Once someone has registered on your new home project website, what do you? Is there a defined sales process (logical steps from interest list through to purchase)? Does your sales team get involved right away?
In most cases, the leads go into a CRM system, and then get assigned to sales reps. who are then alerted to new leads. One of the challenges that arises is that a significant number of the leads may not be “sales-ready” yet. It's a common fact that 4 out of 5 new home buyers are starting their research on the web and will register for more information but many are at the very early stages of the buying process. Therefore, keeping these prospects engaged and informed throughout their buying cycle is an important part of your real estate marketing strategy.
Let's first take a step back and define Lead Nurturing. Lead Nurturing or lead management is the process of following up with leads in a consistent manner, gradually moving them through their buying cycle along the path towards becoming a purchaser. The idea is to create a strategy to provide enough information to engage, provide interest and develop trust so that when they are ready to purchase, you have met their needs and they will buy from you (sounds simple!) Realistically, not everyone who signs up to get more information about your project is going to be a perfect match for your project but the concept of lead nurturing is to put these leads into an ongoing marketing program that will provide some triggers and indicators showing when and if they are getting ready to buy. Then the sales reps can get involved and convert these prospects into purchasers.
A key aspect of marketing includes keeping the prospects engaged. Most online registrants are looking for information right away, but may not be ready to purchase. A creative marketing strategy that keeps these prospects engaged and gaining confidence in your new project is important. The tendency is often to just keep sending mass mails and although this can be effective, always ensure that there is a clear call to action in the email and that there is value to the prospect – otherwise, you will lose their interest and when you do send a mass mail of importance, they may dismiss it as not relevant.
Use the technology you have available to help you! Often the old 80/20 rule comes into play – perhaps you're not using all the features available to you. For example, functionality just released in Lasso now provides you with the ability for you to track the behaviour of your prospects on your project website. Not only can you see what specific pages they are visiting but also track when they return to your site. This form of lead intelligence is powerful – especially when you tailor an email message or a phone message to a prospect and you make specific reference to something that they were viewing online!
Use Lasso's Self Serve Registrant Update (SSRU) to further qualify your leads and prospects. Nowadays, many home builders and developers are making it easier to complete registration forms by reducing the number of questions asked. The strategy is to make it really easy to register and then ask more qualifying questions throughout the sales cycle. If you've gone that route, Lasso provides you with the ability to use mass mail functionality to survey or ask additional questions via email. This allows you to engage your Registrants – if they responded that they enjoy skiing, then send them an email with pictures of your recreational development in the winter. If they select golf, customize one with pictures taken in summer.
To nurture something means to take care of it (to cultivate, cherish, develop) – that's exactly what needs to be done with leads; whether they are in the early home buying research stage or ready to buy now, the technology is available for you to achieve this.