Speed-To-Contact Study: Industry FAIL
When a consumer completes a contact form or email regarding a mortgage product, they expect a response within an hour. A new study from Insellerate, Costa Mesa, Calif., shows that the industry’s response, in general, is dismal.
The company’s annual MBA Speed to Contact Research Study, conducted using companies attending the recent MBA Annual Convention & Expo in Boston, found that only 13% of companies reported responding to customer inquiries within an hour. More disturbing, nearly two-thirds (64%) reported not responding at all.
The goal of the study is to understand how quickly and effectively companies respond to consumers that use their online forms or email to inquire about their products or services.
“Why is it important to be fast and first to contact leads submitted? First, customers expect it within 30 minutes to an hour,” said Josh Friend, CEO/Founder of Insellerate. “Second, you optimize your sales opportunity by connecting with the prospect while they are active in their decision-making. Third, it helps you sell more.”
The study reported a whole, companies surveyed did not meet consumers’ expectations. Whereas 42% of consumers expected a response, within an hour, only 13% of companies responded within that time frame. Although 43% of companies did respond, nearly 2/3 never followed up beyond the initial response. More than half the companies in the study did not respond to the online or email inquiry at all.
The breakdown:
–Within five minutes: 3.8%
–Within 30 minutes: 9.2%
–Within one hour: 13.0%
–Within 24 hours: 27.6%
–Within 48 hours: 31.8%
–Never: 64.0%
–Automated email responses: 14.0%
Insellerate reported the median response time was three hours, 22 minutes. Of those who responded, 33.7% called; 38.8% emailed; and 26.4% did both.
The sample size was 1,029.