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Research Finds Half of Companies Are Failing Buyers and Losing Revenue Due to Poor Lead Follow-UpHow well are companies responding to sales inquiries and following up on new business leads? To find out, Conversica, Inc., the leading provider of AI-powered conversation automation solutions for enterprise revenue teams, prepared the 2023 Sales Effectiveness Report launched today. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230504005428/en/ The Conversica Sales Effectiveness Report reveals that even in the era of automated conversation technologies 24% of companies offered no option to submit a sales inquiry on their website (Graphic: Business Wire) Half of the organizations anonymously contacted for the study are failing in their lead follow-up process, losing sales opportunities. The companies included in the study were mid-market and enterprise-sized businesses in Technology, Telecommunications (B2B and B2C), and Sports, Media & Entertainment (B2C). The Conversica Sales Effectiveness Report reveals that even in the era of automated conversation technologies (including first-generation chatbots, chat-to-live agent, or more advanced GPT-powered chatbots), an astonishing 24% of companies offered no option to submit a sales inquiry on their website, thus requiring potential buyers to leave the site to contact Sales teams. These organizations are at high risk of losing potential buyers' attention to competitors that offer fundamental digital channel entry points on their website, such as chatbots, live chat, or sales inquiry forms. Even when participants did have an option for initiating sales inquiries on their website, 83% had inadequate follow-up processes.
The high number of companies who received an inquiry but did not follow up demonstrates a serious issue with lead follow-up processes. Telecommunications had the highest rate of no-follow-up at 40% of companies contacted failing to respond, with Sports, Media & Entertainment close behind at 35%, and Tech performing only slightly better with 25% of those contacted sending no follow-up. "The situation indicates that as businesses adjust their human resources and budgets for the uncertain economy, they just don't have enough bandwidth to follow up on every lead. And when they do, it may be too late. The faster the connection is made, the higher the likelihood of converting a lead to a customer. It's time to optimize human resources by leveraging technology that can automate these types of tasks, leaving strategic activities such as building relationships and closing deals to the sales teams," added Kaskade. Methodology Conversica's research team evaluated 100 mid-market and enterprise companies (>200 employees, >$75M in annual revenue) by seeking out an inquiry form on their website and, if an on-site contact option was available, expressing interest in their products or services and requesting contact from a sales team. Research for this report was conducted over the course of one month using a shopper persona with no link to Conversica. Email and telephone responses from each organization were recorded and analyzed for 22 days from the date of inquiry. Overall grades (A-F) were determined by averaging each company's scores across four categories: promptness, persistence, performance and personalization. The full report with the detailed findings and methodology can be downloaded here. About Conversica Conversica's AI-powered Digital Assistants supercharge revenue teams for growth. They enable Marketing, Sales, and Customer Success teams to acquire untapped revenue through perfectly structured conversations. With billions of human interactions spanning more than a decade, Conversica's AI Assistants have learned to influence and persuade customers and prospects throughout the customer journey lifecycle. Unlike chatbots, they are powerfully human and can hold meaningful conversations at every touchpoint. They fuel the conversations that create brand loyalty and maximize every revenue opportunity, even the ones you don't see. They know how to say just the right thing at just the right time to help grow revenue, improve customer experience, reduce costs, increase operational efficiencies, and build brand awareness. Conversica's Conversation Automation platform is used by leaders nationwide to get the conversation going and build the workforce of the future, today. To learn more, visit conversica.com and follow the company on Twitter, LinkedIn and Facebook.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230504005428/en/ |