The Power of a Minute
Timely Responsiveness to Inquiries Increases Conversion and Retention
For a brand to succeed in today's crowded marketplace, it needs actionable strategies that increase conversion and retention rates. As technology improves and instant gratification becomes the status quo, focusing on swift responsiveness to inquiries is a powerful way to boost both conversion and retention.
According to a study from Leads 360, the effect of rapid response times is staggering. Brands that invested in responding to leads within a few minutes saw up to 391 percent increases in lead conversion rates. These rates – and the potential windfall of revenue they represent – drop dramatically after the first several minutes of non-response.
The back-end setup for this level of responsiveness is intricate, and the expertise of a contact center partner is invaluable for achieving response within this tight window. No matter what the situation, the following resources and capabilities must be in place to succeed:
Multichannel Lead Pipeline – Potential and existing customers expect responsiveness regardless of how they choose to contact a company. All channels, including social media, need to tie into a system that routes interest directly to your contact center partner. This partner must have the technology and practical understanding to make this a seamless journey for prospects and customers.
Scalability – This capability is critical to controlling the potential cost associated with fast response times. In instances when more agents are needed to respond quickly to inquiries, contact centers should have the ability to scale according to call volume, and thereby offer brands tighter fiscal control without sacrificing quality or responsiveness.
Agents and Agent Resources – Responding to inbound interest requires agents trained as brand experts. Ideally, they will have resources at their disposal that allow them to engage based on individuals' points of entry into the lead pipeline, past contact with the brand and other data. Back-end technology solutions that adequately train and inform agents are key to quality responses in a short timeframe.
Being able to quickly and effectively communicate with potential and current customers in their moment of interest is a transformative brand value – one that can boost market share and revenue. The task may seem daunting, but with the right resources and capabilities in place, any brand can enjoy the benefits of heightened response times.
We hope you found this month's Dialogue informative.