Guys I've been working internet leads from Day 1 in this business and I think I've learned some things, but still my numbers are so far from where I want them to be looking for any insight as to what you'll think helps your conversion rate. I'll start these are the things I've picked up helps me:
1. Quicker the better - the quicker you can respond to their initial inquiry (and subsequent responses) the better chance you have at actually getting a conversation/reply going.
2. Setup an appointment - even if it's a waste (meaning they aren't ready to buy or pre-approved yet) the face-to-face contact drastically improves your chance of retention.
3. Build rapport / show value - Build rapport by being friendly and taking your time with them, inquire about their lives and wants/needs. Take their wants /needs into consideration, show value by making recommendations based on what you've learned. If you can suggest an option they would have never thought of because you know the market and they weren't even thinking of how great 'neighborhood C' might be for them, then you have a great chance at keeping them.
4. Regular follow-up - well-tailored auto-emails with listings from the MLS helps. Phone call follow ups or just a random "checking in" email helps and can restart a conversation that has long since stalled.
That's all I really have.. what do you have?