Following Up On Leads: The Science Behind B2B Communication
The old adage of “striking while the iron is hot” absolutely rings true when it comes to B2B sales. Following up on leads is a crucial component of increasing sales and revenue but it’s important to understand that following up isn’t enough. When you follow up matters most. Fortunately, the hows and whens to respond to leads were demystified by research the Harvard Business Review (HBR), which we will highlight below.
HBR Research Highlights the Failures in Following Up on Leads
After an audit on lead generation and follow ups with over 2,000 corporations, researchers at the Harvard Business Review found that companies took too long to respond to web-generated leads. Unfortunately, companies have spent billions on web leads. In fact, lead purchases rose over $10 billion within a four-year period. While companies see value in spending considerable funds on generating leads, HBR researchers found that not responding to leads quickly enough led to lost sales.
Of all the companies audited for follow ups, HBR reported the following figures:
- Nearly 40% responded to leads within an hour
- About 16% responded within a day
- Another 24% responded after 24-hours had lapses
- Over 20% never responded to leads at all
When to Respond to B2B Sales Leads
As a rule of thumb, B2B sales leads should be nurtured within 24-hours. According to the HBR, online leads have a short life cycle so it’s important to act quickly (within normal business hours, of course). If an assigned salesperson is unavailable, implementing systems to assign available salespersons to incoming communication is vital to ensuring that leads do not go unattended. Administrative personnel can also field requests from potential customers and set appointments for Zoom meetings or conference calls.
Other options to nurture leads can include setting up automated responses via e-mail and to schedule follow-up calls or e-mails for unavoidable delays.
Timely follow-ups produce results. HBR researchers found that when follow ups occur within an hour, salespeople were seven times more likely to qualify their leads. The odds of qualifying leads after 24 hours are dismal: salespeople are 60 times less likely to engage with decision makers when a full business day has lapsed.
All in all, reacting quickly to signs of interest can make a big difference in revenue and the customer experience.
Pel Hughes is a full-service printing company that serves businesses throughout the United States. We offer direct mail, campaign automation, database services, cross media marketing, and more to help our clients thrive in B2B sales. Give us a call at (504) 486-8646 to learn more.
