The average success rate for lead generation by software companies linger between 5-10%.
Why are these rates so low? Simple. What worked last time won’t necessarily work the same way again. Every lead is different. Period.
So, with such meager success rates, sales and marketing teams need to make the most out of their B2B SaaS leads—they need to capitalize every time they step up to the plate.
How do you do that? Well, the purpose of this discussion is to explore some insights into how to follow up with leads to ensure higher success rates.
Ask Your Leads How to Follow Up
One of the most impactful, yet overlooked, strategies for improving B2B SaaS lead follow-ups is to simply ask the individual what the best method to reach them is.
Again, every potential client is different. InsideSales analyzed lead contact attempts during their Lead Response Management Study what they learned is very beneficial to sales and marketing teams.
- Wednesday and Thursday were the best days to try and call a lead
- Don’t underestimate Mondays after 3:00 PM when using via email
- Qualifying rates are better between 4-5 PM
- The best time to call is between 4-5 PM
- The second best time to call is between 8-9 AM
When you ask a lead how you should follow up, you allow them to set the expectations, which makes the future follow-up(s) feel less disruptive. And, you’ll know which type of communication channel they prefer.
Timing Is Everything
You won’t always be afforded the opportunity to ask a lead how to follow up, mainly if it is one of the first times reaching out. Or, they may merely hit you with a vague response. These are times when the timing of your follow-up can be the difference between a swing and a miss and a home run.
The same Lead Response Management Study also looked at particular times of the day when leads are most responsive to follow-ups. Between 4:00PM and 5:00PM (your lead’s local time) is the best time to call, while between 11:00AM and 2:30PM is the worst.
It makes sense, right? Towards the end of the workday, people are much more receptive to calls and distractions that help run out the clock.
On the other hand, between 11:00AM and 2:30PM is the height of their day and typically when people are eating lunch, which is sacred do-not-disturb time.
While there are leads that will fall outside of the norms found in this study, some of the data is really important to consider.
For example, there is a significant rate difference, a staggering 164%, in the qualifying success of lead follow-ups between 1:00PM and 2:00PM against 4:00PM and 5:00.
On the other hand, a more recent 2018 study by PhoneBurner found that around 10:00AM is an excellent time to follow up as well.
Don’t Let Follow-Ups Cool Down
As demonstrated, there’s no shortage of data on the ideal time to call a lead, but that goes out the window when a lead has made an information request or signaled an intent to buy. If someone makes a pricing request or asks for a demo, you don’t want to wait for the next Thursday at 4:00PM to place a call.
You should really aim to respond to leads in under 5 minutes after an initial event, like completing a web form or information request. If you don’t touch base with these leads within 10 minutes after that initial event, then your chances of success drop off almost entirely. After an hour, you might as well throw in the towel.
One excellent tool you can use to follow up on leads quickly is chatbots. Why? Because they can work when humans are not present. For example, if a customer fills out a website form while your services reps are not working, chatbots can do the job and make that initial contact. Then sales reps can follow up the next day.
The reason that follow-ups need to happen so quickly is that your leads are shopping around. They are submitting their contact information to multiple businesses offering SaaS solutions similar to yours. It’s very much a race to see who will respond first.
Fast response time also demonstrates your dedication and commitment, which are two qualities that customers look for from service providers.
Value, Value, Value
A common pitfall for salespeople of B2B SaaS companies following up with leads is assuming that potential customers will find all of your resources on their own. This is a particularly dangerous assumption during the lead’s educational stage when they are trying to familiarize themselves with your software solution and its features.
Your marketing department has spent a lot of time and money creating information materials, like white papers, blog posts, and case studies. You should use these materials as often as you can; don’t expect that leads will find this information on their own.
As a rule of thumb, it is a good idea to try and include one piece of content in each email follow-up, mainly if there is a white paper or blog that pertains to the lead’s specific needs or questions.
Vary the Channels You Use
Calling is an important communication method, especially in the beginning when you are first following up with a lead. In fact, only 28.6% of leads were first reached out to by phone, but this method has the highest response rate and most success, according to InsideSales.
As that lead matures and is ushered through your sales funnel, supplementing calls with emails and even text messages is also crucial. After all, you don’t want to continuously overload a lead with calls that disrupt what they’re doing at the time, especially when a simple email exchange would suffice.
On the other hand, some conversations are too involved for emails or texts. You have to use your best judgment to determine which channel is best each time you reach out.
LinkedIn is another channel that is worth exploring. If you consistently share content relevant to your SaaS solution, it can be a great delivery method towards educating leads about the software and its potential to enhance their business. Plus, it helps keep your business and SaaS solution fresh on their mind.
Conclusions
There is no perfect follow-up strategy for B2B SaaS leads that will work 100% of the time; just as there is no hitting approach in baseball that works on every trip to the plate. But, the more you are willing to learn, study and test what works and what doesn’t, the better you will become at reading the intent of your leads and understanding how, when and where you should follow up.
*all images were taken from pexels.com and pixabay.com which are both royalty free sites.
Anastasia Sviridenko
Content Marketing Manager
Anastasia Sviridenko is a content marketing manager at TextMagic, bulk SMS service provider. TextMagic helps businesses, big and small, conduct SMS marketing campaigns, as well as send confirmations, reminders, and alerts to their clients.
Anastasia is responsible for creating blog content for TextMagic, be it infographics or text posts, and promoting it. When she’s not working you can find her trying not to mess up banana pancakes in her kitchen, going out for a run in the nearest park, or playing tennis with friends.