Convert your leads for finance

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welcome ladies and gents this is Pavel here and today we're going to look exactly at how to increase your contact rate when you are contacting your leads so it doesn't matter what industry you're in it doesn't matter what the lead source is this is really a universal formula that you can apply to increase your lead contact rate which of course will increase all of the next steps into converting a lead into a cell now right before we get into that if you don't know me yet my name is Pavel bustino one of the co-founders here at fondaco media where we build client acquisition systems for financial advisors and insurance agents now like I said you don't have to be a financial advisor for this to work for you but it's great to know about it anyway so let's get straight into this study here that Harvard did I just want to share the data first with you so that you can know sort of what this is based on so they had two specific missions when building this study and number one was to maximize results and number two was to minimize the efforts so in total they used three years of data across many companies that were responding to web generated leads again we don't have the specific source of these leads here but I'm assuming Google Facebook leads which are the most common and Tick Tock was not around when that study was made okay so they used 15 000 unique leads and a hundred thousand calling attempts now let's look exactly what they found out during that study so first they looked at what are the best days to make the contact now if we look at the contacts that were made from the first dials uh it was actually Wednesday and Thursday that the people were responding the most and there was quite a big difference between for example Tuesday and Thursday so people were replying 49 more on a Thursday then on a Tuesday for example Apple so what they found out is that the best days to qualify the leads are Wednesdays and Thursdays and now I'm not commenting on any of this I'm just sharing their data what they found out and at the end of this video we're actually gonna look at how to beat these stats that they found out essentially so let's keep going the second thing they found is what are the best times to actually make these dials to have a first Contact now this is pretty obvious it was morning and so before work and after work essentially from 7 30 to 8 30 and then from 4 to you know 5 5 30 PM basically and if we look at that there was a 164 difference in contact rates made between 1 or 2 p.m or 4 to 5 PM so that means you're 164 percent more efficient if you work between 4 and 5 PM versus 1 and 2 pm ing to these stats right here let's keep going what's the best response time so do you call the leads as soon as they come in do you maybe wait a day or two wait an hour or two essentially what they found out here is that there was a drastic difference between calling the person within the first five minutes or after 15 or 10 minutes it was actually a 400 percent decrease in odds of qualifying Elites if you contact them after 10 minutes instead of in the first five minutes now this is pretty sad here but you know it is what it is there was a 10x decrease here after the five minutes in terms of the contacts that were made now this is pretty dramatic I don't necessarily agree with this again we're gonna look after at how to beat these stats but this is just what they found out with pretty good data actually so let's keep going the fourth thing they figured out they they were they were looking at what's the persistence so is it you know important to be persistent in order to contact your leads so if we look at that here you know 30 of the leads were never contacted at all now we're considering here that they made a hundred thousand calls for only fifteen thousand leads and still they only contacted 70 but what they found out is if you make at least six call attempts you can reach up to ninety percent of your leads but most reps will actually give up on the leads too soon after probably the third call so by making a few more call attempts sales reps can experience up to 70 percent increase in contact rates so if this is you and you abandon your leads quickly I mean this is a wake-up call and I 100 agree with this you have to be more persistent with your leads okay so let's actually compare uh and look at some important stats here that we have on our side at fondaco media so for those of you who don't know we have a call center that actually makes you know books hundreds of insurance appointments every single month month and these stats are based out of thousands of calls that were made by our team and also hundreds of our insurance agents that are clients with us over the last few months that just basically confirmed these stats so on average a caller or an agent or a salesperson will make 15 calls and the response rate for these calls is maybe 24 okay so these are the stats that we have the this is a dramatic difference versus what Harvard had in their study but we're going to look at why in a bit so on average the agent the caller will make 3.7 contacts per hour so you can calculate how many working hours you will probably need if you have let's say 100 leads now let's look at this here if we make a small like comparative here if we look at the average response rate per call it was about 10.5 percent for the companies that Harvard studied and we have a 24 percent rate so that's more than double which means the average number of calls made per contact so how many calls you have to do before you contact someone is about 10 for most businesses most you know insurance agents most callers calling their leads versus we managed to average a 4.2 calls per contact which is again less than half and we also have noticed that the best moment to contact the leads are not only between four to five but actually from four to eight pm so why do we have different stats than these businesses that were studied it's because of this here so this is the advanced contact formula and if we look at that basically the main goal here is to contact as many leads as possible as quickly as possible and if you do go through the whole contact formula I can almost guarantee you that you will have a very high contact rate for your leads so what happens when a new lead comes in now we do use Ai and other things to increase the contact rate but this is what you have to do on a manual basis essentially so day one you're gonna call the lead if you can as quickly as possible in less than three minutes if possible about 50 60 of the time this is not going to be possible it's okay we recommend you call them at night okay so between four to six pm and if they don't answer the next day try to call them the same time that they actually became a lead and therefore you know at that time you know they are most likely available so that's another good tip here and then if it doesn't work call them at night again so we're gonna get into the specifics of the advanced contact formula in the next video because I don't want to make this too long but basically we're going to look at what's the actual SMS voicemail messages that we're sending how to maximize contact rate with two phone numbers to make sure that you never have or almost never have to go through day 10 without contacting your leads so we're gonna look at that in the next few videos I have a bunch of other slides for you guys but I hope at least you have a good idea just with this contact formula on how to maximize your contact rate alright so we'll see you in the next video we're going to look at exactly how to apply the advanced contact formula for you and your business