SMART SELLING APPROACH -12
In the previous blog, we were exploring the best methods for the follow-up of leads. Real estate sales continue to change and the technology has driven to a level to generate different types of leads with a lot of junk, indecisive, partially interested, sleeping prospects, etc. The methods of identification of this kind of leads and working on an effective follow-up is critical aspects of smart follow-up.
One of the biggest nightmares for sales members is to follow up a prospect who is not responding after all the necessary share of information and site visit done to them. Don’t worry. Today the lead funnel is dynamic the lead status changes very fast.
Sometimes you never hear back from a hot prospect who has been given all information by you in terms of the site visit, detailed explanation, objection handling, and also closing discounts.
The traditional follow-ups mechanically do not lead you to always to success. The smart method today suggests Lead classification. Even though we have traditional methods of Hot warm cold, these become dynamic in today’s context as the prospect changes status from Hot to switch off also.
4 steps in follow up
So what are the ways to mitigate these uncertainties with prospects and How do you effectively follow up and hold on to your prospect.
How do you reach the customer?
How do you judge the customer?
How do you understand his commitment?
What are the interesting new methods for effective lead follow-up.?
Before you a simple four-step process to follow an effective lead follow up as below.
4 Steps in follow up process- LEAD REJECTION PROCESS – cleaning first
Be ruthless in cleaning the junk and don’t waste time in the leads where your mind says he will not buy.
Straightaway reject. Even if you feel you could do a mistake in rejecting it – Don’t worry. Reject it. Follow your heart after your initial two or three contact maximum and response signal from the prospect.
If he wants to buy from you – he will come back to you even after you reject. Please understand this mantra.
Also, Reject the leads where you have done all follow-ups yet they don’t respond to you. (like you had met them at the site, called them over the phone, sent reminders, shared prices, or related info about your project. I am sure they don’t need you after all the follow-ups. I am sure you also don’t waste time.
Reject leads that are classified Junk for example prospects informs you straight, I just wanted to get information but I am not interested now. Don’t waste time with these prospects even to explain or try.
if a prospect says “NO I am not interested”, It is good for you .. it saves your time in diverting your time and energy into other prospects.
so once you clean up your lead database – start working on the other available leads.
to summarize the first step is to do the cleaning process of removing Junk and rejecting the” Don’t waste time leads”.This will improve your efficiency. a considerable number of sales members – Don’t do this and waste time on repeated follow-ups of these types of leads.
4 Steps in follow up process- PRIORITIZE LEADS
Prioritize them in terms of High probability and low probability, in terms of conversion.
Give numbers or indicators like
- High conversion probability
- Medium conversion probability
- low conversion probability.
A low conversion probability is a namesake prospect, avoid working on them first. Simply Don’t waste time after your first point of touch base. when you don’t have a sale and all your High and medium have dropped out then call the low probability guys.
The smart move here in this step is to explore who will get converted first in the order of priority and spend more time on follow-ups with them.
even though this requires experience – you will be able to assess the same when you follow the other three steps below
4 Steps in follow up process-DISTINGUISH BETWEEN NEED AND INTEREST( Identify)
Find if they are Need your apartment OR just they are interested.
Don’t get misled into judging their interest levels as a positive factor as this does not give you an indication still they will buy.
is there a gap between what they want and what they currently have is a judgment you need to make. clarifications relate to financial dependency, support system from Mother, father, In-laws, retirement age, liquidity in hand, availability of down payment funds, CIBIL scores, employment stability, etc are some of the factors which destabilize as well as stabilizes his decision.
4 Steps in the follow-up process
committed and How soon?- narrowing down fourth.
Commitment levels and How soon is the Buying time?
judgment of this critical as most of the sales guys get disappointed in this stage as the prospect never commits and postpones.
Salesperson time and energy levels get drained when the prospect takes more than the required time to confirm for Booking during your follow-up.
Prospects level of commitment. How dedicated is this person working with you? Are you confident that he will buy and if not buying, he will not waste the energy or time with us?
Time to confirm – will he confirm within the next two weeks or will he look at a period of more than 2 Months for decision.
This clarity again gives you categorization in leads follow-up and closure.
So this clarity gives you different classified leads during follow-ups and results in a structured approach of classifying the Hot, short terms lead conversion probability and long term probability leads etc.
Sometimes the time is taken or methods to get this information to become difficult for those prospects who are very busy and are not systematic, yet they are potential prospects who will buy. How do you follow up with these guys?
stay tuned for the next blog.