For years, real estate marketers have said that lead generation is primarily a numbers game. If you get your name out to as many people as possible, someone somewhere will decide to work with you. Unfortunately, statistically, many treat their lead follow up like a game. How consistent and effective do you follow your leads?
A lot of energy and resources are used to generate leads, often followed by a lack of relentless follow up. Statistically, 48% of prospects are never pursued. That’s nearly half of the time spent creating intriguing content, handing out flyers, and sending mail and email all for naught. Crazy, right?
The most commonly cited reason is that an assumption that if the lead was really serious about working with someone, they would have reached out themselves. A home buyer or seller needs to be sure they’re ready to go to market, otherwise they could easily change their mind and decide to stay put. Who hasn’t had that rough day or week when moving seemed like a great idea, but the following week, it sounded crazy?
The problem is that by the time leads are confident about the timing, they’re also confident about who they want to work with. It’s true that working with leads early in the process will lead to some dead ends. It’s also true it can blossom into some incredible relationships and business.
But let’s get back to the numbers. Statistically, leads tend to be contacted three times. In fact, 90% of real estate professionals make between one and three attempts, and if there’s no forward movement, never make another. But we know that people need a little convincing. 81% of people who decide to work with a company do so because of their direct contact with that person. Many do not begin communication until after the fifth communication. That means marketers who stop calling, emailing, and mailing after three tries are shutting out the vast majority of those who would become clients!
In addition to not cultivating leads as effectively as possible, you may also be doing more work to create the leads than is necessary. Sites with a video on their homepage see an 86% increase in visitors compared to those that don’t. Emails with social sharing buttons have a click-thru-rate 158% higher than those that don’t. These changes require almost no maintenance, but they are often overlooked. Why make the job of marketing any harder than it needs to be?
Other statistics to keep in mind as you look at how you can improve your marketing: 73% of reporters say that press releases should contain images. One third of all Google search users will go to the first site listed, but none of the others. 65% of your audience are visual learners, and visual data is processed 60,000 times faster than text data.
When planning your next marketing strategy, use what you know about your leads and make them work to your advantage. Be sure to market smarter, not harder.