How to rank the quality of your leads
By Rob Minton at rismedia.com
Lower-quality leads are attractive because you don’t have to spend a lot on the “front side” to generate the leads. However, you end up having to spend more on the “back side” trying to convert these lower-quality leads into clients. The “back side” is the marketing you deliver to the leads once generated. This would include special reports, sales letters, and more.
In my business, I rank the quality of leads as follows: (Ranking is from Highest Quality to Lowest Quality)
- Referral
- Joint Venture Endorsement
- Leads registering to attend a special class
- Leads responding to an advertorial advertisement
- Leads responding to a “solo” e-mail or “pay-per-click”
- Leads responding to a classified or home buyer magazine advertisement
- Leads responding to a Craigslist (or similar) advertisement
The problem is that most agents are now focusing on Craigslist or classified advertisements which attract the lowest-quality leads. They then struggle to convert these leads into appointments and/or home sales.
To be successful, your marketing campaign must include leads from each source listed above. In fact, I might even suggest that you invest more resources on the top four or five strategies for higher-quality leads. The amount invested to generate the lead will be higher, but the amount invested to sign a new client or sell a home will ultimately be lower.
If you follow this advice, you’ll soon notice that you have less competition. This is because the majority of your competitors will be focusing on inexpensive advertisements that attract lower-quality leads. How many agents in your area are consistently setting up joint venture marketing campaigns? How many agents in your area are running advertorial advertisements? I’ll bet there aren’t too many.
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