It should come as no surprise the impact Covid-19 had on a number of industries.
Dealerships were closing temporarily or staying open with limited hours and staff.
Even during these trying time, there was still a silver lining.
Driven Data recently shared a report on lead response versus closing rate during the beginning of the pandemic.
During March and August, there was a 65% increase in lead closing rates!
But here’s the catch … despite the increase in closings, there was a slight drop in lead response time.
Driven Data reviewed roughly 212K leads* and 29K sales between January and August of this year.
They categorized ‘fast’ lead response time as under one hour.
(But as you know, answering leads within 5 minutes or less is more ideal)!
Every 100 leads, 70% were responded to in under an hour.
From that 70%, 14% were closed deals.
On the contrary, the remaining 30% of leads were not contacted until hours later.
Out of the 30%, 17% resulted in closed deals.
When comparing March through August to the previous six months, there was a 65% increase in closing rates even though the response time increased by roughly 13%.
Does this mean you should wait to respond to leads?
Internet leads are closing at a similar rate as incoming phone leads; therefore, internet leads must be treated as equally important and urgent.
When customers are hot to buy, they will submit leads no matter the current situation (even during a Global Pandemic)!
Do not leave your customers waiting anymore than five minutes.
If you struggle to answer leads under an hour, consider using Overnight Dealer.
We qualify and answer all leads within five minutes or less!
Set up a demo today!
*Internet Leads ONLY