SOURCE: CLICK HERE TO SEE THE ORIGINAL STUDY RESULTS PRESENTED IN GRAPH FORMAT
I highlighted the sections that I think might stick out most to the hustler focused on being as precise as possible.
Using a scientific approach, Professor James Oldroyd—at the time a faculty fellow at MIT—set out to answer one question: “When should companies call Web- generated leads for optimal contact and qualification ratios?” Or, more simply: “When’s the best time to call an interested contact to enter them into the sales process?”
Since then, the data has transformed the process of remote professional sales, and founded an entirely new industry surrounding the process of responding to sales inquiries.
The original study’s two most dramatic conclusions:
1. COMPANIES DON’T RESPOND FAST ENOUGH, AND
2. THEY DON’T RESPOND PERSISTENTLY ENOUGH TO LEADS.
So how do the great companies avoid failure, and maximize every sales and marketing
opportunity? The answer isn’t rocket science:
1) Contact your leads and do it fast, and 2) be persistent—don’t give up too soon.
The LRM study definitively shows that your odds of reaching a new sales lead drop over 10x if you wait longer than the first hour of shown interest, and the odds of qualifying that lead decrease 6x after the first 60 minutes.
The bottom line: Response times to new sales leads should be measured in minutes and seconds, not hours or days.
THE FIVE-MINUTE MARKER
Winning and losing in sports is often a difference of inches. In lead response management, every second can make a difference. To push the level of accuracy even further, we took the first three hours after a lead was generated and broke it up into five minute segments.
The findings are even more incredible: the odds of contacting a lead if called within five minutes versus even 30 minutes are 100x greater. Note too that your odds of entering the Lead into your sales cycle increase 21x if called within five minutes compared to 30 minutes.
Grant Cardone talks about 10x. He never said anything about 21x or 100x!
AVOID CALLING DURING LUNCH HOUR, AND DURING THE “MEAT” OF THE WORK DAY WHEN PEOPLE ARE MOST BUSY.
FOLLOW-UP FINDINGS: DAY OF THE WEEK
Once you’ve solved problems 1 and 2 (speed and persistency of response), the LRM study shows that if you dig a little deeper, the time of day and day of the week can also play a role in prospecting success. The best days of the week to both contact and qualify a new lead are Wednesday and Thursday.
In fact, a sales rep is 50% more likely to both contact and qualify a lead on the best day of the week—Wednesday—than on the worst day, Tuesday. Notice too, that Friday is a great day for prospecting to make contact—but your chances of actually qualifying a lead are lower than any other day of the week.
TIME OF DAY
Want to make contact with your sales leads? The beginning and end of the day are your best bets.
Between 4 and 6 PM, a rep has a114% greater chance of making contact than at the worst time, between 11 AM and Noon.
To qualify a decision-maker, 8-9 AM and 4-5 PM are the best times, and are164% better than calling at the worst time, between 1 and 2 PM. It seems intuitive, but the data’s conclusive: to have the highest chance of contacting a lead, avoid calling during lunch hour, and during the “meat” of the work day when people are most busy. The value of your sales agents’ prospecting time increases significantly if they’re calling at the best times to make contact.
Final notes for taking action and making calls:
1) When it is 12pm on the east coast, it is 9am on the west coast.
2) When it is noon on the west coast, it is one hour before 4pm (the best call hour)on the east coast.
3) If you're prospecting nationally, plan your calls into specific time zones during the hot hours, and avoid those time zones during the cold hours.
I highlighted the sections that I think might stick out most to the hustler focused on being as precise as possible.
Using a scientific approach, Professor James Oldroyd—at the time a faculty fellow at MIT—set out to answer one question: “When should companies call Web- generated leads for optimal contact and qualification ratios?” Or, more simply: “When’s the best time to call an interested contact to enter them into the sales process?”
Since then, the data has transformed the process of remote professional sales, and founded an entirely new industry surrounding the process of responding to sales inquiries.
The original study’s two most dramatic conclusions:
1. COMPANIES DON’T RESPOND FAST ENOUGH, AND
2. THEY DON’T RESPOND PERSISTENTLY ENOUGH TO LEADS.
So how do the great companies avoid failure, and maximize every sales and marketing
opportunity? The answer isn’t rocket science:
1) Contact your leads and do it fast, and 2) be persistent—don’t give up too soon.
The LRM study definitively shows that your odds of reaching a new sales lead drop over 10x if you wait longer than the first hour of shown interest, and the odds of qualifying that lead decrease 6x after the first 60 minutes.
The bottom line: Response times to new sales leads should be measured in minutes and seconds, not hours or days.
THE FIVE-MINUTE MARKER
Winning and losing in sports is often a difference of inches. In lead response management, every second can make a difference. To push the level of accuracy even further, we took the first three hours after a lead was generated and broke it up into five minute segments.
The findings are even more incredible: the odds of contacting a lead if called within five minutes versus even 30 minutes are 100x greater. Note too that your odds of entering the Lead into your sales cycle increase 21x if called within five minutes compared to 30 minutes.
Grant Cardone talks about 10x. He never said anything about 21x or 100x!
AVOID CALLING DURING LUNCH HOUR, AND DURING THE “MEAT” OF THE WORK DAY WHEN PEOPLE ARE MOST BUSY.
FOLLOW-UP FINDINGS: DAY OF THE WEEK
Once you’ve solved problems 1 and 2 (speed and persistency of response), the LRM study shows that if you dig a little deeper, the time of day and day of the week can also play a role in prospecting success. The best days of the week to both contact and qualify a new lead are Wednesday and Thursday.
In fact, a sales rep is 50% more likely to both contact and qualify a lead on the best day of the week—Wednesday—than on the worst day, Tuesday. Notice too, that Friday is a great day for prospecting to make contact—but your chances of actually qualifying a lead are lower than any other day of the week.
TIME OF DAY
Want to make contact with your sales leads? The beginning and end of the day are your best bets.
Between 4 and 6 PM, a rep has a114% greater chance of making contact than at the worst time, between 11 AM and Noon.
To qualify a decision-maker, 8-9 AM and 4-5 PM are the best times, and are164% better than calling at the worst time, between 1 and 2 PM. It seems intuitive, but the data’s conclusive: to have the highest chance of contacting a lead, avoid calling during lunch hour, and during the “meat” of the work day when people are most busy. The value of your sales agents’ prospecting time increases significantly if they’re calling at the best times to make contact.
Final notes for taking action and making calls:
1) When it is 12pm on the east coast, it is 9am on the west coast.
2) When it is noon on the west coast, it is one hour before 4pm (the best call hour)on the east coast.
3) If you're prospecting nationally, plan your calls into specific time zones during the hot hours, and avoid those time zones during the cold hours.
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