We’ve all heard the cliché that “time is money.” Many lawyers hear this statement as, “If I’m not billing hours, then I’m not making money.” While that may technically be true, the saying runs much deeper than that. Time isn’t the only thing that equals money. Timing, in life and especially in business, can also be money. Timing can often mean the difference between success and failure, between closing a client lead and not.
I came across some statistics about closing a lead the other day that every lawyer needs to know. Although the stats relate to closing online leads in general, as a lawyer, the same basic mechanics apply. You are sure to have better luck in the future if you know these keys for how to close more client leads as a lawyer.
The Early Bird Gets The Worm
When you get a lead from a referral, your website, a lead gen website or any other source, make sure you are the first person to respond to that lead. Studies show that if you are not the first to person to respond to that lead, you are at a significant disadvantage. In fact, as much as 35-50% of sales go to the vendor that responds first.
The legal market is very saturated so don’t expect that you can answer the rest of your emails before you get to that potential client and he or she will still be waiting around for you whenever you’re ready.
Call Me Maybe? More Like Definitely.
We’ve all been busy when a lead or a referral came into our inbox, but if you want to greatly increase your likelihood of closing that client, you should drop everything you’re doing and call that potential client immediately. Statistics have shown that if you call a lead within 5 minutes, versus waiting half an hour, your likelihood of connecting with that lead increases by 100 times!
Competing for clients in a massive industry can be overwhelming at times. Sometimes we question how we are going to beat out the competition. It would actually amaze you how easy it can be to out-do your competitors and provide a better customer experience by responding quickly to your leads.
A recent study by M.I.T revealed that the average company takes 1 day, 18 hours & 15 minutes to respond to an email lead by phone! So if you can call that lead in less time, or better yet as soon as possible, you have almost a 2 day head start on your average competitor!
Moral of the story: if you want to close more client leads as a lawyer you need to focus on these three keys:
- Be the first responder to a lead
- Follow up by phone call, and as soon as possible
- Beat your competition in terms of response time and customer service
These points aren’t just suggestions, but facts backed up with data. And you can’t argue with science.