January 11, 2017
Lead generation happens online. A recent study from comScore shows that 63% of customers are shopping and obtaining their price quotes online, compared to 51% using a local agent and 18% doing so over the phone.
But it’s still fairly common to hear producers say they do not convert Internet leads enough. Why is that? Consider focusing on first contact rather than initial quotes will increase conversions.
Imagine you get notification of an online lead. Somebody is seeking a quote. A service-minded mentality may cause a person to think, “Great! I have a lead. Now I need to develop and quickly deliver a quote for them. That will put me ahead.” Ignore those instincts. Instead focus on making first contact. It will make all the difference.
Why focus on first contact? A few reasons.
Fast & Furious: Five minutes is really a baseline expectation for Internet leads.
Being first to contact a lead will dramatically increase the chances of a conversion. The statistics on this are startling. According to an MIT study, leads are 22 times more likely to convert when you make contact within the first five minutes. Five minutes is really a baseline expectation for Internet leads. Make a goal to be faster than that.
It helps to be fast, and being first matters most. Consider this stunner – a LeadQual study shows that the first business to contact a lead increases conversation chances by 238%.
There is a need for multiple contacts with that lead, to help nurture the relationship. In fact, the majority of sales require between 5 and 12 contacts. That needs to happen. But, by establishing contact quickly – first, ideally– you will get that opportunity.
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