We all know lead generation is a crucial component of a healthy pipeline, and considerable time and money is spent each year on lead-gen activities. So why do so many continue to fall into the deep, dark (unconverted) abyss?
There’s no shortage of research on the topic. Insidesales.com spent 3 years coming up with the best practices below, while the Harvard Business Review produced a gem on the importance of timely lead follow-up. But alas, so many leads still go unconverted.
So what’s the problem? Well, let’s take a look at the demands first.
The golden rules of lead follow-up
Here are 4 important things to consider when responding to and qualifying leads.
#1 – Lead Response Time: You know it folks, you should respond in 5 minutes or less. (Not to stress you out, but there’s a 400% decrease in your odds of qualifying if you respond just 5 minutes later. Ugh.)
#2 – Best Day to Qualify: Survey says—Wednesday or Thursday! (Clearly this rule doesn’t apply when you’re responding to inquiries—see #1—but if you’re looking for a good day to reach out, take either of these for a spin.)
#3 – Best Time: Between 4:00 – 5:00PM. (Seriously, there’s a 164% difference in the qualification rates of 1:00 – 2:00PM vs. 4:00 – 5:00PM.)
#4 – Be Persistent: If at first you don’t make contact… Try. 5. More. Times. (Your odds are up 90% if you do!)
So, how are you supposed to respond to these demands while you service your current clients?
Good question—let’s start from the beginning. You set up Top Producer CRM following the 4 simple steps, which is excellent because now the 4 golden rules will be taken care of for you.
1) You’re meeting with Sharon and Keith and they’re finally telling you their top 5 must-haves when your phone beeps… A new lead—cool, but are you going to tell Sharon to hold up a sec when she’s right in the middle of describing the ultimate backsplash and flooring in her dream kitchen? Heck no, and nor should you.
Your virtual assistant (aka FiveStreet) should take care of that:
2 & 3) They say Wednesday/Thursday between 4:00 – 5:00 is the best time to respond to and qualify leads. What they don’t know is that you have a showing from 3:00-4:00, a bank meeting from 4:15-4:45, and you have to pick up your daughter from Taekwondo at 5:00.
Wouldn’t it be nice if a “just-following-up” email was automatically sent on your behalf? (You should expect no less.)
4. Okay, so calling the lead 6 times ups your chances of making contact by 90%, but should you have to remember how many times you’ve called and when?
Of course not—your CRM should prompt you so you don’t have to think about it.
Bottom line—lead-gen, nurturing and conversion play a big part when it comes to a healthy pipeline and thriving business, but you’re a busy agent. You can’t do it all, and with the proper processes and technology in your corner, you won’t have to.