Lead nurturing for small businesses is the process of maintaining a consistent communication cycle that meets the needs of your prospects and clients as they evolve through the various buying and selling cycles of the real estate process.
By meeting these needs, I mean to deliver these messages how and when your prospects expect them and containing content tailored to their needs such as whether they are buying or selling a home, considering a new / updated insurance policy or a new hairstyle. How would you know this? Well, in my Introduction to Lead Management posting; one of these must haves is functionality to create forms to capture all relevant prospect details such “How they like to be contacted and their contact frequency”.
Lead Nurturing Steps
The function of setting goals should dovetail with your overall marketing strategy (yes, both online and offline) in that a target should be defined by acquisition channel (from where lead originated) that specifies the percentage of each incoming lead that should be moved into the next step of the sales cycle.
As an example, during a real estate open house 30 people may visit the property and provide their relevant contact details. Whether individually or business-wide a target needs to be set which defines a measurable goal as to how many of these visitors actually evolve into qualified prospects or whatever the next step in your sales cycle is.
Lead Qualifying and Lead Scoring:
In many organizations lead qualifying and lead scoring are in the same phase of the sales cycle.
Based on the knowledge you have learned about your prospect, such as whether they are buying, selling, or renting, their budget and their timeline, you should be able to determine if they are a qualified buyer (have they even applied for a loan) and if so what is their value or Lead Score.
Once these leads have been qualified and/or scored you can then work to categorize them and define the business processes of how to work with each of these prospects.
For example, after an open house, prospect details would be entered into your lead management/CRM system and slotted into a category associated to receiving nothing more than your standard drip emails (to be discussed later). Conversely, your business process may dictate that a prospect that receives a high lead score should receive an immediate email and a phone call.
Based on the prospect attributes, lead scoring and your internal business processes, your prospects should be segmented so that they receive both the proper attention and appropriate content.
As a suggestion, don’t get too crazy and granular with your lists. Start simple. One process may be to create initial segments based on (1) buyer, seller, renter and (2) whether or not they are qualified. From there additional segments can be developed based on such attributes as their lead score and their time to action.
Content is King, right? In order to get your communications opened and read, they must offer value to the prospect. Therefore, be informative, but brief and to the point, and while being informative try to make the subject matter a bit light. Who wants to read more boring stuff during the day?
Tip: When considering the content of your message, that keep in mind to increase the likelihood of your message being opened and read, the subject line must be both appealing and accurate.
In order to maximize open and read rates, when is best time of day and best day of week to send your messages? The answer is, it depends.
It depends on a number of factors, including the target audience and the message you are delivering. Click here to learn more about open rates by time and day as provided by MailChimp, a leading email service provider.
Delivery, open and click thru rates on your message are metrics that need to be constantly monitored and adjusted by varying the delivery days and times along with both the message content and subject header.
The same tired refrain, but tracking your campaigns and measuring their performance against one another as well as against your target benchmarks are critical to your success.
As a baseline, a solid email marketing campaign should achieve a 5% click thru rate (essentially the number of clicks on a link in an email divided by the total number of emails delivered).
The key to any long-term marketing success, be it email, PPC, affiliate or display campaigns is to use the data that is collected and analyze it so that your tactics and message can be continuously improved. At first, for your email campaigns you may not achieve that 5% click thru rate, but thru diligence and attention to your metrics, as your tactics and messaging improve so should your results.
Thank you for taking the time to read about Lead Nurturing for Real Estate Professional, if we can be of any service to you, please do not hesitate.