecks in your process and make improvements that will lead to more sales.  Since time is of the essence in business, the go-to-market (GTM) revenue team must focus on speed to achieve higher conversion rates. This means making decisions quickly, being agile in the face of change, and always being ready to take action. In order to lead, GTM teams must be able to quickly adapt to new market conditions and customer needs. They must also be proactive in their approach, always looking for new opportunities and ways to improve results. By adopting a culture of speed and flexibility, GTM teams can position themselves for success in the ever-changing marketplace. Principal 3. Quick response times create a sense of urgency and demonstrate that you value potential customers' time. No one likes to be kept waiting, least of all when they are considering making a purchase. Responding quickly shows potential customers that you value their time and are ready to do business.  When it comes to sales, timing is everything. The sooner you follow up with a lead, the hotter they are considered to be. Studies have shown that speed-to-lead metrics have a direct correlation to the likelihood of conversion. In other words, the faster you respond to leads, the more likely you are to guide them through the funnel and eventually convert.  This is because when a lead is first generated, they are usually still in the research phase and are open to engagement from a variety of sources. The longer you wait to follow up, the more time they have to connect with other companies and get further down the purchase cycle. As a result, it’s essential to have a system in place that allows you to quickly and easily identify new leads and reach out to them right away. By doing so, you’ll maximize your chances of conversion and keep your pipeline full. Principal 4. Being first is not always the most important thing, but being quick is always key. It is important to remember that being first does not always mean you will win the sale. However, being quick is always important. Even if you are not the first company to reach out, if you are able to provide potential customers with the information they need quickly, you stand a good chance of making the sale.  Being the first to market is often seen as the key to success. After all, it can be difficult to gain a foothold in an already established market. However, a new report from Harvard Business Review suggests that speed is just as important as being first. The study found that firms that were the first to market with a new product or service only had a 19% chance of being the market leader. In contrast, firms that were the second or third to enter the market had a 26% chance of becoming the market leader.  The study also found that being first generally requires a greater investment of resources. As a result, firms that are able to move quickly and efficiently may be able to gain an advantage by being nimble and responding quickly to changes in the market. In today's rapidly changing business landscape, being quick may be just as important as being first. Rule 5. Focus intently on conversions. Any salesperson worth their salt knows that conversion is key. After all, converting leads into customers is the best way to make a closed/won notation on an account record. Not to mention, it directly contributes to quota achievement. In other words, if you want to be successful in sales, you need to be able to close the deal. But closing the deal isn't always easy. It takes skill, persuasion, and sometimes a bit of luck. The good news is that there are a few things you can do to increase your chances of making a sale.  First, make sure you understand the needs of your customer. Second, put together a compelling proposal that meets those needs. And third, follow up quickly! If you follow these steps, you'll be well on your way to increasing your conversion rate and achieving your sales goals. The Final Word on Speed to Lead In today's competitive marketplace, speed is everything in sales. The speed-to-lead metric measures how quickly a sales team responds to inbound leads and is one of the most important indicators of success. GTM revenue teams can prioritize speed to lead by tracking and improving their process so they can reach potential customers quickly and efficiently. Being quick is always key; even if you're not the first company to reach out, if you're able to provide potential customers with the information they need quickly, you stand a good chance of making the sale. Quake Leads was built on the speed to lead model, which is why it makes no less than four point of contact (email, SMS text, Call and voicemail) within the critical first five minutes after a lead is generated. This process ensures that no lead goes unchecked, improving the chances of converting to an actual sale. Check out our demo at QuakeLeads.com to see it in action today!