More Power to Your Marketing Strategy with Lead Nurturing!
Every lead you generate has importance from a marketing perspective even if ultimately they are discarded. If you have difficulties converting your inbound traffic into home sale completions, lead nurturing can help you enormously.
It's fair to say that not all visitors to your websites or recipients of your email marketing are ready to make a purchase, particularly not one of the biggest they'll possibly ever make. With lead nurturing, you can actively build new relationships with all your prospects and keep your company fresh in their mind in the process.
The result? When your prospects are in a position to move on their home sale or purchase, you'll be their first port of call.
Visitors to your website could be at any stage of the home buying process, researching for an agent to handle their sale or looking at investment opportunities in your local area. How they have been directed to your site is important and what they view when they visit your site is also important as these two elements will form a key part of your lead nurture programme.
An effective lead nurturing campaign should cultivate these leads and anticipate the purchasing habits of your clients and prospects. It should identify where they are in the buying process and what steps are typically taken before they are ready to buy. You can then use this information to keep your audience engaged with on-point relevant content until they're ready to proceed with their property transaction.
Why You Need to Know about Lead Nurturing
Once you understand how lead nurturing can benefit your estate agency, you'll be well on your way to increasing the number of leads you convert to sales. Lead nurturing allows you to convert unqualified leads into new sales opportunities and ultimately to drive revenue.
You'll be able to accelerate the time it takes for a customer to make a purchasing commitment by providing them with all the information they need to sway their decision – and most importantly, at the time they need it. Lead nurturing recognises that increased sales and revenue is a marathon not a sprint. You'll be able to nurture customers that are not yet ready to buy or are still in the decision making process and convince them to make a purchase based on their search activity or behaviour.
Real estate has a complex sales cycle that often requires agents to stay top of the mind with prospects over a long period of time and by drip-feeding relevant content to your audience through nurture campaigns you can do just that.
Of course, knowing where each of your leads are in the sales cycle at any one time and targeting them at the optimum time with the most relevant content and messages could become a bit of a minefield. That's where the software comes in. You can get hold of excellent software like Pardot from cloud-based marketers Salesforce or Drip that both help you nurture leads automatically, sending out emails based on time intervals, or when an action is taking on the website, such as viewing a property or viewing your 'contact us' page.
You can make the emails as personalised as you like. Include their name, properties they have recently viewed or properties they may like. You can even make the email appear to come from individually assigned agents. Using lead nurturing allows you to free up valuable marketing and sales resources without neglecting your prospects.
- According to research institute MarketingSherpa, businesses that nurture their leads experience a 45% increase in lead generation ROI when compared with businesses that don't.
- A study by experts at Forrester Research showed that organisations using lead nurturing properly can generate 50% more sale-ready leads for 33% less in cost.
- Lead nurture emails get up to ten times more responses compared to standalone email blasts, a report from digi-tech provider SilverPop/DemandGen revealed.
Why Persistence Is Everything
Many estate agents make the mistake of giving up on leads after the first or second exposure, often disregarding the fact that they may not be ready to enter into a property transaction at the current time. It's easy to make a note to contact that lead again if they've indicated they may be ready to make a move in a few months, but what about the intervening period?
That's precisely the window of opportunity estate agents have to ensure prospects don't get distracted by other agencies when the time is right for them to deal. Finding out more information about the position of the prospect in terms of their intentions in the property market, allows you to cultivate the lead and direct the right opportunities their way.
Providing timely and relevant information to a prospect considering a real estate transaction is more likely to result in you being first and foremost in their minds when it comes to making a decision. Lead nurturing also reinforces your position as a proactive and responsive estate agency, strengthens your branding and underlines your expert knowledge of your local property market.
According to marketing cloud service Oracle Eloqua, companies experience a drop-off in leads they generate without an effective lead nurturing process in place. Their research shows that companies who continuously nurture their leads see a significant increase in demand for their services.
How to Do Lead Nurturing the Correct Way
Lead nurturing is all about building credibility and trust with your prospects and clients. It can take some time to develop an effective lead nurturing process, but once it's in place, it can provide you with great results. Here are a few ways you can make your lead nurturing work for you.
Segmenting Your Market
Segmenting your prospects based on geographic location, gender, age, occupation, family circumstances, interests or purchasing habits can make sure that your content is delivered to the right people. Keeping your email content relevant will ensure it's less likely to end up in the spam folder.
Researching your demographics can also be beneficial when it comes to understanding your customers better. If you can see there is a definite upswing in activity from property investors, you can adapt your marketing strategy for that segment of your audience.
Using Progressive Profiling
You'll have a great deal of information about your prospects based on the data that they provided to you, when they first registered on your site for example. Progressive profiling takes this one step further and asks for additional information that you can use to tailor future correspondence for lead nurturing. This can be done directly by posing questions on a survey or a form or indirectly, gathering further information on a prospect based on what they click on and view on your website or which emails they engage with.
Developing a Relationship
Personalising content with the name of the customer and sending messages in an informal, friendly style can be a great way to catch the attention of prospects and help you build relationships with these leads. It's important to bear in mind that your communication should be consistent, clear and relevant.
If your estate agency hasn't experienced the wonders of lead nurturing, it could be time to do something about it. Study after study shows that nurturing prospects who are not ready to make a transaction through your estate agency is something that can be turned to your advantage.
And while many estate agents may give up on prospects by the second exposure, others have seen a great return on their investment through lead nurturing. That's particularly important in today's market where some may take years to reach a position where they can proceed on a home purchase. On the other hand, for those agents dealing more with investors, the competition is fierce and so lead nurturing is a great way of standing out from the herd.
Lead nurturing is crucial to the real estate sector and is generally welcomed by your audience. When people are considering a home sale, purchase or investment they want a relationship with the estate agent they appoint because it's a big deal! By getting in at the first opportunity with a prompt, personalised response following their visit to your website, you'll be laying the perfect foundation stone for successful conversions.