“Lead generation” is all the channels used to create potential buyers. It used to be that print media generated early interest, then the lead came into the sales office and the buyers were then sold on the community and product. Oh, how things have changed!
Today’s lead generation channels still include many traditional resources like brokers, signage, direct mail, events, television, public relations and many others. But today the biggest change is online- where your website acts as your virtual sales office.
Ever wonder when real estate sites receive the highest traffic? 10 PM. That’s right! Laptops go to the bedroom and buyers begin their search. They explore, watch videos, visit Facebook pages and compare communities to decide which are worth touring. It makes sense. Why would anyone waste their precious time visiting a place that doesn’t excite them? And now with social marketing, SEM, sponsored links and SEO it’s a whole new world that is constantly evolving.
That’s why it is important to hire a firm not only dedicated to understanding these changes, but understanding how a buyer is interacting throughout the sales process. It’s this understanding that will convert web traffic to live bodies visiting your project.
“Conversion” is the percentage of sales office traffic that winds up closing on a home. To increase the conversion rate, we must focus on the flow of information. How are leads being followed up? Do you know your prospects’ hot buttons or timing? Do you understand the fears they have about buying or where else they are looking? Are you fully educated on who your buyer really is? All of this information is pertinent to the sale, and comprehensive customer relation files should keep track of the details. Sales management should analyze reports and review the customer feedback to focus on ways to increase the conversion and review sales agent performance. Making sure that EVERY customer is properly handled is the responsibility of the developer as they have the most to win or lose.
Q: So which is more important – Lead Generation or Conversion?
A: They are equally critical to a successful marketing and sales program. It is like milk and cereal — you can’t enjoy one without the other.
As the market improves and you start refreshing your marketing program, remember there is an intricate process to selling. Every aspect of the process should be reviewed to generate optimum performance.