I realize that you can make a survey say anything, and clearly Velocify has a vested interest in demonstrating how bad lead follow-up is currently, but these statistics are still startling.
In conjunction with a couple partners, Velocify recently released the results of a survey outlining how today’s buyers engage with sellers, and how sellers react.
There’s some great information here about what channels and devices buyers user to research and inquire, both for business and personal inquiries, but the data that really stuck out to me was around seller response rates.
For example, according to the survey:
- 70 percent of buyer inquiries were completely ignored
- 64 percent of buyers said their purchase decision was impacted by slow seller response
- Over 40 percent of buyers said a 24-hour response window was still too slow
- 72 percent of buyers admitted that the first seller to respond has the advantage
Keep in mind that these are buyer-reported figures. So what the seller may consider lead follow-up may not have in fact registered as follow-up with the buyer.
In fact, I bet plenty of salespeople make a single call, give up on the prospect, and yet the prospect is still waiting for contact.
Meanwhile, your more-persistent competitor got through and got the deal.
There are a variety of ways to interpret and spin the data here, but the message in my mind is extremely clear.
If you get a lead, follow up immediately. Buyers also reported that on average they contact three prospective sellers, so once that lead comes in the clock is very much ticking.
Continue following up at least 2-4 times until you reach the prospect. Velocify’s data indicated that within a 30-day period, 75 percent of buyers are fine being attempted via phone 2-4 times, and via email about the same amount of times.
Your buyers are busy, they aren’t always there for your first call, but keep trying. Your response rates, sales pipeline, sales manager and commission check will thank you for it.
Check out the full survey results here.