Lead Management:Cash Cow or Mad Cow?
©2009 The Company CEO, Inc. - All Rights Reserved
Jonathan D. Nicholas, The Virtual CEO
[email protected] Free: (888) 800-8991
Cash Cow or Mad Cow?
©2009 The Company CEO, Inc. - All Rights Reserved
©2009 The Company CEO, Inc. - All Rights Reserved
Cash Cow or Mad Cow?
©2009 The Company CEO, Inc. - All Rights Reserved
Technology Disconnect
©2009 The Company CEO, Inc. - All Rights Reserved
Technology Disconnect
©2009 The Company CEO, Inc. - All Rights Reserved
Technology Disconnect
©2009 The Company CEO, Inc. - All Rights Reserved
Technology DisconnectThe Internet Empowered Consumer Average Internet Buyer is:
29 Years Old Getting Younger Every Year
©2009 The Company CEO, Inc. - All Rights Reserved
Technology DisconnectOn the Flip-Side… Average Agent:
51 Years Old Not Getting Younger Every Year Average Broker is 54
©2009 The Company CEO, Inc. - All Rights Reserved
Leads Management A system for tracking the life-cycle of a
prospective customer, from source of contact through transaction completion (or abandonment)
©2009 The Company CEO, Inc. - All Rights Reserved
Disconnect Continues Comments heard in the office….
“These internet leads are worthless!” “They won’t return my phone call!” “None of them are ready to buy!” “They told me to stop stalking them!” “I’m not taking any more internet leads!”
©2009 The Company CEO, Inc. - All Rights Reserved
Lead Conversion
©2009 The Company CEO, Inc. - All Rights Reserved
Lead Conversion
©2009 The Company CEO, Inc. - All Rights Reserved
Lead Conversion
©2009 The Company CEO, Inc. - All Rights Reserved
Lead Conversion
©2009 The Company CEO, Inc. - All Rights Reserved
e-Leads Are all internet leads bad??
Not if you take the time to understand a little more about them.
©2009 The Company CEO, Inc. - All Rights Reserved
Internet Consumers According to a NAR study on Internet Buyers
and Sellers: They tend to have higher Incomes They tend to be better educated They have a shorter search time They view fewer homes They are more likely to use a REALTOR
©2009 The Company CEO, Inc. - All Rights Reserved
Internet Consumers According to a CAR study on Internet Buyers
and Sellers: 92% found their agent on a web site 63% found through a search engine 0% found agent through brochures, flyers,
yard signs or mailers. 100% started looking at homes first, for their
agent second.
©2009 The Company CEO, Inc. - All Rights Reserved
Internet Consumers According to a CAR study on Internet Buyers
and Sellers: Internet buyers took 2/3 less time Internet buyers interviewed only one agent;
others interviewed three Internet buyers were far more satisfied in
every research category of satisfaction than traditional buyers were
©2009 The Company CEO, Inc. - All Rights Reserved
Internet Consumers According to a CAR study on Internet Buyers
and Sellers: 97% of internet buyers said that they would
use the same agent AGAIN!
Wow! They really are lower maintenance!
©2009 The Company CEO, Inc. - All Rights Reserved
Internet Consumers Percentage of those who used the first Real
Estate Professional they talked to: 80% of all Buyers 74% of all Sellers
©2009 The Company CEO, Inc. - All Rights Reserved
Generational Shift Gen-X and Echo Boomers (Age 14-43)
86% used internet to find a real estate agent 45% used to find a real estate company 75% used it to find their actual home 66% used it to get financing 62% to get neighborhood information
©2009 The Company CEO, Inc. - All Rights Reserved
Expectations? 15 to 20 Minute Response Time 15 Second Site Patience 4 Second Property Patience “Connected” Agent All the information All the images The good, the bad and the ugly
©2009 The Company CEO, Inc. - All Rights Reserved
Brokerage Realities 50% of leads are not responded to 50% of leads are responded to
Took an average of 54 hours to receive a response from an agent or brokerage
80% are abandoned after 6 days
©2009 The Company CEO, Inc. - All Rights Reserved
Brokerage Realities Alarming Reality
$2 Billion was spent to drive online leads We are only nurturing 10% of the pie We lost out on the other 90% due to our own bad
habits
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Brokerage Realities
The Entire Internet Pie 189 Million Daily Unique Visitors 115 Million Average Daily Visits 455 Million Daily Page Views 10 Billion Daily Hits 28.1 Minutes per Visit
©2009 The Company CEO, Inc. - All Rights Reserved
Brokerage Realities
The Internet Pie VS. REAL ESTATE 189M Vs. 44M Unique Daily Visitors 115M Vs. 5.4M Average Daily Visits 455M Vs. 2.8M Average Daily Page Views 10 Billion Vs. 171M Daily Hits 28.1 Minutes Vs. 9.1 Minutes
©2009 The Company CEO, Inc. - All Rights Reserved
Brokerage Realities
HitwiseAugust2009
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Website Standards
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Brochures are OUT!
©2009 The Company CEO, Inc. - All Rights Reserved
Website StandardsMinimum Standards: Quick Search and Advanced Search Interactive Mapping & Community Content Emphasis on Visual Content including Video,
Pix, Tour Consumer Dashboard Content Rich Lead Generation Forms Syndication Lead Management Module Follow an e-lead Management Process
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Generate
Collect
Scrub Distribute
Incubate
Track Assign
Sold/Abandon
FollowUp
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Generate
Collect
Scrub Distribute
Incubate
Track Assign
Sold/Abandon
FollowUp
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
What are you doing to generate traffic? Google Adwords Media driving to URL Syndication Listing Updates Drip Campaigns Social Media
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Generate
Collect
Scrub Distribute
Incubate
Track Assign
Sold/Abandon
FollowUp
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
What are you collecting from the traffic? Data
Who, when, how long, what, where, how much Referring URL/Source ROI Type of Form
Leads Quality Verification (Password) Registration
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Generate
Collect
Scrub Distribute
Incubate
Track Assign
Sold/Abandon
FollowUp
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Scrubbing the Leads:How & where were lead generation forms
submitted? Segment & Qualify Touch Base Assess urgency
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Generate
Collect
Scrub Distribute
Incubate
Track Assign
Sold/Abandon
FollowUp
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Who is worthy? Office Policy or Company Culture Certification on Internet Consumers Internet Virtual Agency Standards & Accountability What’s best for the consumer What’s best for your reputation
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Generate
Collect
Scrub Distribute
Incubate
Track Assign
Sold/Abandon
FollowUp
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Incubate the leads that are not ready Drip Campaign CRM Activity Plan Communicate as the lead requests Cultivate relationship Provide resources and information
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Generate
Collect
Scrub Distribute
Incubate
Track Assign
Sold/Abandon
FollowUp
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Track Who has the lead? Did they respond, and how long did it take? What is the status – weekly report? Quartile – Immediate, Incubate, Dead, Test Where are my best leads coming from? What is paying off?
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Generate
Collect
Scrub Distribute
Incubate
Track Assign
Sold/Abandon
FollowUp
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Assign the leads When they raise their hands Are qualified Show urgency
Come List Me Evaluation Relo
Lead-assignment criteria
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Generate
Collect
Scrub Distribute
Incubate
Track Assign
Sold/Abandon
FollowUp
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Sold/Abandon Only know if you track the status Did you close them? Did agent abandon them? Did we re-assign? Was CPR administered? Were they not qualified? What is the result? Dead – Revived?
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Generate
Collect
Scrub Distribute
Incubate
Track Assign
Sold/Abandon
FollowUp
©2009 The Company CEO, Inc. - All Rights Reserved
e-Lead Process
Follow-Up Debrief Study the data and look for the story Discover trends Improve the process Increase your ROI Know the numbers
Lead Management:Cash Cow or Mad Cow?
©2009 The Company CEO, Inc. - All Rights Reserved
Jonathan D. Nicholas, The Virtual CEO
[email protected] Free: (888) 800-8991