Every day, millions of people are calling toll-free #s to obtain information about a product or service. One organization that we work with, mails 1,200,000 pieces of mail per month, to let people know that they can pre-qualify for a loan, by calling an 800 number, with a real-time response conversion rate of 1.2%. Another company makes 1000 + calls a day connecting potential car buyers with lenders, initiated by a web opt-in mechanism, resulting in a 2.5% response conversion rate. What do they have in common? They both use IVR (Interactive Voice Response) to generate interest, acquire sales leads, connect the buyer with the seller and provide a continuous deal flow to their sales force.

How Can You use IVR to generate more leads.

A key benefit of using IVR for a sales lead generation is that it can work for you 24/7.

The ability to activate a pre-approved auto loan or apply for a mortgage pre-approval, are just some examples.

Say you are an Auto Dealer, and you want to generate more prospect-flow. You can easily rent a targeted consumer list from dozens of sources and write a compelling sales letter “ which invites your target to apply for a pre-approved auto loan, 1000s of dealers are doing this across the country.

The same can be done if you are a mortgage broker, and you provide a quick telephone mortgage application. By renting your list from a credit service, such as Equifax, you can target your audience, and make your offer even more compelling.

IVR allows you to engage with consumers and process your leads 24/7 over the telephone, and leads are delivered to you in real-time.

What Response Rates Can You expect?

Your response rate will vary depending on your product or service, your unique sales proposition and the type / quality of the list. IVR allows you to turn the calls into leads that you can follow-up on.

Based on a cross-section of the organizations that we work with, you can anticipate response rates of 1% ~ 3% and in some cases even higher.

For example, we have recently worked with a client that was obtaining a 11% response rate from his voice mail drops (from an opt-in list), initially with 1.5% conversion rate. Eventually, through the utilization of some IVR optimization techniques, the client was able to generate even higher conversion rates (2.7%).

Using Inbound or Outbound Calling – What is the Difference?

When you are using IVR to help you with sales lead generation, you can use one of two approaches,

* Inbound calling, where you invite a prospect through print letter , or other media to call into your toll-free #.

*Outbound, where prospects are called and invited to take action, on a unique offer you are making them.

Buy or Outsource? If you plan on setting up your own IVR infrastructure, this is an expensive proposition. That is why there are service providers who will offer IVR Sales Lead Generation as a managed, hosted service. You will require NO Hardware or Software to run your programs, basically you pay for what you use, and you are supported 24/7.

By capitalizing on a hosted service, you have NO infrastructure requirements. E-mail and web access will do, as you can either receive your leads via e-mail or access them though the web.

If you want real-time integration with your in-house systems, you will require conversations between your IT team, and your IVR vendor.

How Do I Get Started?

Source Your List: If you are currently engaged in direct marketing or have conducted direct marketing or web marketing campaigns in the past you probably have established sources for prospect lists. If you are using outbound calling, make sure you comply with the no-call list guidelines.

Messaging: Your message must be clear and have a direct call to action, which is a call to a toll-free # to respond on the spot and complete the application. There must be alignment between your sales letter/voice message and the greeting when the prospect responds. Research has shown that this can increase conversion rates by as much as 50%.

Your Script: Prepare a script for your service provider. This should be a simple process to start, however your service provider will help you refine it. Write it as if you were the caller hearing your message, application, etc. over the phone. What would make you stay engaged, and interested in continuing? Remember that your participant will need instructions, what is common sense on paper, may not be in an IVR survey, and so you should provide detailed instructions on how to respond. Your service provider will certainly be able to assist you.