Lead Generation Law #2…Feed the Database

LeadGenLast week I covered the first law of lead generation which is to build a database.  Law #2 states, “Feed it everyday.”   You have two options when it comes to feeding your database.  You can fill it people you have met or those you have not met.  Let’s start with those you know or have met.  This group is significant in that you probably have some kind of relationship in place with these people.  But a few things to consider here.  First, as you add these folks into your system it is important to categorize these leads into groups.  Start with the people you know really well, this includes close friends, family, neighbors, etc.  Keep it simple in terms of group names so you will know exactly who is in each group.  The next group might be people you come into regular or semi-regular contact with.  This could include people from church, your kid’s school or sports activities, heck even your Starbucks barista., dry cleaner or grocery clerk.  The next group is very important as well.  People you have done business with!  Some in real estate call this group “past clients”.  I don’t like that term because it infers I won’t do more business with them.  I just like to call them “Clients”.  We’ll talk more about this group next time, but get them into your database!  The next group for the “Met” category will be those you have met in your lead generation activities but have not yet transacted with.  These folks may not be quite ready or are in the tire kicking phase.  A very important group we will discuss more as well.  Lastly don’t forget your allied services.  Title reps, escrow officers, loan officers, etc.  They are always hitting you up for leads and you need to be doing the same!

Let’s move onto the “Not yet met” category.  This group is made of people you have spoken with but have not yet had a meeting with.  Maybe they called you on a mailing or you called them during your routine prospecting time.  This group will be HUGE!  And by that I mean in terms of sheer numbers.  You will talk to a ton of people you will never meet.  But that does not mean you can’t generate business from them!  Follow the same process for adding these folks into groups, however you will most likely use more specific group names like FSBO, expired listing, cold call, etc.  It’s important to use easy to understand group names so you have a point of reference when it’s time to contact them.

The last point I want to make, and one I will expand on later, is that the “have not met leads” will be a lot more in term of the amount of people in this category.  The way it works out for lead per sale ratio is, for every 50 have not met, who you market to 12 times, will turn into one sale.  So a lot more work here compared to the met group, but again I will go into more detail next time.  I’ll wrap up saying again, my job as the Team Leader/Chief Business Strategist at Keller Williams in La Mesa is to help you accomplish your goals.  So why not start today by reaching out to me to set up a business analysis and planning session to get you heading in the right direction?  I’ll be back next week with Law #3 and until then have a great weekend!