The world is not the same place you knew few years ago, it has changed in many ways than can be defined in a few sentences. With the emergence of internet as the primary mode of communication, the sphere of sales and marketing has observed paradigm and some irreversible changes.
The sales process primarily used to be confined to outbound leads and cold calling prospects till some years back. The tables have turned and now inbound sales prospecting has gained prevalence with the help of organic & paid website leads, social media, email marketing, and referrals. This has helped businesses immensely because it necessarily means the end of chasing disinterested prospects, as people who contact you must have some level of interest in the products/services your business provide.
However, scenarios are not that rosy because in all probabilities, yours is not the only company that has been considered by prospects. They must have done their bit of research and have reached out to more than a single company for their needs. This is why you need to have a great inbound lead tracking in place to have greater lead conversion.
New MQLs? Buck up and Follow-up within 5 Minutes
An indispensable part of an effective inbound lead tracking process is lead response time. It is absolutely appalling to know that most companies don’t respond to inbound leads at a quick pace. A HBR research report on lead response highlights this problem with striking data from over 2000 US companies.
According to the report:-
- A company is 100 times more likely to make contact with a lead if it initiates a call back within 5 minutes
- The average B2B company waits 42 hours to follow up with leads
Yes, you read the figures right and we didn’t make any of those up.
So, next time you think what is wrong with your inbound lead tracking process, make sure that you respond to new leads within 5 minutes. And hey, an automated email is not sufficient these days. Please ensure that you ask your reps to send personalised emails depending on the requirements of the prospects. Alternatively, you can also choose to have multiple email templates ready to be sent out once you get a fresh MQL.
Lead Tracking Software to your Rescue
An efficient sales process is one where you and your sales reps should always be aware about the stage a lead is on. Moreover, you must know how long has it been for the lead in the sales pipeline. If these are not commonplace in your organization, you can be dead sure that your inbound lead tracking system is in tatters.
Thankfully, this problem can be overcome with the help of a sales lead tracking software. This software is a competitive advantage that your business needs for better lead tracking, increased sales, and enhanced sales team performance. This involves rapidly sorting out unlikely leads, focusing on potential customers and thereby, calculating the size of the sales deals.
Moreover, with the help of the software, you can take additional or corrective measures after discovering where leads are stuck in the sales funnel. Thereafter, you can focus on good prospects and do away with leads which are unlikely to become potential customers.
Perseverance does the Job in Trying Times
While we emphasized on the importance of following up with leads within the 5 minutes, we haven’t and will not be able to stress enough on the value of perseverance. Studies say that the average sales rep attempts to contact leads 1.3 times before finally giving up. This figure is immensely worrisome for organizations, as it mostly takes up to 8 touch points before making an impression on leads.
As long as you have good qualified leads, your reps should explore various touch points that includes:-
- Call Back
- Sending multiple follow-up emails
- Connecting with leads over social media – LinkedIn, Twitter, and Facebook
- Interpersonal communication and discussions
Lead tracking is not a task that can be completed in a single day. On the contrary, it requires continuous and combined effort from all the people in a sales process.
What are some of the other techniques you have adopted for better inbound lead tracking? Let us know your thoughts on the subject in the comments below.