Increase Lead Conversion with List Building
Today, you got 100 leads. Now, how many of them can you convert before they go stale? Everyone loves to talk about real estate lead generation. However, few focus on the leads they have and how to nurture them.
If you’ve ever noticed revenue dropping or flat-lining, the solution isn’t always getting more leads. Sometimes, it means re-examining how many leads your team is closing. So, let’s talk about increasing your conversion rate, so you don’t waste money on lead generation efforts.
The Problems of a Large Database
Have you ever walked into the grocery store and shopped for toothpaste? Picking the right one can be overwhelming. Do you want the anti-tartar kind or the cavity-prevention kind? Do you want the one with whitening material or enamel protection? Fluoride, non-fluoride? Then there’s flavor: mint, Listerine-infused mint, sparkling mint, intense mint … and that’s just mint.
When you look at your lead database and see 10,000 leads sitting there, the first thing your mind does is freak out. It stalls out, really. How in the world are you going to call and close 10,000 leads? Where do you even begin? These are just a few thoughts you’ll experience.
“In Hollywood, there’s a saying for every 100 flyers you hand out, you’ll get 1 person to attend the event. That’s a 1% conversion rate.”
Faced with so many choices, you don’t know what to do or who to call first. Some may champion their way through by organizing a call night, where you cold-call as many leads as you can. But I’ll share a quick tidbit for you: In Hollywood, there’s a saying for every 100 flyers you hand out, you’ll get 1 person to attend the event. That’s a 1% conversion … 🙁 . Attacking the problem randomly won’t be efficient.
The solution: Segment your database into workable lists, i.e. group your leads.
How to Increase Lead Conversion
Not every lead is the right fit for your business. Some may have a price point that’s too low. Others might be looking to buy in areas you don’t work. The first thing you need to do is figure out which leads to call.
Outline what business criteria you want to focus on, such as leads who want to buy houses at $300k+ or leads who want to buy along downtown. Maybe even break your database into leads who have come back to your website recently. This will take that 10,000 lead database and sift it into a list of 30-50 leads. Now, calling them doesn’t seem as hard, right?
Plus, by building lists based on behavior means they’ll be twice as receptive to your call (or email). You know where to start the conversation and you know who to start calling. Lead conversions will jump because you’ve set yourself up for success.
Lead Follow-Up Strategies with BoomTown
There are two resources I want to share: 1) BoomTown’s prospecting tools & 2) the BoomTown Library. Each of these will show you various ways to increase lead conversion, support your business, and generate a real ROI.
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