For salespeople, the task of analyzing lead data accomplishes a few things that help tremendously in the conversion process. Having in-depth information on the lead prior to follow-up puts the salesperson in a better position to sell. The better the intelligence, the better the opportunity exists for a salesperson to prepare a pitch that is relevant to the needs of the customer.
Here are a few ways to analyze your leads to better prepare you for follow up.
- Start with the easy stuff, look at how complete the inquiry/registration form is. Leads that take their time to fill out the form with full names, valid email addresses and phone numbers are generally more serious and better qualified. This isn’t to say that the lead is no good if these elements don’t exist, but it helps to categorize the lead and make a better follow up plan.
- Secondly, see if the email from a good ISP? In some cases, users will setup a free email address with hotmail or gmail to avoid being identified (which isn’t always a bad thing). Not always the case, but emails from a well known company or organization is usually a better qualified lead. i.e. matt.cutts@google.com vs ihaterealtors@hotmail.com.
- How does the phone number look? Is it clearly a bogus number i.e 555-555-5555? Is it from an area code I recognize? We do a lot of work with people from New York City, so 212 numbers are usually hot.
- Are there user comment? Things like don’t contact me are a dead give away (although I have seen these converted too). On the other hand, specific comments made about the customer’s requirements are very important. I use them in my initial response later in the process.
- Look at the leads user activity. A user tracking feature shows us every log in, every search and every page visited by the lead. From this, we can get a pretty good idea about what the lead is looking for (price range, area, etc.) and again I use this information in our follow up to develop rapport.
Now that I have analyzed the lead data, what do I do with it?
Better categorize the lead.
In my opinion, no lead is a bad lead unless the ALL the contact info is bad. If I have a good email address, phone number or both . . . game on. Understanding that every lead deserves a certain amount of attention, it is best to categorize the lead so I know where best to focus my attention as time allows. I have a follow up plan for every lead that comes in regardless of how serious they seem to be, as it is my idea that every lead will eventually buy (may not be true, but that is my mindset).
Setup a Drip Email Campaign.
Although this is the least effective of all follow up techniques, it is worth a try. As long as you have a good unsubscribe feature it behooves you to set your leads up on a drip email campaign. I usually have a different campaign for every category of lead that comes in. After I analyze the lead, I set them up on the campaign that I think is most suited to the lead. If by chance the lead stays subscribed, the branding and name recognition achieved by drip email will pay dividends in the end.
Setup a saved search (listing alert).
With a full lead analysis done and your user tracking feature in full gear, it is easy to set up a saved search that will send your lead new listings as they come on the market. You know what the lead is looking for . . . now give it to them. In my opinion this is the most effective way to get return visits. If your lead isn’t ready to see homes now, they will be at one point, be sure to have your name in front of them when they become ready.
Make the call.
This is the most important part of the process. Until human contact is made, the salesperson is regarded as just an email address and not much more. The good news is that because of the great job you did analyzing the lead, you are armed and ready to make the call. Before you make the call, try to pick out a piece of personal information from the lead profile like where they work (from the email address) or where they live (area code). Try to make a connection with the lead using the information you have. By the end of the call you will almost always know the full intention of the lead and can best place them in the correct category for follow up.
Properly working leads from the internet can be a challenge. Some agents never ‘get it’ and are quick to disparage internet leads as garbage (that’s fine with me) and sometimes they have a point. The anonomity of the internet does lead to a lot of lookie loos…but if the site is worked properly its a valuable addition to your marketing plan. Agents that hate internet leads should really read this post, they might change their mind.
Well said! I think we will see a turn-around soon in the perception of agents who do not value internet leads. The internet started to really pick up at a time when the market was good creating a lot of what I call “low hanging fruit”. It was easy for agents to be selective and choose not to expend the extra energy required to follow up on “lookie loos”. Now it is a different story, as the low hanging fruit is not as abundant.
What a lot of agents fail to understand is that the majority of leads convert 90-120 days after their first registration or inquiry. Most give up far in advance of this point leaving a lot of business on the table.
Very well written and laid out! Great info, Lou!
@CK thanks man. My next post should be even better. I plan on writing about the “real” sales cycle of the online real estate consumer and the best times to make contact.
do you have a script for your opening call to web leads or do you just play it by ear based on their registration / search history?
I ask because a lot of agents like to have scripts to work from however I haven’t really seen any sound and ‘road tested” advice on how to manage that first call.
I don’t have a script. When I first started I used a script but it was more like a checklist to ensure I captured all the required info from the call. The biggest thing I found to be effective was finding some piece of the lead’s submitted information that I could connect with personally. These speeds the rapport building dramatically.
Spot on Lou!
As far as scripts, properly categorizing by reviewing the registrants views of properties and then profiling them by creating a custom search / new listing notification essentially helps you get to know the person before contact.
Observing the area code, corporate e-mail address, or observation of focus on specific complexes or subdivisions, etc. allow you to really enter into a very nice on topic conversation without the need for a script.
Arming yourself by getting to know the visitor before calling makes the call 1000% easier. When there is a need to leave a voicemail it will be easy to leave some relevant message.
Keep up the good work Lou!
Send me your direct e-mail, I lost it.
You got it Cal! I like to find a personal experience that I can use relate to the lead profile information I have gathered. I.E. “I see you are from *area code*, I went to school there” or “I just drove that sub division yesterday”. This type of response is not only an ice breaker, but it better qualifies you as an expert in the area.
On another note, I see you are formatting your name in the “comment Luv”format. Should I install it?
You’ve said it right… There are no bad leads. Lots of people will give false information about themselves at first. But when you follow up and show them that you have useful information, advice, and services to offer them, they often come around. The cycle usually goes from email-only, to phone contact, to face-to-face meeting. At each step you give enough information to show your expertise and leave the prospect wanting more. They come to value your opinion and see the value in our service as Realtors. Just asking someone “did you see a home you like” will not be effective.
Thanks for your post!
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thanks for the keywordluv plugin. I wish more sites would follow.
I would limit on how much time you research the credibility of the source as you might waste more time doing this then just making a quick call and finding out if the sales lead is legit or not.
I think this is important so that you can best allocate your time on the important leads that are likely to lead to sales as opposed to wasting your time with bad leads.
Very informative topic and it helps alot especially to a newbee like me. I hope you can add more info about this.
Thank you!
When I was working in a broker’s company we did rapid cold-calling to confirm leads. Emails are pretty useless… although it depends on what niche you are in.
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GREAT info here!
As I am starting my internet business this will be a big help
thanks for sharing it…
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Just like any other lead source, weather it’s from a friend, relative whatever there is an evaluation process. Leads from the Internet are no different IMO, they need to be evaluated in the same manner. Some are just inquiring and some are ready to take action.