We make frequent references to the Lead Response Management MIT study, and for a good reason! The results of the study, also published in the Harvard Business Review, back up the industry's best practices for responding and prospecting on web-generated leads. Web-generated leads and converting those leads into business opportunities are the driving force behind your ROI and success with CINC!
If you've ever attended or listened in on any CINC Training on increasing your conversion, you will notice the similarities in how our best practices echo the data gathered from this study.
Keep reading to learn more about how consistently implementing the findings from the Lead Response Management study can maximize your results with little effort.
We also have a video on the content as well if you prefer.
The Lead Response Management .pdf with these findings and stats are available to download at the end of this article.
1. Best days of the week to make contact and qualify leads are Wednesdays and Thursdays.
Disclaimer: Prospecting daily is important and positively impacts your business therefore by no means are we promoting avoiding prospecting outside of Wednesdays and Thursdays. Instead, what this finding does promote is the best practice of going all in on your individual or team call goals on Wednesdays and Thursdays. Due to the significant increase in lead qualification rates across these two days of the week, we often suggest extending your prospecting hours to accommodate the increase of quality conversations typically had.
Many high performing teams also have call/dialing competitions on these days to make prospecting more fun for their agents, for team bonding opportunities and for script training and coaching. If you're not already doing so, host call night or "prospecting power hour" with goodies, snacks and/or prizes with your team and notice their sales pipeline come to life mid-week!
2. The best times to make contact with leads are between 8am-9am and again between 4pm-5pm.
Use call time strategy and focus on the times of day that your prospects are most likely going to answer the phone. As an agent working your own book of business, it is in your best interest to prospect during the time frames with the highest qualification rates which statistically are between the morning and evening rush hours, not in the middle of the afternoon.
3. Call your new lead opportunities within 5 minutes!
Your lead contact and qualification rates drop drastically when you wait longer than 5 mins to follow up with your newest business. Always make it a point to connect with your leads immediately after they register. It's much easier to have quality conversations with home buyers that are still actively browsing listings on your site!
4. Remain persistent in your follow up call attempts!
Our top performing agents and teams remain consistent with their calling and persistent in their follow up call attempts. Even if your leads aren't immediately answering, do not take your foot off the gas! And no, they won't hate you just add value when you finally connect! It's basically all a numbers game:
Higher # Call Attempts = More Contacts Made = More Appointments Set = More Closings $$$