B2B enterprises unknowingly lose millions perhaps billions of pounds in sales each year because they are far too slow to call their prospects.
A shocking study featured in the Harvard Business Review called ‘The Short Life of Online Sales Leads’ (2011) discovered some stunning facts.
Led by Dr James Oldroyd, who was then a fellow at the Massachusetts Institute of Technology, the study worked with the sales technology company InsideSales.com to analyse three years of cold-calling data, including 15,000 leads and more than 100,000 call attempts.
Why is the five minutes’ response time so important?
How many calls should you attempt?
The same study found that your salespeople must make 9 to 10 dials to get the conversation. The average rate is a shocking 1.3 dials.
Salespeople shut down leads too early, leaving money on the table. This is another competitive advantage you must add into your sales process. Most establishments give up far too early. Do not make this mistake. Make 9 to 10 dials before giving up.
Delay is Death – But Your Salespeople Will Be Sceptical
I find that salespeople are hesitant to call right away because they are afraid that they would be seen as big brother. There could be some truth to this, but trust me, the benefits to your business will outweigh the hesitancy of their approach.
Now consider the scenario when you wait 24 hours to call a prospect. What if that same prospect was filling out enquiry forms with multiple competitors?