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Imagine this: a potential customer submits a contact form or requests a free consultation but then go out of contact. Why did that happen? Could be because of your lead response time.
Most buyers contact multiple companies at once, and the one that responds first usually gets their business. So, every minute you wait to follow up with a lead decreases your chances of making a sale. Yet, many companies still underestimate just how critical those first minutes are.
Don’t let this be you. Read this article to understand what lead response time is, realise why it matters and get to know how to fix slow responses before leads disappear.
Let’s get started.
What Exactly is Lead Response Time?
Lead response time is the length of time your team takes to respond to a prospective client after they reach out. It starts from the moment a prospect shows interest in your services (fills a contact form, books a call or calls you directly) and ends when they receive your first reply.
For Example:
Let’s assume someone requests a free consultation through your website at 7:00 AM and your team replies to them at 10:00 AM. That’s a lead response time of 3 hours.
The thing is, if you reply quickly, it shows the prospect that you pay attention and are eager to support them. A slower response leaves them wondering if you’ve even received their request, confused as to what to do next and eager to reach out to someone [else] who may be able to help them sooner.
Key Takeaway:
Lead response time is the time it takes you to follow up after someone shows interest in your product or service. The faster you respond, the better your odds of turning that initial interest into willingness to purchase what you’re offering.
Why is Lead Response Time Important Then?
Quick lead response time is not just a nice metric to have; it’s a driver for conversions.
According to the research published in the Harvard Business Review, firms that contact their potential customers within an hour of receiving a query were seven times more likely to convert the query into a lead than those that tried to contact the customer later.
This is where the concept of “speed to lead” comes in. In the early moments of the client’s introduction to your accountancy firm, the pace of your response builds momentum and keeps your lead emotionally engaged. So, the faster you respond, the more likely you are to start the meaningful conversation and close the deal.
But don’t take only our word for it. Here are some statistics that prove speed equals more lead conversions.
- A 1-minute response can led to 39% more conversions. As per the research, businesses that respond quickly to inbound leads (ideally within a minute) see an almost 39% increase in conversion rates as compared to those who take longer than five minutes.
- 78% of the customers purchase from the first responder. An overwhelming majority of individuals purchase from the first business that responds to their contact.
- 44% of the leads are generated off-hours. Research shows that 44% of business leads are generated outside business hours and 41% of companies struggle to follow up with these leads quickly.
- 82% of the consumers expect a response within 10 minutes. It shows quick replies are not just appreciated but absolutely required. And incorporating quick text responses into an accountancy firm’s workflow can enhance customer service and boost conversion.
- The average lead response time is 47 hours and only 27% of the leads are contacted at all. That’s nearly two full days without a contact. By that time, a prospect would have forgotten about you, lost interest in your product or been wooed by your competitors.
- Calling after 30 minutes is 21 times less effective. If you don’t reach out to your prospects within the first 30 minutes, your chances of qualifying that lead drops by 21 times.
Bottom Line:
When it comes to following up potential leads, speed always beats perfection!
How Do I Calculate Lead Response Time?
Calculating lead response time is very simple. It’s just the period between two events: when the prospect reaches out and when your team responds.
You can calculate lead response time by using this simple formula:
Lead Response Time = Time of First Response – Time of Lead Enquiry
For Example:
A prospect fills out a contact form on your landing page at 4:47 PM and your sales team replies at 5:27 PM. That’s a 40-minute lead response time.
To understand the overall speed of your accountancy or CPA firm, you need to calculate the average response time for all your leads. That’s done by using this formula:
Average Lead Response Time = Total Response Time for All Leads / Number of Leads
You can also use several CRMs tools like HubSpot and Salesforce to track these metrics automatically. They show your average response time over a set period for different channels or lead sources.
Once you know the numbers, you can set targets and improve your sales strategy.
Pro Tip:
Track lead response time by channel such as form, chat, email and phone. The expectations of customers vary across various channels and so should your benchmarks.
What is a Good Lead Response Time?
There’s no perfect number. Client attitudes vary from business to business. However, most studies emphasise that faster is better and ideally, lead response times should be within 5 minutes.
But the shocking truth is that that the average response time for most web leads is 17 hours!
Here’s what a good lead response time looks like in practice.
- Live Chat – 30 seconds to a minute
- Phone Call – Within 1 to 5 minutes.
- Web Forms & Demo Requests – Under an hour. Ideally within 10 minutes
- Email Enquiries: Within an hour or two.
- Newsletters/Sign-Ups: Instant auto-response. 74% of the subscribers expect a welcome email right away.
TLDR:
If you are responding faster than your competitors, you are already ahead. But if you’re missing the window when the lead’s interest is at peak (first 5 minutes), you’re slow and will most likely be forgotten.
How To Improve Lead Response Time?
You don’t need to be online or on your phone 24/7 to have a quick lead response time. You only need to make a few changes to your accountancy firm’s workflow, changes like these:
- Set Up Automations – You can use automated emails, SMS or chatbots to acknowledge a query immediately. You can send messages like, “We’ve got your request and will be in touch with you shortly.” This lets you buy time and assures the lead that their message was received.
- Use Lead Routing – You can use tools like Slack, mobile or email and implement territory-based routing for the leads. It helps to avoid “who’s handling this?” confusion and makes sure leads go to the right person.
- Use CRM To Full Potential – Your CRM can do more than just store contacts. You can use it to track response times; trigger workflows and highlight leads that haven’t been followed up. Many CRM tools also offer custom dashboards that let you monitor performance in real-time.
- Prioritise High-Intent Leads –
Not all leads are created equal. For example, someone who requests a demo or a quote must be followed up faster than a generic form submission. Identify and prioritise high intent signals and respond smartly.
- Don’t Ignore After-Hour Leads – Leads come 24/7 and as per the research, 44% of leads are generated off-hours. So, consider staggered shifts or weekend coverage. If this is not possible, use autoresponders after hours.
- Train Your Team – Provide proper training to your team members on tools and response expectations. Also, equip them with pre-approved messaging templates for different types of enquiries.
Pro Tip:
Create a shared folder of response templates that answer common questions. It ensures your team member can respond confidently and consistently.
The Smart Way to Respond & Follow-Up
There are two key moments of contact with a potential client:
- The first touchpoint: when someone fills out a contact form or requests a free consultation.
- The follow-through: when it’s time to send a proposal, quote the fee and issue an engagement letter.
Thanks to the faster webpages, AI chat tools and automated email replies, many firms have nailed the first phase. Today, it’s not uncommon for firms to respond to new enquiries within minutes.
But what after the quick “Thanks for reaching out” or “let’s book a call.” That’s where many firms fall behind.
They lack well-defined scope of work and efficient client onboarding. They lack a system for pricing services confidently, generating proposals and engagement letters and staying compliant without hassle. As a result, they face delays, confusion and scope creep- all of which leads to lost clients and missed opportunities.
That’s where FigsFlow comes in. It helps accountants, tax advisers and bookkeepers respond faster and better- especially when it matters the most.
FigsFlow comes with:
- Regulatory compliant engagement letters
- Smart service pricing calculators for accuracy and consistency
- Customisable proposals that win clients
- Built-in e-signatures, invoicing and client onboarding tools
It’s everything you need to get the client to say “yes” and respond instantly after they do.
Because we at FigsFlow understand winning client isn’t just about showing interest, it’s about removing friction at every step: from initial enquiry to final sign-off.
Conclusion
Lead response time is more than just a performance metric, it’s a make-or-break moment in customer onboarding. Only a few minutes stand between your accountancy firm and a possible lifelong client.
So, don’t ignore lead response times. Review your process, identify where delays happen and start making effective fixes. This way, you can respond faster than your competitors without adding any workload.
What Next: Use FigsFlow
FigsFlow lets you respond instantly with pre-built proposal templates, advanced service pricing and ready-to-send engagement letters - all in one place.
Instead of scrambling to follow up, you can send a complete and professional reply while the lead is still fresh and ready to move forward.
Start your 30-day free trial and turn queries into closed deals.
FAQs
5 minutes is the ideal time to respond to new leads. This lets you connect with the prospect when the interest is still high and they’re ready to move forward.
Yes, response time plays a crucial role in driving conversions. As per the study, businesses that respond quickly (ideally within a minute) can see almost 39% increase in conversion rates compared to those who take longer than five minutes.
Definitely. A fast response shows you value your customer and respect their time. This helps to build trust and encourage long-term loyalty.
To communicate the value in a proposal letter, anchor your services with value rather than a price tag. You can achieve this by quantifying the achievement of similar clients through testimonials and case studies. You can also add “money-back guarantee” if relevant.
