Research from Harvard, MIT, Pinpoints Hard Lead Conversion Lessons With Easy Solutions

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David Elkington, Chairman and CEO of Insidesales.com, will reveal how B2B organizations are failing to take advantage of the Internet and list-based leads and how that presents impressive opportunities to launch your business beyond the competition.

Published in: Business, Technology

Research from Harvard, MIT, Pinpoints Hard Lead Conversion Lessons With Easy Solutions

  1. 1. Research from Harvard, MIT Pinpoints HardLead Conversion Lessons with Easy Solutions Dave Elkington CEO and Chairman
  2. 2. Today’s speaker Dave Elkington CEO and Chairman, InsideSales.com David Elkington has a rich background in technology, venture capital and corporate development. As CEO and Chairman, he continues to lead InsideSales.com to consecutive 50-100% annual growth starting with the company’s inception in 2004. Mr. Elkington has been active in the evolution and definition of the inside sales industry and speaks regularly. He is the co-author of the groundbreaking Lead Response industry study, has co-authored Harvard Business Review, Kellogg School of Management and many other academic and industry research articles. He is recognized both locally and nationally as a leader and entrepreneur in the cloud computing and remote selling movements. @TheSalesInsider#b2blead
  3. 3. The Background: InsideSales.com is a lead management and sales automation cloud solution provider with over 700 clients. The InsideSales.com Research and Analytics Division tracks statistical data on aggregated de- identified sales activities: • Over 80 Million North American Profiles. • Over 2 Billion sales and marketing touches (calls, emails, faxes, voice messages, etc.) • Over 30 Research studies published. Research Publications and Partners:#b2blead
  4. 4. Revolution in sales#b2blead
  5. 5. The New Inside Sales Person#b2blead
  6. 6. VCs require inside sales departments#b2blead
  7. 7. Respond Immediately
  8. 8. Response time • Source: 2007 Original Kellogg/MIT Study, Dr. James Oldroyd Contact rates significantly Contact Rate drop off after 100x decrease from 5 min to 30 min 5 minutes Qualification Rate 21x decrease from 5 min to 30 min Contacted Leads Qualified Leads#b2blead
  9. 9. ResponseAuditTM • Source: InsideSales.com Response Analysis Studies Omniture Summit 2008 526 54.9% 54:06 1.74 Dreamforce 2008 124 53.2% 44:31 1.14 Dreamforce 2009 2,875 44:14 39.9% 41:07 1.07 Cloudforce 2010 472 30.7% 49:49 1.32 Leads Con East 2010 57 35.1% 56:05 2.00 AA-ISP 2011 159 54.7% 40:24 2.60#b2blead
  10. 10. Average non-responders • Source: InsideSales.com Response Analysis Studies There was no response from 35% to 63% of companies! Average 43% didn’t respond#b2blead
  11. 11. Sales go to the first responder For inquiries submitted on the web 78% of sales go to the first company to respond! Source: Leads 360#b2blead
  12. 12. Respond Persistently
  13. 13. ResponseAuditTM • Source: InsideSales.com Response Analysis Studies Omniture Summit 2008 526 54.9% 54:06 1.74 Dreamforce 2008 124 53.2% 44:31 1.14 Dreamforce 2009 2,875 39.9% 1.29 41:07 1.07 Cloudforce 2010 472 30.7% 49:49 1.32 Leads Con East 2010 57 35.1% 56:05 2.00 AA-ISP 2011 159 54.7% 40:24 2.60#b2blead
  14. 14. Percent of sales closed by call attempt • Source: InsideSales.com Internal Study#b2blead
  15. 15. Perfect Research
  16. 16. Sales intelligence • Research rules • $100k – 50% of time • $10k – 10% of time • Tools • Research • Predictive analytics#b2blead
  17. 17. Voice Messaging
  18. 18. The voice message dilemma • Source: InsideSales.com voice-messaging analysis studies 30 Sec % of 6 Hr Message Day 50 Dials/Day 32 Min 8% 100 Dial/Day 1 Hr 4 Min 18% 150 Dials/Day 1 Hr 35 Min 26% 200 Dial/Day 2 Hr 7 Min 35% 250 Dials/Day 2 Hr 38 Min 45%#b2blead
  19. 19. The voice-message dilemma • Source: InsideSales.com voice-messaging analysis studies Harder work = more wasted time#b2blead
  20. 20. Voice message call-back rates • Source: InsideSales.com voice-messaging analysis studies Services Legal 3% 21% Call-back rate Call-back rate#b2blead
  21. 21. Capture Permissions
  22. 22. Make Every Call Productive • Source: InsideSales.com internal study Capture permission on every non-yes. 15-30% of dials#b2blead
  23. 23. Turn permissions to contacts • Source: Franklin Covey Study 1 rep can generate 7,500 permissions per year!#b2blead
  24. 24. Turn permissions to contacts • Source: Franklin Covey Study After one year response rates of .5 – 1% = 37-75/month#b2blead
  25. 25. Hot Transfer
  26. 26. Appointments drop • Source: Non-published InsideSales.com study No-show rates 25-50%#b2blead
  27. 27. Direct Dial
  28. 28. Direct dial numbers • Source: Vorsight study Average Meetings % Direct Dial Associate Per Month (last 3) on Contact List Improvement Pete Best 11 51% Ringo Starr 13 45% 300% George Harrison 20 76% Paul McCartney 22 74% John Lennon 29 87% George Martin 33 97.6%#b2blead
  29. 29. Direct Dial Numbers • Source: Vorsight Study 35 30 y = 0.4114x - 8.1934 25 R² = 0.9386 List Quality to Appts 5% -> 2.06 20 15 10 5 0 0 20 40 60 80 100 120#b2blead
  30. 30. Appointment Reminders
  31. 31. Reminders increase held rates • Source: Non-published InsideSales.com study Google or Outlook calendar invites 20% Increase held rates#b2blead
  32. 32. Reminders increases held rates • Source: Non-published InsideSales.com study4-12 Hour Reminder Call 30% Increase Held Rates#b2blead
  33. 33. Multi-Media Calling Strategy
  34. 34. More Savvy • Source: 2007 MIT Study • Time of day • Day of week Fax contact rates up • Response type to 7x • Unique media better than email Best days to contact are Wednesday to contact are Best times and Thursday between 8–9 and 4–5#b2blead
  35. 35. Local Presence
  36. 36. Local presence effect High/Low Range 10%-400% Contact Rate#b2blead
  37. 37. Phone - Local presence improvement Average 60% Contact Rate#b2blead
  38. 38. Email - Local presence improvement Average 5.1% Improvement on Open Rate#b2blead
  39. 39. Email - Local presence improvement Average 37% Improvement on response rate 33% lower negative response rate#b2blead
  40. 40. Summary and Conclusion
  41. 41. Easy solutions - key action items 1. Respond Immediately – 5 minutes or less 2. Be Persistent – 8+ call attempts 3. Research time vs. call time – Remember more dials <> more deals 4. Voice Messaging – Leave great voice mail or not at all 5. Get Permission – Gather permissions on every ‘no’ 6. Best Processes – Direct dials, hot transfer, reminders 7. Call Smart – 8 a.m. and 4 p.m., Wednesday and Thursday, call then email, mix media 8. Local presence – show local ResponseAudit – We’ll test your Sales team and show you where to improve. www.ResponseAudit.com - use promo code MECLABS42#b2blead
  42. 42. My Contact Information • Dave Elkington • CEO, InsideSales.com • delkington@insidesales.com • (801) 853-4090#b2blead
  43. 43. Next Steps and Resources 1. Please fill out the post-webinar survey 2. View past and sign up for future webinars • B2BLeadBlog.com/webinars 3. Join the B2B Lead Roundtable LinkedIn group • B2BLeadBlog.com/Linkedin 4. Connect and share • B2BLeadBlog.com • Twitter @B2BLeadBlog 43#b2blead
  44. 44. Join the MECLABS team • We are currently looking for star players to join MECLABS • Opportunities available include • Lead Generation Specialist • Research Analyst • Key Account Representatives • Major Account Sales Trainee • Online Marketing Manager MECLABS.com/Careers 44#b2blead
  45. 45. Thank You

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