The Lead Conversion Gap Every Company Struggles With

The Lead Conversion Gap Every Company Struggles With

The general relationship between sales and marketing teams has always proven to be challenging. Marketing teams work hard to drive leads but are often frustrated with sales teams not engaging those prospects quickly enough or not following up to nurture them as needed. Sales teams are equally frustrated by high volumes of low-quality leads they have to chase down, sift through and scramble to respond to 24/7, which is unrealistic. Clearly, there is a "gap" in the marketing and sales funnel, leading to a huge number of missed opportunities, lost time and money.

Over the last 10 years, there's been a massive shift in how consumers prefer to communicate with businesses.   We live in a world of apps, bots and buttons, and people have become accustomed to engaging on their own time and terms. Yet many businesses have failed to adapt. For example, 89% of consumers prefer to engage with a business by text; yet businesses are still calling prospects that don't answer the phone.

Speed To Lead

Nearly half of businesses fail to reach out to a lead within 24 hours, according to research from Harvard Business Review. What's more, leads are 21 times more likely to purchase when contacted in the first five minutes of filling out an inquiry. The need for speed has never been greater.

According to Inside Sales, there are three reasons why a prompt response to a lead increases your chances of closing:

1. Presence: If a lead fills out an inquiry form on a website, they are likely sitting next to their phone or computer. Contacting them right away ensures the best chance of getting a hold of them.

2. Awareness: As the day goes on, a lead is thinking about a plethora of things. If you reach out to a lead within five minutes, you are still at the forefront of their mind.

3. 'Wow!' factor: What better way to impress a lead than by contacting them immediately?

Many teams think hiring more salespeople to handle this intake will solve the problem, but human power alone can't solve this issue.

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