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, tactical persistence, and 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. While phone calls are the traditional vessel of sales, and they still have your value, it is best to experiment with text messages, emails, and targeted content, to find which method of communication your client responds to best. Prospects enjoy communicating in different ways. By using a variety of different channels, even cycling through them, you can increase their likelihood to respond, and move them closer towards making a conversion.
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 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 a 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, whether that be months or weeks 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 and will radically increase the conversion on their existing lead flow.
The modern-day real estate industry has provided agencies with more leads than ever before. While the capacity to fill your database is high, those leads aren’t valuable to your company 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 front 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.
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