If you’ve read any of our recent articles about lead generation, you would have seen the various techniques to drive new leads into your sales funnel.
While spending time acquiring new leads is crucial, following up on your existing database is equally important. With the right techniques, all of those leads you’ve gathered can be valuable assets for your company. In this article, we’ll show you how to apply strategies of communication diversification and tactical persistence. We’ll also review the process of lead nurturing so that you can derive a higher yield from your database.
Diversification in Communication
Your database contains different leads, all with specific needs and preferences. Your database is diverse, and so should your approach be to following up. Phone calls are the traditional sales tool and they still have a great deal of value. But, you should also experiment with other modes of communication. Text messages, emails, and targeted content are great ways to find which method of communication your client responds to best. Prospects enjoy communicating in different ways. By using a variety of channels, you can increase the likelihood of leads responding.
Persistence is Key
When following up with a client, it is important to be persistent. Studies have shown that 80% of agents give up by the third call. But, it’s actually the 4th call and beyond that data shows an increase in the prospect’s transition to closing. While persistence is important, be sure you are bringing consistent value to every interaction to avoid becoming a nuisance. This concern is why some agents genuinely feel that repeated follow up attempts will only annoy the prospect. Fortunately, that rarely ends up happening as long as you make no more than six calls over a period of several weeks. Be persistent, be respectful, and don’t be afraid to follow up multiple times.
The Nurturing Process
Not only do you need to be persistent with your leads, but you also need to nurture them through your sales funnel. Every lead will be at a different stage of your sales funnel, and you should guide them accordingly. A good lead nurturing effort matches the buying timeline of every prospect. This could be days, weeks or even months in the future. While the frequency and intensity of following up may change over time, it should never come to a halt because a prospect wasn’t ready to convert on the first phone call. The companies that master prospect development can build a long-term asset out of their leads. This will lead to a radical increase in conversions on their existing lead flow.
The modern-day real estate industry has provided agents with more leads than ever before. While the capacity to fill your database is high, those leads aren’t valuable to your practice unless you can convert them. Every lead is different, and while it is possible to categorize them, conversion relies on your ability to cater to their preferences. Differentiate your methods of contact to find out what works best for your client; be persistent, so you become top of mind, understand that prospects require different nurturing efforts, and plan accordingly. By practicing these strategies, you can spend less time starting over with new leads, and more time monetizing your existing database.
For more strategies on database monetization, and following up on your leads, head over to the YouTube channel to view all of our educational content.