Contacting a Lead within 5 Minutes can Maximize Your Lead Conversion by 900%
Receiving online referrals for clients may seem helpful to your business, but you may not be utilizing these leads as effectively as you think you are. When processing online referrals, lead response time is one of the biggest factors involved in client conversion.
You may know that the longer you wait to contact the potential client, the less likely you are for that lead to become a client. However, you may not realize how small that window is. A study conducted by Ohio State University and Insidesales.com demonstrate that even a response time of 10 minutes could hurt businesses when following up on client leads. So, what is the most amount of time you should wait to contact a client? The answer is that you shouldn’t wait. The study concluded that businesses that respond within 5 minutes or less had a 900% higher contact rate than businesses that took 10 minutes or longer to make contact.
In this article, we at Legal Brand Marketing break down the data related to lead response time, as well as give you the information you need to know to maximize your ability to convert leads to signed clients.
Client Conversion Success Drops After the First Five Minutes
The Insidesales.com study found that by waiting more than five minutes to contact a lead, your chances of contacting them at all drop 10x. In addition to the Insidesales.com study, several other studies have affirmed the conclusion that five minutes or less is the optimal amount of time to follow up on a lead. Additionally, waiting more than five minutes to contact a potential client can not only reduce your chances of securing the client but could also affect your retention of future leads. According to the study, companies that took longer to attempt contact with a lead saw a decrease in the number of qualified leads and close rates overall.
Potential Clients are Most Likely to Sign with the First Firm They Hear From
The chances are high that your business is not the only one utilizing leads. Several other firms may be receiving the same leads you are or may receive a visit to their website by potential clients looking for answers to their legal problems. Studies show that, across all industries, the first company a person hears from is the likeliest one to garner the business of that potential client. This is no different in the legal field. If you are waiting more than five minutes to contact a lead, you risk losing that potential client to a competitor firm that jumped on the opportunity to make contact.
How Can You Improve Your Lead Response Time?
We understand that law firms are busy environments and that attorneys are swamped with work, making it difficult to follow up on every single lead in a small timeframe. How can a firm strategically make sure that its leads are not only followed up on but in a time frame that will increase its chances of securing those leads as clients? We have a few strategies that can increase your response time and make sure you are following up on every lead.
Prioritize Quick Contact
Make it a priority to contact leads within the first five minutes and create strategies to do so. Create a strategic plan with your team to make sure leads are followed-up on in a timely manner. Have meetings with your team, brainstorm ideas, or contact your marketing team for advice and help. Attorney Jason M. Ferguson, Law Office of Jason Ferguson, LLC, advises to “Call leads back 24/7 and call leads within 5 minutes or less of receipt” to help improve conversion rates for legal referrals.
Invest in Software and Technology to Make Sure No Lead Goes Unfollowed
Create a system for monitoring messages, either by hiring employees to accomplish this or purchasing software for messenger monitoring. Automated email and SMS responses can be extremely helpful in creating the first point of contact within the five-minute timeframe.
Many firms have begun implementing live chat and SMS messages as part of their outreach. A live chat or SMS tool on your firm’s website will allow you to reach out while someone is currently visiting your page. This is extremely helpful because it makes a point of contact with a potential clients before they can visit another webpage and potentially before they have even decided whether they want to hire an attorney. A person who is on your webpage may be looking for the answer to their problem. Contacting them while their problem is fresh on their mind may help them realize that their problem is best solved in the hands of a qualified professional and that you are the qualified professional for the job.
If You Don’t Get a Response, Try Again – Persistence is Key
Despite your most diligent attempts to contact a lead within the coveted five-minute timeframe, you may receive no response. The Insidesales.com study showed that the average amount of follow-up contact attempts was 2.8. However, the study also found that for those who did not make contact on the first attempt, the likelihood of success was highest on the 6th attempt. If you do not make contact within the first few minutes or even days, keep trying with different methods, i.e. call, email, and SMS.
It’s not only timeliness that affects the success of your lead conversion rate, but also your persistence. Persistence pays off, so don’t give up if you don’t receive a response after the first attempt or two.
Leads Are a Valuable Part of Your Business – Make Sure You Utilize Them Efficiently
Many studies have shown that, surprisingly, not only are firms not following up on leads within the desired five-minute window, but they may wait days to contact a lead or fail to make contact at all.
At Legal Brand Marketing, we specialize not only in generating leads for your firm but also in talking you through implementing a brand strategy that makes sure you utilize those leads effectively to maximize firm business. You owe it to your business to follow up on each and every lead and generate as much business as possible with those leads.
Contact Legal Brand Marketing for questions about lead conversion success or if you need help implementing lead conversion strategies for your firm.