Increasing Speed to Contact with Automation
Zack Lewis : September 15 2020
If a lead is not contacted within the first 5 minutes of their inquiry, the odds of contacting them decrease by 10x.
Speed to conversation is critical in the contact sport we call Medicare sales.
With hundreds of thousands of agents vying for the business, the speed at which we can contact our leads has a direct impact on our overall sales production.
Research was conducted by James Oldroyd, Ph.D. and David Elkington from InsideSales.com using 15,000 unique leads and 100,000 call attempts across different companies’ web-generated leads (view the report here).
There were a couple of interesting points worth noting that apply to the sales process of a Medicare agency:
- Connecting with a lead in the first 5 minutes is absolutely imperative.
- The likelihood of contacting a lead after the first 5 minutes decreases by 10x.
- The odds of qualifying a lead decrease by 400% between the first 5 minutes vs 10 minutes and continues to decrease over the next few hours.
- Over 30% of leads were never contacted at all (money down the drain)
- Most reps give up on leads too soon and should make at least 6 call attempts – “by making just a few more call attempts, sales reps can experience up to a 70% increase in contact rates!”
Applied Knowledge is Power
So now that we have the data, what do we do with it?
If we manage our agency with Excel spreadsheets and individual calendars, probably not a whole lot. There are far too many moving parts disconnected from each other.
If we have an Agency Management System (AMS) used by all members of the team, we can leverage automation to be our metaphorical Ducati to make contact first and fast while others putz around in their station wagons.
Here are a few example strategies you can employ to keep your speed to contact rates within the 5-minute timeframe:
- Connect your lead sources (Social Media, Website, etc.) to your AMS so inquiries are pushed live into the system as they happen.
- Set up automated lead distribution rules according to your preferences (State an agent is licensed, agent conversion rate, etc.). This should also take into account that leads are only distributed to agents currently available and not busy with other things that could prevent them from taking immediate action.
- Set up automated alerts through Slack, email, and text so that when an inquiry comes in the appropriate agent is alerted through multiple channels with “one-click” options to view the lead information and call the customer through the dialer to ensure proper tracking and reporting.
- Set up automated follow-up sequences that define the next dates and times for the agent to follow-up if the customer does not answer – this can be done through the dialer for making calls, and using text/email in between to continue touching the prospect automatically on a set cadence.
- Set up detailed reporting and analytics for the lifecycle of your leads so you can view your production against the actual activity of your sales agents. With a good AMS and dialer integration, you can produce reports with ease that reflect when a prospect was contacted after an inquiry was made, how many times they were followed-up with and when, conversion rates, etc.
You may have the best Medicare agents on your team 100% dedicated to the best interests of your customers.
But if you’re not at the front of the line to help them, you may never get the chance to be the resource they deserve.
For more valuable insights about Medicare technology, check out our blog at https://stackboost.io/blog/
P.S. I started a LinkedIn group called “Success-With-Tech for Health Insurance Agency Owners” where you can ask tech questions and get answers from experts and other agency owners experience. If you’re considering putting some of these strategies into action and want some feedback before buying any new fancy toys, ask and ye shall receive the feedback you need.
The Best is Yet to Come…