Published by/Authors: Conversica
Download Link Download or read it online
Highlights: This is the third year for this study. Conversica commissioned an independent research firm to secret-shop 866 companies and evaluate their response using four key elements:
- Personalization: Personalized responses are becoming more common (70%).
- A lot of charts with data on personalization.
- Promptness: Considered the most important attribute:
- Promptness time chart says a lot
- Top scoring industries: some surprises
- Changes since 2015
- Persistence: One or two attempts are not enough. There is a grading key with up to 8 or more attempts. 63% of those that responded gave up after 1-2 attempts.
- Top 5 scoring industries (not necessarily who you think it is…)
Key parts of the survey:
- 38% of the companies surveyed did not respond.
- 13 Industries were tracked. 7 out of 13 scored poorly.
- The conversion rate increases 39% when companies make a call attempt within one minute of receiving a lead.
- The longer the wait to call and qualify a lead, the dramatically lower the qualification rate (and not surprisingly the closure rate).
- Of the 540 companies that responded, 93% failed to get an A grade, 56% got a B grade and 36% a C grade.
- The top five industries listing are: Automotive, Telecom, Auto Service, Education, Mortgage Lending and Technology.
- The bottom five industries are: HR/Recruiting, Media Publishing, Brokerage/investment, Ad/Marketing and Insurance.
- There are steps listed to improve performance in each category with unbiased recommendations for improvements.
- Here are 16 endnotes with links for the curious.
Lead follow-up failure. Whose fault is it? This is an interview on Sales Pipeline Radio* with Alex Terry, CEO of Conversica and Matt Heinz the host. Listen live on Jan 11. Replays by 1/15
How Artificial Intelligence, Applied to Lead Management Finds Hot Leads and Alex Terry interview on SLMA Radio.*
Great must-read report for anyone in marketing.
It comes as no surprise that two of the industries in the bottom five are Ad/Marketing and Media Publishing. It has always amazed me that the people and companies most involved in lead generation are some of the poorest in responding (eating their own dog food). They seldom advertise or seem to believe in promotion because they do so little of it to be concerned about follow-up. From talking to the people who try to convince us to spend money on marketing, they seem to think they get most of their business from referrals, the sales skills of the founders or simple reputation in the media fields.
I would like to see a separation of industries into B2B and B2C as there are considerable differences and expectations. Also, a breakdown between inside and outside sales people as this also has some effect on the outcome.
Why It’s Important:
"Lead follow-up and closed business from leads continues to be hampered by the human element; the technology stack is helping but improvements are minuscule except perhaps to those that read this report."
- C-Level Folks
- Marketing Operations
- Content Management and Creation
- Product Management
About the Publisher
The flagship Conversica® AI Sales Assistant helps companies find and secure customers more quickly and efficiently by automatically contacting, engaging, qualifying and following up with leads via natural, multi-channel, two-way conversations.
Used by more than 1,200 companies worldwide, Conversica’s sales assistants are built on a proven AI platform integrating natural language processing (NLP), natural language generation (NLG), and machine learning (ML) capabilities.
Recognized by Gartner as a Cool Vendor, Conversica is a portfolio company of Providence Strategic Growth, Kennet Partners and Toba Capital and is headquartered in Foster City, Calif.
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* Sales Pipeline Radio and SLMA Radio are produced by the Funnel Media Group on the Funnel Radio Channel