What is Lead Response Time?
Lead response time is the average amount of time it takes for a sales representative to respond to a lead. This can include anything from filling out a form, downloading content, answering a call, responding to an email, or any other form of contact. Being the first to respond to a lead can dramatically increase your chances of winning the deal.
Why Lead Response Time Matters
Lead response time is important because of the proven way it can secure deals for your business. Lead response time can also help your business gauge which lead will be the most worthwhile for you and your sales reps. For example, someone who requested a demo from you is going to be a more critical lead to follow up with than a lead who merely subscribed to your newsletter. The faster your lead response time, the more likely you are to win the deal.
Calculating Lead Response Time
Now, with a better understanding of lead response time, it’s important for you to form your sales strategy around an improved lead response time. You can do this by creating a formula:
- (Time and date of new lead contacting you) – (time and date of your response) = your lead response time
- (Amount of time it took to respond to all your leads) / (number of leads who contacted you in total) = your average lead response time
Depending on how fast it takes you to respond, this amount of time in the equations can be in minutes, hours, days, or maybe even weeks. Whatever the lead response time may be, it’s essential for you to implement this formula into your sales strategy so that you can improve it and, in turn, win more deals.
Guided selling can help improve your lead response time by providing your sales teams with the sales cadences they need to reach out to inbound leads so they aren’t creating messages from scratch. Learn how Conquer can help with guided selling. Book time with our sales team now.