Response times reducing retail sales
The latest market data from iTrackLEADS has revealed a sharp fall in overall enquiries in April.
The total number of leads fell by 18% against the same month in 2021.
In a tightening market, the lead optimisation company is now advising dealers to respond to every lead as quickly as possible, with its own research showing every 10 minutes of delay creates a 30% drop in conversion.
Adrian Favill, director of iTrackLEADS, said: “As demand begins to soften, it’s imperative that every lead is treated like gold dust. Delaying your response to inbound leads can result in money lost. Responses within 30 minutes increase the chances of conversion by as much as seven times. However, your best odds are within five minutes.”
The fastest dealers in the iTrackLEADS study responded to an enquiry within 62 seconds, while the slowest took 51 minutes. The data shows that 78% of sales go to the retailer that responds quickest.
Favill said: “From first contact to vehicle handover, it is important to use data to give your customer a seamless experience. Happy customers will share their experiences and drive more buyers to your door. We continue to develop technology that helps to manage the customer through their entire ownership journey and increase their lifetime value to the business.”
