Friday, August 20, 2010

How did I lose that lead?

Regardless of how you generate them, leads have to be managed. After all, the number one complaint from consumers is that we don't call them back. So to avoid that trap, here are some simple ideas regarding Lead Follow Up!

Have a definition of what a lead is. How long will you keep a lead in your system? Studies show the longer you spend following up on leads, the less business you do each year. Answer this question...A lead is someone who NEEDS to buy or sell within _______ days? My personal recommendation is no more than 30 days.

70% of your business should come from lead follow up. That's's that important. 70% of the time you will have to follow up with that lead to get an appointment set. 30% of the time you will set the appointment on the first call. So here's a scary much business are you losing by not having a great system?

Lead Follow Up should be a daily activity posted in your schedule. Plan to spend 30 minutes to an hour a day calling your leads and setting up the appointment. A great time to do it is first thing in the morning. Call your hot leads and get some commitments which will start your day off with a great "high."

Remember leads have NO VALUE. Where do you go with your lead system or file and say, I'll take a paycheck please...I've generated all these leads, now pay me. Well, not in this business. Leads don't represent security. They have no value until they are a closed deal. Over-managing and over-protecting gets you where exactly?

The purpose of your LFU call is to SET AN APPOINTMENT. Period. Nothing else. Each time you follow up with a lead the goal is to get the appointment set. To make a sale you have to do a presentation. To do a presentation, you have to be on an appointment. To have an appointment, you need to generate a lead and get the commitment to meet. Simple as that. Anything else is just being a free information provider. Now, I do understand that you must give out some information to establish credibility and rapport. There is a difference between building trust and providing free information. Most of the time, you know when you've crossed over.

Accept the fact that you will cycle through a large number of leads each year. Imagine if everyone you talked to bought a house. You could do all your business in January and take the rest of the year off. :) Since that is unlikely to happen, it's important to quickly move to the next lead when you recognize one is dead. As the saying goes, "when the horse is dead, dismount."

Having too many simply hides the good ones from you. Accept the fact that if you don't qualify your leads, you will end up with a lot of "Fools Gold" rather than actual leads. For each lead, identify the date you will discard them if they haven't set an appointment. Not only will that help you get rid of the bad, it will force you into action knowing you only have that amount of time to convert them.

Implementing these ideas will help you convert the good ones faster. What are your thoughts on Lead Follow Up?

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