“$100k in 90 Days” - Lead Generation and Lead Conversion
In the latest video from the “$100k in 90 Days” series, Patrick Fenton talks about lead generation and lead conversion. This post pulls out the first key points Pat shares. Watch the video here to get the full presentation.
Lead Generation and Lead Conversion
This is one of the toughest things for people to fully digest and understand not just real estate agents but professionals in other fields as well such as mortgage and insurance. Over the years I’ve analyzed most sales industries and found that most people are fearful of the topic of marketing or anything they don’t fully understand. It makes sense because the fear of the unknown often prevents action. But the reality is, conventional wisdom, including every book, journal, success coach will tell you that when it comes to marketing to your leads the first thing you should do is make sure you’re in tune and in touch with your database to generate referrals. We’ve talked about that quite a bit in this series.
Staying in touch with your database is never going away. It’s an activity that machine learning will never replace. The relationships you develop with your database it’s nothing that a discount brokerage is going to replace. Hey, it’s your relationship with your database so you don’t have to worry about technology or any other competitive threat taking that away. Remember that the media puts a lot of fear in our minds about it losing out to the latest and greatest thing. Granted, it is our job to be educated and understand what is happening in the industry but you can have solace in knowing that technology is not going to replace a human being when it comes to brokering the biggest asset most people have which is the equity they have in their house.
I just found out this weekend that my best friend who lives in my hometown we grew up together three hours from here is going to be moving to Raleigh, North Carolina. We haven’t stayed connected but we just recently were shooting the breeze when I learned about the move. Even my wife, who’s a real estate agent didn’t know about the move. She just started making the announcement about her real estate services on social media. She just started her process of adding value to the people that we know, so she missed out on that update from a prospective homeseller. Luckily she’s not going to lose that transaction since it is one of my best friends, but it just goes to show you that you don’t know what’s going on with your database until you talk to people. You just think “oh, they’re just going to stay in that house forever.” But the reality is that things happen all the time to change people’s circumstances. I always tell people it’s amazing the number of deals that you’ve lost that you never knew existed in your database.
So we have to start there.
The second step that we’ll discuss here is the creation of your marketing plan. What do you want to do? What channels of marketing do you want to emphasize and focus on? The reason why it’s got to be unique is that every one of you has different production levels and different budgets available to spend on things like marketing or purchasing leads from lead aggregators like Zillow or realtor.com. Do my top clients buy leads? Yes. Do they hate that they have to buy leads? Yes.
Do they feel it they have to buy leads but may not act to buy leads? Yes. But, nonetheless, they do buy leads. They do convert them but they’re just not as profitable. Some of you may have heard examples of agents who spend a great deal of money every month to buy the leads, yet face that conversion challenge.
We know that there is a much better way! There are so many different marketing channels available. We’ve talked about the Coach Pat advocate system where I share the content strategy. The system also discusses social media and how to convert those followers using relevant content that is consistent.
Some experts recommend posting five to six times a day! You may fear that may be overkill and end up annoying your followers.
The reality is that feeling of pushing is more of your perception; it’s more in your head not there’s. The human brain sees thousands of marketing messages per day; you’re just one of them. People don’t get annoyed, they see it over and over then move on. But before they go, you’ve exposed their subconscious mind to your branding.
Watch the full video to learn the rest of what Pat shares about managing your leads and improving your conversion rate.