Speed-to-call is the single largest driver of lead conversion, according to a November 2012 report from Leads360. Analyzing results from almost 3.5 million leads generated in the first half of 2012, across more than 400 companies, the study finds that phoning a new prospect within a minute of lead generation improves conversion rates by 391% compared to later times making the first call. As impressive as that figure is, it more than halves in the second minute to 160%, and drops by three-quarters in the third minute to 98%. In 24 hours, the number dips to a 17% improvement.
Of course, contacting a prospect often requires more than one call. But surprisingly, 50% of leads are never called a second time, even though the data shows that salespeople must be prepared to make up to 6 calls before surrendering. That is, 93% of all leads that convert are reached by the sixth call attempt, and just 7% of leads are converted after a 7th call attempt. Such diminishing returns suggest that 7 or more calls are likely not worth the cost: Leads that require 7+ calls before initial contact are 45% less likely to convert than those reached in 6 calls or less. Read the rest at MarketingCharts.