Wednesday, 02 September 2015 by Bill Baskin
Now that we’ve been reminded that it’s not the leads, it’s you, we can start to form a strategy from the ground up. Let’s dig into sales culture and contact time first – it’s impossible to cut corners in these areas and still achieve the amount of success you should be striving for. In fact, and you might cringe here, we’re going to talk about working weekends, too. Then we’ll move on to the ever-important communication.
Sales Culture. The first thing a company should review before they buy Internet leads is their sales culture. If you historically generate mostly inbound calls to your sales team, getting them to make outbound dials on Internet leads may prove to be a problem, and working them has different challenges as well. With an inbound call sales culture, many sales people would much rather sit around and wait for the phone to ring then make many outbound dials all day. Working Internet leads takes commitment and significant effort, supported by a great sales process. The deals are in there – the question is, can you earn them?
If inbound calls are your current sales culture, the first thing you need to decide is how you hold your sales people accountable for hitting certain metrics working Internet leads. You should track outbound dials per day, contact rate, total talk time, quotes given, applications taken, loans funded, plus whatever other milestones your company utilizes. I like to start new salespeople working Internet leads only, starting with aged leads, and then quickly providing them with real-time leads once they demonstrate command of the material. Over time I allow them to “graduate” to the inbound phone queue as a reward for good performance working the Internet leads, as calls are expensive, yet not necessarily more effective. Provide your sales team with a script and training for both fresh leads and aged leads, as they need to be approached differently at initial contact. I hold all sales people accountable and ensure their conversion metrics on Internet leads meet their objectives before I allow them to receive the “easier” inbound calls.
Contact Time. Contact time on Internet leads is critical. You want to reach out to the consumer ideally while they are still online and on the form they submitted. At that point, they are actively thinking about a Reverse Mortgage (we call it real-time), rather than hours later when they have mentally moved on to something else. The goal should be to make that first call and send the introductory email within 5 minutes of receiving a lead. Work in sequential priority, and a fresh lead tops the list. Remember, the Internet provides people with immediate gratification… so you should, too! If you do so, you will see much better contact rates, and on shared leads, which are typically sold up to 5 times (we only sell exclusive leads), you will have the opportunity to take the borrower “off the market” before your competitor calls.
I’m frankly surprised that so few companies want leads delivered in real-time on weekends. If you have a smart phone that can receive email, you can reach out to a new prospect who is likely home and available to take your call when they submit the lead. Even sending an email to schedule a Monday morning follow-up call is better than letting your leads sit uncontacted until Monday. Why give the time to let the borrower do more shopping while they wait to hear back from you? Think about working leads on weekends, as it’s an untapped opportunity to improve your contact rate and originate more loans.