How much are leads worth to your business? The answer is obvious -- leads are the lifeforce of any successful company.
This is why businesses are spending billions annually on lead generation. Between 2002 and 2009, corporate spend on online advertising increased from $12.5 billion to $22.7 billion. That's basically a 100% increase in seven short years.
The problem is, companies are focusing more on generating leads than on improving inbound lead best practices -- like lead response time. Just take a look at your own organization: how long does it take to respond to your leads?
If it's longer than 30 minutes, you're not alone. Let's take a look at why this matters.
Why Should You Care About Lead Response Time?
Well, if you didn't realize it, leads do spoil. So it's best to get them while they're still fresh. The issue is that leads can go bad pretty quick.
For example, you're 100 times less likely to make contact with a lead after 30 minutes. And after five hours, this decreases by 3,000 times.
How fast do you need to be?
Your best bet is to reach out within five minutes of leads submitting their forms or inquiries.
But this is virtually unheard of. Only about 7% of companies respond within this time frame.
Without a quick response, you can forget about improving your sales.
But what about the questions you ask once you do make contact? There are key questions you should ask at different times to get the best outcome.
Let's take a look.
Discovery Call: Ask Problem-Related Questions
The first thing you want to do is go over several problems the lead is having and how your product or service can resolve them. The best way to learn about their problems is to ask the right questions. Use this call to learn as much as you can about your prospects' needs so you can tailor your responses and identify whether they're a qualified lead. Try to cover three or four problems.
How Many Questions to Ask?
During the discovery call, you don't want to ask too few questions, to where you don't have enough to work with. But then you also don't want to ask so many that you annoy your leads.
The sweet spot here is between 11 and 14 questions.
Now, when you're asking questions, be sure to keep it conversational. It shouldn't sound like you're reading down a list or interviewing them.
Try to slip questions into the conversation naturally, so it feels authentic. The prospect should feel like you're listening to their needs and following along with the conversation.
Space out the questions and insert them at points in the conversation that make sense.
Improve Your Inbound Lead Best Practices with Better Data
Being on top of connecting with leads quickly and asking the right questions during discovery calls is essential to growing your conversions. But it's difficult to ask the right questions when you don't know enough about your prospects. That's where SmartForms come in. This will ensure you're getting quality data to work with.
Learn more here about enriching inbound leads in real time!