Few factors could explain this drastic drop in response rate. The most obvious one is that the potential client is still on their computer or phone. Secondly is that the company is still on clients minds. Thirdly is the so called “Wow Effect.” People are generally impressed by the speed of response and that builds trust into future efficiency.
So what are the solutions? Alignment between marketing and sales, live chat technology, and automation for tailored responses are definitely few good ideas.
However, a Harvard Business Review study that audited 2,241 U.S. companies, shows that most companies are way to slow to respond. “37% responded to their lead within an hour, and 16% responded within one to 24 hours, 24% took more than 24 hours—and 23% of the companies never responded at all. The average response time, among companies that responded within 30 days, was 42 hours.”