An independent consultant is deep in a client project when an enquiry arrives from a company with exactly the kind of problem they specialise in. They reply four days later. The company has already started working with someone else. The consultant shrugs; they were busy. But that engagement would have kept them fully booked for three months.
For consultants, each engagement is valuable. Losing one to a slow reply is expensive.
Why each engagement matters
Consultants typically work on a small number of engagements at a time. Each can represent weeks or months of income. Good engagements often lead to follow-on work, referrals and long-term relationships. The value of one captured enquiry, across industries, is explored in value of one captured enquiry.
A worked example
These figures are illustrative. Use your own.
Suppose a consultant receives eight serious enquiries a month. Normally, two become engagements.
Now suppose slow replies mean one of those eight goes to a competitor before the consultant responds. If that enquiry had a one-in-four chance of becoming an engagement, the consultant loses, on average, one engagement every four months.
If an average engagement is worth a significant sum, and one in three leads to follow-on work, the annual cost of those lost engagements is considerable. Run your own figures through the chatbot ROI calculator.
Other businesses, same maths
The same calculation applies elsewhere. Gyms calculate the lifetime value of a membership lead, as in the cost of a lost gym membership lead. For consultants, the numbers are fewer but larger.
Why enquiries are lost
- Replies are slow because the consultant is on client work
- Enquiries are vague and need several rounds of questions
- Pricing is unclear, so prospects hesitate
- Prospects contact several consultants and choose the first good reply
Pricing clarity is covered in rate and engagement questions consultants should answer, and scoping in consulting enquiries that need scoping before a call.
Protecting the pipeline
SpideyChat for consultants answers questions about your services, rates and process from your own pages at any hour, and captures scoping details: the problem, organisation, timeline and budget range. You can reply personally, with relevant insight, as soon as you have a moment.
Comparing the cost
Set the value of one lost engagement against the cost of capturing every enquiry. Plans are listed on the pricing page, from a free plan to Pro at $29.99 a month.
A simple measurement
For three months, note every enquiry, how quickly you replied and whether it became work. The pattern usually shows how much speed matters, and how much the lost engagements cost.
The cost of a poor first impression
Slow replies do not only lose the enquiry in front of you. Prospects talk to colleagues and peers, and a consultant who seemed hard to reach may not be recommended later. In small professional networks, reputation spreads quickly. A prompt, thoughtful first reply, even a short one acknowledging the enquiry and asking a couple of good questions, protects that reputation as well as the engagement.
Referrals and repeat clients
Past clients and referrals deserve the fastest replies of all. Flagging them at first contact makes sure they get it.
Putting a number on it
Work out the value of one engagement for your practice, then compare it with the cost of replying faster. The decision usually becomes obvious.