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Only 27% of leads get contacted. The average response time is 47 hours. 55% of businesses take 5+ days to respond. Waiting 5 minutes drops conversion rates by 8 times. A 30-minute response time is 21 times less effective. 90% of leads become inactive after 30 days.

Your company's response time doesn't merely result in greater conversion rates.

A conversion rate records the percentage of users who have completed a desired action.

Sales and marketing teams have long had a difficult relationship.

On the fence about the importance of speed to lead/lead response time? The 10 statistics below are sure to put a burr under your saddle to improve.

In order to optimize your lead response time, you first must determine your current lead response time. Start with a reliable measurement process.

Speed to lead is your lead response time, and it reflects the total elapsed time between prospects expressing interest in your business and their receipt of the earliest response from one of your sales representatives.

When it comes to the go-to-market (GTM) race for your customer, your speed to lead – your lead response time – is often the single most important factor in winning or losing. Simply put, speed wins! There are no second-place consolation prizes in your Sales and Marketing motions. Your company won’t reach its objectives and your representatives won’t hit quota by finishing second. Consider the following speed-to-lead statistics: 78% of customers buy from the company that responds to their inquiry first (Lead Connect) Businesses are 7x more likely to qualify leads when reaching out within an hour as opposed to just one hour later (Harvard Business Review) Sales reps are 21x more effective when calling within five minutes of prospect first contact as opposed to calling after 30 minutes (LeadSimple) Your odds of qualifying a lead decrease 80% after five minutes has elapsed (Vendasta) You are 10x less likely to have leads respond if your outreach takes more than five minutes (LeadResponseManagement.org) Companies experience a 391% increase in lead conversions when responding within one minute (Velocify)

The lead response time metric is the average time it takes a sales team member to follow up with a contact after identifying themselves as a lead, such as downloading content, filling out a form, or answering a call.

Speed to lead matters. A lot. With modern buyers having more information than ever before, your speed allows you to differentiate and build relationships faster with potential customers.