Let me start this article by saying that lead generation, as we know it, is dead. Who killed it? Time and technology seem the likely culprits.
As consumers have grown more sophisticated, so too has our responsibility as marketers to capture our audiences’ attention and add value to their lives. To that end, when you look back at traditional lead generation methods (e.g. the funnel philosophy), they simply don’t deliver long-term value.
Sure, lead generation will fill the top of the funnel, but you’ll struggle to convert a cold lead. In fact, 79% of leads will never convert into customers, and cold calling has a conversion rate of only 1%. Yep, you heard me. Now you know this information, it’ll be easier to accept the death of lead generation, and move on.
But what are you going to move on to? Obviously, we still need to generate leads, but there’s a finite number of them out there. Once you have them, the next step is to nurture them with relevant content. This is a great way to offer long-term value to your audience and eventually, given enough time, create warm leads you can convert into sales.
This all sounds great, but the process could take months (or even years). And you want sales now!
The greatest asset that your database holds, the best leads you will ever have, are your existing clients. Which brings me to the burning question…
What is the cost of a short-term win?
There are plenty of properties out there, and no shortage of investor-grade stock that is built to a certain price. This type of property can be an easy sell, but what will the long-term cost be for your client? Lower rental yield, lower depreciation returns, slower capital growth, longer vacancy periods, higher maintenance requirements and ultimately, once they decide to sell the product (which they will), less demand from potential buyers and a lower sale price.
This scenario really doesn’t bode well for your relationship with them either. And if you’re turning to your current database to make sales, what do you think their response is going to be?
As you know, we love research and data analysis at Mosaic. We know our clientele, and we know that we have a high rate of repeat purchasers. In fact, we have on average 2 repeat purchasers per project. These volumes are significant and are the ultimate testament to our brand, product quality, value and service offering.
Happy clientele not only become repeat purchasers, but also advocates for your brand and services – and these are gold. Advocates are the people who do your selling for you. They are so thrilled with your service, and proud of the product you sold them, that they tell all their family and friends.
This word-of-mouth referral service is not only effective, but the cheapest marketing you’ll ever do. Keep your database engaged with relevant content, and if you advised them right and truly achieved a long-term property solution win for them the first (or second) time around, then they will not only come back, but they’ll likely bring their friends.
PRO-TIP: Ever stuck for good, value-adding content to nurture your leads? Let someone else do the work occasionally. Why not forward one of our blogs for great third-party content. Sharing industry information that is relevant and from a trusted source supplements your own content, provides variation, gives a fresh perspective and ensures you’re a more valuable source of information.
Or, follow and share content from some of our favourite thought leaders.