Creating and converting leads is the lifeblood of modern business. One of the largest and fastest-growing industries in the world today is that of lead production, management and conversion, with SEO specialists making billions of dollars just to help companies – including insurance companies like yours - increase their lead conversion by fractions of a percent.
It would likely surprise many of the clients that use these services to know that most of the potential leads gathered by businesses are wasted. Yes, over seventy percent of all leads go unfollowed – that’s money left on the table that your insurance business could be using to expand. Let’s look at some of the ways businesses are leaving this money behind, and how you can avoid being one of them by responding to insurance leads promptly and properly.
Forbes shares some information about how seldom business leads are followed across multiple industries, and the numbers they have to show for their research are quite dismal. Of the companies they used for this research, the average response to a genuine lead took nearly forty-seven hours and resulted in little more than a single phone call or email. After this, if the consumer did not respond, the sales rep gave up and moved on.
Further research conducted by this same team shows that less than thirty percent of all leads are ever followed up on. If businesses used their best possible practiced and relied on technology currently available to them, they would be capable of following up on an average of over ninety percent of all leads. The sheer increase in follow-ups alone would undoubtedly result in more positive response, and more business for the company – all just by making more calls, and doing so more promptly.
How This Affects the Insurance Industry
Insurance is a business in which the product can almost sell itself. While all types of insurance are not mandatory, most are highly advisable and can be legally required for some activities. What’s more, when a lead in generated on a website that requires leaving behind information, this shows that a potential customer is already interested in what the insurance company has to offer. They’re already looking to buy. All an agent has to do is respond promptly and offer answers to their questions; the selling part of the job is nearly over.
Research conducted of thousands of potential consumers has offered the following truth: modern customers are impressed by a lightning-fast response time. Today’s technology allows major companies to follow up on leads within seconds. However, the first five minutes after the lead comes through allow for the retention of that same “wow” factor, making this a critical window for response time to make a meaningful difference.
By responding to insurance leads within the first five minutes, you show your buyers that you care about serving them. Giving consumers the feeling that their business is particularly important to you will win you far more conversions than any marketing technique you might employ. Look to your leads for the business you need, and let the insurance sell itself. Get your staff to the phones and contact your leads – but hurry up! You’ve only got five minutes.
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