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Income-Planning Worksheet

Advanced tip: Permission Marketing

Warm Calling

Advanced tip: ABCs of Prospects

Broker tip: Add Rehab to Your Business

Prospecting Buyers

Call-Ins

Advanced tip: Use Personal Assistants for Prospecting

Advanced tip: Public Speaking

Community Involvement

Prospecting in Print

Tracking Prospecting Results

Advanced tip: Lead Analysis

Quiz: Prospecting

Bright Ideas: Prospecting

Code of Ethics: Prospecting

More Resources: Prospecting

  TRACKING PROSPECTING RESULTS

Tracking helps you understand which prospecting methods have been most productive.

1. Set up a database of prospects.

  • Enter first and last names in separate fields. That allows you to use a first name on the letter, but the entire name on the envelope.

  • Be sure that you include phone, fax, and e-mail.

  • Create fields that allow to you to code prospects by:

Source. Cold call, personal contact, call in, Web site. Use codes here for easier entry, but be consistent.

Quality of lead. Ready to buy, interested in learning more, and so on. Use number or letter codes. If others enter information, code leads for them first.

Date lead was added and date of last contact. This helps you pull up contacts that have not been called recently. It also helps determine which leads are inactive.

  • Add a date field for special days. This field helps you remember and locate birthdays, anniversaries of home buy, and so on easily.

  • Include a memo field for personal information on a prospect. Little reminders of personal information—children’s names, profession, and so on. Next time you call, they’ll be impressed at how well you remember them.

  • Create separate fields (or even a separate database) of information on houses in your farm area. Include the chief factors that buyers in your market need to know:

Address

Brief description of architecture

Number of bedrooms

Number of baths

Approximate size of lot

  • Be sure that databases are up-to-date. Enter new prospects every week, and clean out bad addresses as they come in from your mailings.

  • Once a year, eliminate unproductive leads, or move them to a separate file.

2. Code all direct mail materials with an unobtrusive letter or number.

3. Using the coding you have established, determine response rates to various promotions and sources of clients. A good response to direct mail is usually 2 percent to 3 percent. Cold calling should yield a 4 percent response rate.

4. Ask all callers where they heard about you. Ask source questions near the end of your conversation, then thank people for their help in tracking your marketing efforts.

TIP: Asking callers where they heard about you is harder than it sounds. Be sure to get specifics, not just “We saw a sign.” Try to probe prospects’ memory about the true source(s) of the response. For example, did they receive a postcard, which in turn, made them think of walking into your office?

5. Re-evaluate your marketing program two to three times a year and make adjustments based on the prospecting techniques that are yielding the best results.

TIP: Another good method for evaluating the success of your marketing efforts is a survey to determine name recognition in your market. Use online surveys to evaluate online marketing; mailed or phone surveys for traditional direct mail efforts.

TIP: Have your Web designer set up a simple lead collection form for prospects responding via e-mail. Ask no more than five questions to help increase response.
 
For the Advanced Salesperson

Number of responses is only the first step in lead analysis.
  • Determine your cost per lead. If you spent $2,000 on a direct mail effort and receive 25 leads, your cost per lead is $80. If you spend $1,500 and receive 20 leads, your cost per lead is $75. The second promotion was more cost effective.

  • Analyze the quality of the leads. If after one year, 25 percent of the leads generated by canvassing are rated as hot prospects, while only 3 percent of those generated by direct mail are in that group, you may want to focus more of your marketing efforts on canvassing.

  • Use the coding described above and develop a spreadsheet or database report that will automatically calculate response rates for you.

  • Assign tracking tasks to your personal assistant, who can generate monthly reports for you.

Great Prospecting Ideas and Resources, next page >