The Psychology of Automated Price Quotes Can Boost Sales Leads 250% to 300%
This is a guest article written by David X Lamont of MarketingSage®. MarketingSage® is a marketing consultant for one of EchoQuote’s premier clients.
The Psychology of Automated Price Quotes Can Boost Sales Leads 250% to 300%
Most good marketers have a Request For Quote (RFQ) form or email address on their web site. The leads from these RFQ requests are superior to leads generated by white paper or newsletter opt-ins because the prospect is actively weighing the cost of purchasing. As such, users are identifying themselves at a decision point rather than at a curiosity point. Additionally, the contact information provided by the prospects in an RFQ is usually accurate because they want a response. Contact information provided for white paper downloads and demos is often inaccurate if the visitor does not want to be contacted. Obviously, RFQ leads are especially valuable so how do you get more of them without increasing your web traffic?
As an outsourced marketing team, MarketingSage sees tens of thousands of sales leads every year from a variety of clients. All have RFQ forms. However, one savvy client did something different that boosted RFQs 250% to 300%. They added an RFQ button that offered an automated price quote from a 3rd party – EchoQuote (www.echoquote.com). They did not remove the existing house RFQ form. RFQs to the house form remained somewhat static. However, the EchoQuote system regularly generates 2.5X to 3X additional leads. The psychology is interesting.
Many people want a price without having to engage with a salesperson. Therefore, the 3rd party automated system appeals to them even though they know the price is only a budgetary price rather than a final price. The automated system is good enough because it’s fast and hassle free. Of course, to get the quote the prospect completes a form that captures their contact information and product interest. The quote is automatically delivered by email after a human reviews the request.
[...] that what potential customers need in a tight market is a way to determine budget fit. Using the psychology of self-service pricing, many B2B companies were able to boost their lead conversion rates by 250-300% and win new [...]