04 Jun Working Your Leads: 5 Powerful Statistics That Will Change Your Strategy
With each new technology that enters the market and propels the growth of the online marketplace, consumers have more access and options than ever before. Consumers are going online to research insurance companies and their various offerings, while also shopping for the factors that will influence their selection, such as price and flexibility. An effective lead generation strategy is vital to the success of any agent or broker’s future business. Strategic and successful lead generation is based on a combination of data, planning and execution. You won’t need luck to drive conversions, but you will need a keen understanding of the numbers behind working a lead. Here are 5 powerful statistics that will change the way you are working your leads.
50% Of Consumers Select The Vendor That Replies To Their Inquiry First
You may have heard the sales anecdote “speed to lead.” As soon as a consumer completes a form or submits an inquiry or any kind, the clock starts ticking. The more quickly an agent can contact a prospect, the greater their chances are of converting the lead. Half of all consumers ultimately close a deal with the first vendor who replied to their inquiry. This may seem odd since there are so many options in the marketplace, however consumers also value time and efficiency. Make sure your lead generation strategy includes the tools that will help you identify and contact prospects quickly. Only 22% of leads will convert when contacted after more than 24 hours of submitting their inquiry, which means the overwhelming majority of prospects – 88% –convert when contacted within the first 24 hours.
80% Of Leads Do Not Close On The First Call
Contacting a lead quickly is important, but it’s rare that you will contact a prospective client on the first call or email. In fact, 93% of all leads that convert were contacted on the 6th attempt. Many agents and sales professionals do not continue to follow-up with prospective leads after an unsuccessful outreach attempt. On average, many agents will stop after the second unsuccessful follow-up attempt, abandoning the lead and moving on. One call or email to a prospective customer is not likely to convert to a closed transaction. Instead, prepare a holistic multi-touch sales strategy [link to sales process article] that will help you diversify your outreach tactics. Don’t forget to practice your voicemail technique. Voicemails [link to voicemail article] are an essential element to a strong outbound strong call strategy.
Need help with starting conversations with your leads? Check out this article!
The Weekends Are The Worst Days To Contact And Qualify Leads
You might think that with busy work schedules, family obligations and other time consuming activities, that Saturdays and Sunday would be the optimal days to contact and qualify leads. However, weekends are your prospective clients’ personal time. Wherever they are in the sales funnel, many customers don’t want to spend time during their weekend speaking with an agent or broker.
Keep in mind, the time of the day is almost as important as the day you contact the lead. When aiming to make first contact, 4:00 to 6:00pm are the best times, however when qualifying a lead, you may have more success with conversations from 8:00am to 9:00am or 4:00pm to 5:00pm. If you are consistently making all of your calls during the same time period on the same day and you are not seeing results, you make want to vary your approach.
60% Of Leads Who Submit Inquiries Want To Discuss Pricing On The First Call
As you prepare you call strategy, you are likely working on perfecting an outline or sales script to help you stay on track and organized. Before contacting a lead, be sure to review any information they may have submitted related to pricing preferences or budget. More than half of all leads you call will expect you to be prepared to discuss pricing during their first conversation with you. Gather information in advance so you will be able to offer knowledgeable insights on your prospect’s questions. Consider your script a helpful guide, but allow yourself the flexibility to go off script and maintain an authentic and genuine conversation flow.
Top Performing Sales Professionals Are 10x More Likely To Use Collaborative And Inclusive Language During Their Calls & Emails
The speed which you contact a lead, the number of outreach attempts you make and the days and time of your call can all greatly affect your conversion rate. In addition, during your conversations with prospective clients, also consider what you are saying and how you are saying it. Strategic and thoughtful use of language can help you develop a deeper connection and build a relationship with your prospect. Try to include collaborative words such as “we,” “us,” “our,” and “together” instead of “you,” “I,” “me,” and “your” in your conversations. Make note of these words in your script and rehearse so you avoid sounding robotic.
Remember, in today’s insurance marketplace, consumers have the ability to research and compare solutions like never before. Align your marketing efforts with a holistic sales process and strategy that will help you spend your time wisely, build your pipeline and drive more conversions. ZipQoute can help you increase your funnel and connect you with high-intent leads and calls at significant scale.