Sales Teams Today Are Failing: Less Than 10 Percent of All Interested Buyers Receive an Attentive Response from a Seller
Los Angeles – Nov. 3, 2015 — Velocify, the leading sales acceleration platform, today announced the results of its new research report, “The Ultimate Guide to Inquiry Response,” which reveals a massive gap between optimal and actual sales team practices. By analyzing data on the interactions between millions of sales reps and leads, along with eventual outcomes, the research uncovered the optimal sales best practices for reaching out to leads by phone, email and voicemail. The report also highlighted the enormous room for improvement among today’s sales teams, revealing the alarmingly low percentage of companies that actually follow these best practices, and what percentage are leaving money on the table.
Key findings from the study show:
• Calling a lead within one minute more than doubles conversion rates, yet only three percent of leads received a call within one minute
• Making between five and seven calls to unresponsive leads offers the best ROI, yet only eight percent of leads received between five and seven calls
• Leads that receive two voicemails on six missed calls are 34 percent more likely to convert than those who don’t receive any voicemails at all, yet only 12 percent of leads received two voicemails
“Despite the growing awareness of sales process optimization, there continues to be a large disparity between optimal and actual sales team performance,” said Velocify CEO and President Nick Hedges. “Sales teams today have more opportunity than ever to outsell their competition and our new research can help them determine the optimal selling practices to dramatically increase their sales team’s performance and boost topline revenue.”
Best Sales Response Practices Compared to Actual Practices
Although many sales leaders may have deep knowledge and experience in how to respond and follow up with leads to maximize conversion rates, front-line sales reps often fail to adopt best practices in a consistent manner. This new report showed that the vast majority of companies did not apply optimal sales strategies when following up with leads through a variety of channels.
• Leads that get a callback within 30 minutes are 1.72 times more likely to convert, while those that get a call within one minute are 2.14 times more likely to convert
• Only three percent of leads received a call within one minute, and the average time for sales teams to respond to inquiries was 48 hours
• Only eight percent of leads received between five and seven calls
• Sending between four and six emails prior to moving a lead to a nurture status was found to be the most effective practice
• Companies were better at sending email responses quickly than they were at calling quickly, likely due to the wide adoption of marketing automation
• Only seven percent of leads received an optimal number of emails, while 28 percent never got an email response
• Leads who are left two voicemails on six missed calls are 34 percent more likely to convert than leads who don’t receive any voicemails at all
• Research showed that leaving two voicemails is optimal when following a six call strategy, while leaving five or six voicemails is actually worse than leaving none at all
• Only 12 percent of leads received two voicemails, and almost half of inquiries did not receive a single voicemail
The report shows that sales teams with the right processes in place can dramatically increase conversion rates, but so far companies have had difficulty turning strategy into action. Having the proper tools to respond to today’s buyers as quickly and as efficiently as possible can bridge this gap. Even the best sales managers will find it difficult to sustain the level of growth their companies demand without an underlying technology foundation that communicates and reinforces optimal sales strategies, and empowers sales reps to perform at the ultimate level.
To find out more, download the full report from Velocify’s website by following this link.
Velocify is a market-leading provider of cloud-based intelligent sales software, designed for high-velocity sales environments. Velocify helps sales teams keep pace with the speed of opportunity and increase revenue by driving rapid lead response, increased selling discipline, improved productivity, and actionable selling insights. The company has helped more than 1,500 companies across a variety of industries improve customer acquisition practices and sales performance. Velocify was recently recognized as one of the fastest growing companies in North America by Deloitte and a Best Place to Work by the Los Angeles Business Journal.