Successful agencies turn to data when trying to maximize sales and marketing efforts.
Agents today juggle tasks from sales, to marketing, to administrative follow-ups. Knowing when to dial your leads shouldn’t be a task, it should be basic knowledge. Successful agencies don’t share this information, but they dial when the data says the consumer is most likely to answer, and convert to a sale. Smart agencies plan for scaling their practices and never follow the status quo. Data and automation are key elements to success in today’s digital age.
InsideSales.com, an industry leading CRM, puts out a report regarding “The Best Practices for Lead Response Management” and NinjaQuoter reports on consumer engagement based on demographics that are of value to insurance agents, and especially marketers. Data is stable and predictable. NinjaQuoter laid its consumer engagement data next to InsideSales’s and was not surprised to see the similarities. Agents shouldn’t be surprised to know that consumers react similarly, in large numbers.
The data sets:
InsideSales has 3 years of sales and dialing data, all wrapped up into a single infographic that marketers and business analysts typically pay big money for. They give it away for free because that is the value that a vendor can provide to their users. The dialing data being reported on consists of over 15,000 unique leads, and over 100,000 call attempts from within their CRM.
NinjaQuoter is reporting on over 1,000,000 interactions of consumers on consumer-facing websites hosting NinjaQuoter as their life insurance quoter. Those 1,000,000 interactions turned into over 44,000 engaged leads generated and sent to agent CRM systems.
Let’s dive into status quo thinking and explain why statistics matter in sales and marketing.
New agents often ask, “When is the best time to call and how many days do I follow up?” Status quo agents respond with “early and often.” This is partially true, but not backed by data science. When you use the data at your fingertips, you will save yourself time and money by cutting out useless dials and time wasting activities. This freed up time allows you to focus on other areas of your business, such as learning a new marketing method. One thing that rings true to this day is when a new lead comes in, no matter the time you stop everything (your CRM should automate this activity) and dial it assuming it is within the 8 a.m. – 8 p.m. times. Calling a new lead within 5 minutes increases the qualifying and sales ratios by up to 400% vs. calling within 10 minutes.
InsideSales data shows the best time of the day to make contact with a prospect is between 4-5 p.m. The second best time being 8-9 a.m.* These are very specific time slots to maximize lead contact rates. During these time slots, you should be doing nothing other than calling on leads. You are wasting time following up with older leads outside of these times and can better use that time to learn a new product or marketing method to scale your practice. Between 10 a.m. and 2 p.m., contact rates with new prospects are dismally low, becoming a useless time to dial on leads and actually frustrate consumers being called around lunchtime.
Diminishing return of too many dials:
After attempting contact 6 times to an internet lead, there are drastically diminished answer rates. Simply put, every contact attempt after the 6th is making it less likely to make contact, and therefore a sale. If you plan on calling beyond 6 attempts, do so with a TCPA compliant dialer on only TCPA compliant leads so that you can dial multiple leads at once, further saving you time and energy.
This data tells you something: these consumers are not ready to buy, yet. Getting a quote from your website doesn’t solve this issue, but it does open the potential for dialog. They need long-term nurturing in lieu of high-volume phone calls. A long-term nurture sequence consists of email, white papers, and social media posting to keep them engaged in life insurance while teaching them why they need it. This strategy is not “sell, sell, sell!” – it is education and today’s consumer buys from the outlet that best educates them.
Within the first 6 attempts, you will make contact with 90% of the total people you will ever make contact with.* Hammering them with dials will not get you that extra 10%; sending them consistent emails and engaging them on social media will. Lead quality and contact rates continue to drop, so you need to pivot to other means of contact and nurturing.
Best days to make contact:
The best day to make contact with a consumer is Thursday, while Tuesday is the worst based on the InsideSales study.* This may not be a huge difference, but larger operations live and die by this data.
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