Are you consistently generating high-quality leads?
The old way of real estate marketing relies heavily on purchasing lists of leads from sources, and blindly sending out email blasts in hopes that your messages just might stick. Maybe you get a few qualified buyers or sellers this way, maybe not. Usually, it’s the latter.
We are seeing less and less of this outdated, outbound marketing strategy as time goes on — these techniques are just simply becoming less effective. For one, the people you are reaching out to are bombarded with email blasts just like yours on a daily basis, and are figuring out how to block them out. Why waste time and money marketing to the masses of people who don’t want to hear from you, and are even confused as to how you got their information?
As the adage goes, “the past is the past” – it’s time to move on.
Inbound marketing, on the other hand, allows you to generate more high quality leads by helping the people who are already researching and looking for real estate in your market(s) find and connect with you. Inbound marketing techniques include optimizing your website for search engines, blogging, creating content, publishing to social media, conducting webinars, etc. These tactics help establish you as a reliable industry influencer and leader.
Inbound marketing can help you generate more quality leads, but your marketing work doesn’t end there. Sure, you have leads in your database, but you can’t focus solely on lead generation. Don’t forget, the ultimate goal is to convert them to customers. (Customer lifetime value is crucial to growing your brokerage after all.)
Lead scoring helps you prioritize your leads and determine who is most engaged in the home buying or selling process at any given time. This scoring is established based on implicit buying signals, such as viewing a site page, favoriting a listing, attending an open house submitting a form, etc. If a contact has a high lead score, then you know you need to follow up with them immediately.
The Boston Logic platform has an native, automated lead scoring algorithm, called Logic Score, built in to help you prioritize your leads.
However, if you don’t have an automated lead scoring system integrated with your marketing automation and CRM software, you can prioritize your leads based on their actions. You can place them in one of 3 categories:
- Information Qualified Leads (IQL)
- Marketing Qualified Leads (MQL)
- Sales Qualified Leads (SQL)
Information Qualified Leads
A lead becomes an Information Qualified Lead when they first exchange their information for an informational offering of yours, also known as a top-of-the-funnel-offer. This might be an eBook, infographic, etc. At this point, they are likely not familiar with your brokerage and are just beginning to research ways to solve their buying or selling problem. You can continue to follow up with these leads via your newsletters and content offerings, but typically they are considered low priority.
Marketing Qualified Leads
When a lead shows interest in your services and how you can help them, they move to the Marketing Qualified Lead stage. They might share a listing with a friend, or favorite a listing. These leads are closer to converting; watch for signals that they are making a decision.
Sales Qualified Leads
Sales Qualified Leads are hot — follow up with them right away! When a lead is in this stage, it means they have done all of their research, and are now ready to buy or sell with you. According to hubspot, if you follow up with a sales qualified lead within 5 minutes, you are 9x more likely to convert them!
With marketing best practices moving away from outbound strategies toward an inbound approach, brokerages are seeing their queues fill with more quality leads who are likely to convert. And, when lead scoring is in place, it’s easy to make the right connections at the right times, to engage more those customer conversions!