Lead conversion is like basketball đâŠ
For sales teamsâwhen it comes to lead conversionâitâs essential for you and your team members to grasp where the leads âare atâ in the process of buying or selling real estate.
Otherwise, you wonât know how to recognize a ready-now opportunity from a âlong-shot,â so to speak. And, if enough of your leads start to look like long-shots, then your sales team may begin treating all your leads accordingly.
Think of it like thisâŠ
Some leads are like half-court shots. You can try to close âem, but youâll almost always miss. Itâs better to push the ball down-court, metaphorically speaking.
Some leads are like three-pointers. If you get an open look, go for itâbut youâve gotta have sharp skills. Whatâs more, youâve gotta âfollow your shot.â In other words, donât wait to miss; instead, go after your own rebound.
Finally, some leads are like layups: referrals, âcome-list-meâ calls, and so forth. When you get yourself into a scoring positionâbottom lineâthe ballâs đ gonna find its way to you.
The question is⊠how can you tell where a is at in terms of their readiness to transact?
Most sales people are familiar with sales funnelsâi.e., funnel-shaped visuals divided into stages that represent where a lead is at in the process of buying or selling a product or service.
The traditional sales funnel, for instance, categorizes leads into three progressive stages of intent: awareness, consideration, and decision.
I like to call those stages: walking, jogging, and running because I think it better conveys the intensity with which a lead is moving toward taking action.
If a lead is ârunning,â for instance, it demands a proportionate measure of follow-up. On the other hand, if theyâre âwalking,â you wouldnât treat âem as if theyâre ârunningâ â and if you were to, theyâd block your calls.
The point is, knowing where the lead is so you can meet them where they are⊠Because if you can accurately pinpoint where they are from the start (and âmeet them there,â so to speak), your lead conversion is gonna skyrocket đ.
The question is, how do you know?
LEAD-SCORING FRAMEWORK
Welp⊠the answer depends on how a lead is generated. There are two fundamental factors to determine a leadâs âstage of readinessâ â that is, are they walking, jogging, or running.
The first factor isâŠ
THE PROPOSAL - When a lead is procuredâe.g. via an open house sign-in, through a website form-fill, from a personal referral, or an âout of nowhereâ inbound call, for instanceâitâs never random; itâs a response.
Somewhere along the way the lead was presented with an offer (a âproposalâ) that, depending on whether it was a high-intent or low-intent type of offer, elicited a response relative to its invitation.
For example, âclick here to schedule a showingâ is a higher-intent offer than âclick here to learn more.â
Ultimately, it has to do with whether or not the lead, in response to the offer, is opting to act Independently (without you) or Dependently (with you).
Requesting an automatic home valuation or setting-up a custom home search on your website, for instance, are âindependentâ actions whereas scheduling a consultation or calling your office directly are âdependentâ actions.
So⊠does the proposal elicit a Dependent or Independent response? Thatâs the first factor to scoring your lead.
The second factor isâŠ
THE PLACEMENT - Regardless of whether the offer was high- or low-intent, the next factor for consideration is whether or not the lead, quote-unquote, âaskedâ for the proposal. In other words, was it shown to them voluntarily or involuntarily?
For example, did they run a Google search that triggered your ad (voluntary) or was it a Facebook ad that simply showed up in their feed (involuntary)?
The point is, where (and by what means) was the âplacementâ of the offer? It makes a difference.
Having said all the above⊠hereâs how you use these factors to determine where a lead âis atâ in the sales process -- as in, are they walking, jogging, or running?
Independent + Involuntary = Walking
Independent + Voluntary = Jogging
Dependent + Involuntary = Jogging
Dependent + Voluntary = Running
Knowing where a lead is at is mission-critical to effective conversion â otherwise, you wonât know how to recognize a ready-now opportunity from a âlong-shot.â