If you wanna get the biggest bang for your marketing buck, you have to know about lead nurturing. It’s gotten a lot easier just in the past few years alone, thanks to some great tools and data.
Today’s post will tell you what you’ve gotta know to start getting about nurturing leads… plus I made a little video that shows you exactly how you can set up a lead nurturing campaign, with specific example emails you can use right away.
First I want to tell you why lead nurturing is so important.
Where does your profit go?
To illustrate the importance of lead nurturing, I made a little chart that shows the differences between some of our customers in different markets:
I know some investors who need 60+ leads to close a single deal… they are getting a ton of leads in their market, but they aren’t doing the number of deals they want to be doing… so they want more leads!
And that’s the exact wrong way to approach your marketing, I tell ’em. But they don’t always listen… they’re trapped in the way they’re used to doing things, instead of finding ways to change their behavior. (There is one situation where it’s not their fault… more on that in a second.)
But what I like about you, is your willingness to learn.
That’s why you’re reading this blog post right now… you want to learn. I love to teach… so here we are together. Thank you for joining me. Now back to the point.
When you see that chart above, of course, you get it right away.
Some investors need 90 leads to close a single deal, but you only need 10 leads to close a deal.
That means with 90 leads, you’ll close 9 deals… thus making way more profits from the exact same amount of leads.
Now there is one exception, and that’s what I mentioned before… no real estate investor can control the market. Not even Warren Buffet, who has a ton of influence. He can move the entire market, but he can’t control it.
Neither can you.
I’ve had a few situations lately where I see investors who are getting leads, but they can’t close deals.
These leads are no good, one guy said… out of hundreds of customers who are happy. So I asked him what made the leads bad.
“They want too much for their property,” he said.
Ha! Blame the leads instead of your negotiations and nurturing. Classic mistake.
“Did you get spoiled in a better market?” I asked him.
“I did really well in 2005-2008, then I lost everything,” he said. “Now I’m getting back, and it’s like everything has changed out there.”
Because it has.
“Yup, it has,” I told him.
I hear this story a lot… people got really spoiled when the situation was different, and the market was flooded with a ton of properties that no one wanted to own. Homeowners who were backward with their loans wanted to unload properties back on banks who had no desire to manage ’em.
Since then, how many crazy shows have come onto cable T.V. that highlight how “easy it is” to “make cash by flipping properties”?
How many “gurus” out there are selling “training and coaching” programs to teach you how to make millions without a dime?
Way too many for me to count.
And listen, before you start typing up an angry email, I know a lot of folks who make really good training and coaching programs, even some dear friends. But what distinguishes the good ones from the hucksters is that the good ones aren’t peddling scammy crap, and they don’t tell you it’s easy when it’s not.
We tell you that it’s easy to set up a website, for example, because we built technology to make it easy. If you were doing it on your own, it wouldn’t be easy. We’re trying to help you in any way we can because we’re realistic about the challenge.
In most major markets, lead generation is very competitive today and getting more intense by the minute.
Bottom line, that’s why lead nurturing is so important – real estate investors just cannot afford to throw away leads they get by just talking to an interested person once, then forgot about ’em.
You wanna set up your business to make you a lot of money off of automated online lead generation?
So does your competitor.
It’s a race to the top.
The other factor that’s out of your control (and not your fault) is the amount of motivated seller leads in your market.
When the market is sizzling hot, like it is today in some places, there’s a big shortage of inventory. People don’t need to look hard to find someone who is willing to give them an all-cash offer to buy their property.
They can put up a crummy little $2 For Sale sign on the front door and get a few offers.
When the market is hot, you have to work harder to nurture your leads.
- You have to build a relationship with people.
- You have to show you care.
- You have to create value.
- You have to prove that you are trustworthy.
Fortunately, it’s pretty dang easy to set up a simple nurture campaign that can help you start improving your conversion rates right away. I made a quick video showing you how, and it’s below.
First, here are 3 tips to get great results from your lead nurturing campaigns:
1. Connect Your Blog and Make it Central to Lead Nurturing
This is really easy to do with most CRM systems… it just takes a minute to set up a RSS campaign that integrates with your blog. That way every time you add a new post, it gets sent out to the list you’re growing on that site.
If you’re using our Content Pro system, you can schedule new, high-quality blog posts to go onto your blog automatically. Seriously, could we make this easier? Let us know, we’re trying. :)
2. Be cool and informal
Don’t over complicate things. In the video below, I’ll explain the evidence that shows that short, sweet, informal language works much better than uptight, salesy garbage that will get spam filtered, never-read, or deleted.
3. Set up a dead-simple auto-response campaign for every list
Big warning: don’t let your auto-response campaign cost you deals. I’ll explain more in the video below about how to do this and what to avoid, but the trick with auto-responses in real estate is making them so vague that they could apply to any one of your prospects, but so specific that they feel personal.
That’s why you’ve gotta keep ’em short, sweet and simple. Watch the video below for examples.
We’ll be going into more detail on how to integrate your content marketing and email nurturing campaigns together in a seamless, automatic way using the InvestorCarrot system on an upcoming webinar… so make sure you join our weekly Live Coaching Call – and if you’re not already a member, take a demo of Carrot today!