Today we’re introducing three new reports that help you track the time it takes to react to a Deal once it’s added to Base. It’s important to call or email as soon as a Deal enters your sales pipeline, but how long does that initial window stay open? Should you call or email when you get a new Lead? The Time to First Action reports are here to help answer all of these questions.
Time to First Action by Outcome
Once the Deal is added to Base, the stopwatch starts and continues to run until you either call or email the person related to the Deal. The Time to First Action by Outcome report displays the average time it takes for a first action, and breaks it down by the Deal outcome. In the example below, you can see, on average, that Deals which are Won have an average Time to First Action (TFA) of 3 hours and 41 minutes. On the other hand, Deals that are lost in that same period have an average TFA of 4 Hours and 59 minutes. How long is your team sitting on Deals before they reach out to them?
Time to First Action by Owner
To find out who is reacting quickly and who is sitting on their new Deals, you can use the Time to First Action by Owner report. This report breaks down the average time it takes for each member of your team to call or email once a Deal is added to their pipeline. Below you can see how long it took each salesperson to make their first action on new Deals. The report can also be filtered by custom fields and even action type. This allows you to see performance for just emails or just phone calls.
Time to First Action by Bucket
It’s important to know where that sweet spot is for responding to new Deals. Is it 30 minutes? Is it 6 hours? To answer this question, you’ll want to refer to the Time to First Action by Bucket report. This report allows you to see the outcome of all deals where the first action was 0-30 minutes (this timeframe can be adjusted). You can then move forward to see the outcome for Deals where the first action was 30-60 minutes after the Deal was created. Below you can see when the first action takes place within the first 2 hours, 10-15% of the Deals are won (represented by the teal bar). This makes sense, you’re still fresh on the prospect’s mind and they are willing to talk. However, if that first action falls within 2 to 3 hours from the time you receive the Deal, you have 0% chance of winning the Deal (based on past data). The cool part, is the second contact window that spans from 3 hours to 5 hours after a Deal is created. This is actually the ideal time to reach out to prospects that have entered your sales pipeline.
Filtering the Outliers
When you’re using the Time to First Action Reports, be sure to use the Outlier Filter to clear out any Deals that are skewing your data. If there is a Deal that is entered by mistake and you never email or call them, the clock is still running! This can impact averages for your team, so it’s best to use this filter to make sure you are viewing an accurate report.
The Time to First Action reports are now available to all Enterprise users and can be found in the Success Insights section of Base reports. Don’t have a Base account? Get started now with a free account for 14 days.