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The Magic 5 Minutes: Increase Your Conversion Rates

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The Magic 5 Minutes: Increase Your Conversion Rates

Drop everything and phone that customer! Now!

If you or your team responds to sales enquiries within 5 minutes, your chances of converting leads to sales are increased by 900 times, rather than if you’d left it for another 5 minutes.

Following the initial 5-minute timeframe, conversions drop off considerably. Shrinking that 10-minute window down to 5 can make all the difference to your profits. If you don’t call within the first hour, your lead is most likely dead and virtually impossible to resuscitate.

The top reason to immediately engage with potential buyers is because they’re already on your site looking for the product they need. So it’s in the bag for your sales team if they hop to it. Let it lag and your competitors will gain all the online search momentum.

It may sound simple, however many businesses don’t put enough emphasis on responding quickly to hot leads. This can lead to a very cold trail of limited connect rates and even less conversions.

The impressive 5-minute response results were the subject of a study conducted by MIT Professor James Oldroyd and the Lead Response Management organisation. The research aimed to identify optimal contact and qualification rates for web-generated leads.

Local Web Experts co-director Adam Boote explains how important new business leads are to his business by saying that without them small “business cannot survive”.

“If we have a lead come through to our office, we’re all over it,” says Boote. “New business leads are the foundation of how a business operates. They directly impact how a business grows.”

Considering Australian businesses spent approximately $7.4 billion on digital advertising in 2016, with the aim of netting more clients, it makes sense to increase your ROI by picking up the phone – and fast!

In his experience, Boote is amazed at how many businesses allow web-generated leads to grow old and let their valuable online advertising spend go to waste.
“The reason you’re paying money for online ads in the first place is to grow your business,” says Boote. “Don’t let the lead turn cold! Take action! The longer you leave it the harder it gets to snag new customers.

“The saturation of mobile devices in the marketplace means it’s urgent to respond quickly. If people are looking for a removalist on the Gold Coast and their first attempt doesn’t return the call pretty much immediately, then they’re phoning the next ad in the search results – your competitor. It’s that simple.

At Local Web Experts, Boote notes that the more successful clients are the ones who “drop everything when a new lead comes in”.

Boote is extremely proud of Local Web Expert’s achievements so far this year, whereby he, along with co-director Dan Horne and the team, have delivered 17,784 recorded phone leads to clients.

“This is all possible thanks to our sophisticated phone call tracking system, which is designed to track sales leads and help improve our clients’ internal sales processes,” says Boote.

 

Words: Jennifer McCarthy 

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