In the fast-paced world of business-to-business (B2B) SaaS sales, speed to lead is a crucial factor in determining a company's success. Simply put, speed to lead is the amount of time it takes for a sales representative to connect with a potential customer after they have shown interest in the company's products or services.
Why is speed to lead so important? A recent Harvard Business Review report shows that 78% of new logo deals go to the companies that respond and engage first with a prospect. In short, the faster a sales representative can reach out or connect to a potential customer, the more likely the customer will turn into a paying customer. This is because the longer it takes for the prospects to get their responses, the more likely the potential customer will lose interest or move on to a different company.
However, in practice, 75% of B2B SaaS companies fail to respond to their high-intent buyers in a timely manner.
The truth is that speed to lead can make or break your ability of attaining your revenue goals for the year.
Here's some real life examples from buyers that were so frustrated that they recently exposed their experiences on Linkedin.
The struggle is real and as we all know, there's a big shift happening in the B2B sales and marketing landscape. There's a power shift, and now, your prospects are in control of the buying cycle. So how can a B2B SaaS company improve its engagement experience, increase speed to lead response, and ultimately accelerate revenue generation? Here are a few strategies:
1. Use inbound video call (IVC) technology to capture leads from any channel with one click
One way to improve speed to lead is to use inbound video call technology to capture potential customer information and start a video call from any channel. This can include any social media website site such as Linkedin, review websites such as G2 and Capterra, and your corporate website or chatbot application. Connecting prospects with sales representatives instantaneously whenever someone is researching your solution will give your team an unfair advantage and the quickest response time.
One key benefit offered by these platforms is the ability to intelligently route the call to one of many team members based on predefined criteria (ownership, geography, etc.)
Another benefit of these platforms is that marketing teams can easily track the inbound video call sources and maximize investments in the channels that are converting the most.
2. Integrate your inbound video call platform with your customer relationship management (CRM) system
Integration between an inbound video call platform and a CRM system can be a valuable tool for improving speed to lead. A CRM system allows a company to store and manage all of its customer information in one place, making it easy for sales representatives to quickly access and use this information. Having all the critical information available and ready for the sales team during an inbound video call is paramount for success. Instead of having multiple tabs open and wasting time searching for what you need, the IVC platform should display all the key information to the representative without effort.
3. Train sales teams and provide real-time on-screen intelligence
Another way to improve speed to lead is to train sales representatives to quickly and effectively engage with potential customers. This can include showing them caller and company information before each call and providing them with scripts, templates, and prospect intelligence during the call. By giving sales representatives the tools and training they need, reps can quickly and effectively convert high-intent prospects into pipeline deals and customers.
4. Monitor and track key metrics
To improve speed to lead, it's also essential for B2B sales and marketing teams to monitor and track key metrics. An inbound video call platform needs to provide your team with a number of key metrics to help you improve your lead velocity rate (LVR) and the impact on your business. Please find below some recommendations:
• Unique calls received
• Unique calls answered
• Average call time
• Unique calls by source
• Unique calls answered by rep/teams
• Unique calls answered by week/month/year
• Total number/amount of qualified opportunities created
• Qualified opportunities created by rep
• Qualified opportunities won
In sum, when it comes to the success of a deal, the first meeting with a prospect plays a crucial role. However, many organizations fail to optimize the customer journey from the beginning. On average, it takes 5-10 days to meet with a qualified prospect, and 30% of these meetings often result in no-shows.
This lack of focus on the initial engagement can be detrimental in a competitive industry. If a competitor offers a quick and easy way for a prospect to connect, such as a one-click inbound video call, they may have a better chance at securing the deal. In a short sales cycle, ten days can be an eternity and can leave room for competitors to swoop in.
By implementing these 4 strategies, B2B SaaS companies can significantly improve their speed to lead responses and ultimately close faster and more deals.