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Lead Management by Jon Tull
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Lead Management presentation by Jon Tull at the 2008 Apartment Internet Marketing Conference.

Lead Management presentation by Jon Tull at the 2008 Apartment Internet Marketing Conference.

Published in Business , Technology
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Transcript

  • 1. … ..and impacts on Marketing, Revenue Management and System Integration: The Apartment Data Ecosystem Lead Management
  • 2. A Good Place to Begin: Lead Management
  • 3. The Lead Management: What’s the Problem?
    • Good Lead Management is Hard
    • Many lead sources
    • Leads arrive 24/ 7
    • Lead capture is difficult if not automated
    • Leads arrive by many different methods; walk-in, phone, email, text messaging
    • On-site staff struggle to balance lease / sales activities with other tasks
    • Most property management systems do not have strong lead management tools and supporting sales processes
  • 4. Lead Bombardment Many Lead Sources Apartment Staff Property Management Software Systems
  • 5. Lead Bombardment Apartment Staff Property Management Software Systems And Many More Sources…..
  • 6. Automated Lead Capture is Central to Information Ecosystem Apartment Staff Property Management Software Systems Manual Data Entry Kills Lead Management Accuracy
  • 7. Automated Lead Capture is Central to Information Ecosystem Apartment Staff Property Management Software Systems Manual Data Entry Kills Lead Management Accuracy
  • 8. The Lead Management: What’s the Problem? Many lead sources are increasingly difficult to manage
  • 9. Leads are Born 24 / 7
    • Leads by hour of day chart (20,475 email leads from all sources):
    • Percent of prospects inquiring after hours (assumes normal office hours of 9 am to 5 pm): 46.19%
    • Percent of prospects inquiring in the evening (defined as 5:01 pm to 11:59 pm): 30.86%
    • Percent that inquire during office hours (9:00 am to 5:00 pm): 53.81%
    Base line indicating equal lead delivery per hour would be 4.167%
  • 10. The Lead Management: What’s the Problem?
    • Leads by day of week chart (email leads from all sources):
    • The busiest day of the week for prospect inquiries is Monday, with 19.15% of all leads being received on this day.
    • 52.70% of the leads received by a property will occur from Monday through Wednesday.
    • While Saturday and Sunday are not the busiest days independently, weekend lead volume still accounts for 20.12% of the leads received through out the week.
  • 11. The Lead Management: What’s the Problem? Many lead sources are increasingly difficult to manage Leads come in at “inconvenient” times, presenting operational challenges
  • 12. When Should Staffing be Highest? This represents a percentage allocation of site hours required by day for follow-up on leads and touring prospects :
    • With this model, the greatest allocation of staffing hours would be on Monday, with 17.72% of all staffing hours for the week allocated for this day.
    • With this model, If you are staffing a part time person, the best days to have them in the office would be (in order of demand): Monday, Tuesday and Friday. These three days would make up 49.13% of the weekly hours dedicated to lead follow-up and prospect touring.
    Base line indicating equal staffing hours per day would be 14.29%
  • 13. The Lead Management: Automated Data Collection is Important Approximately 280 properties over 3 month period
  • 14. The Lead Management: What’s the Problem? Many lead sources are increasingly difficult to manage Leads come in at “inconvenient” times, presenting operational challenges Traditional data entry of leads creates huge information holes, poor analysis, accountability and reporting
  • 15. How Well are We Responding to Internet Leads? Lead2Lease Shops: 4 th Quarter 2007 Source:
  • 16. Lead2Lease Shops: 4 th Quarter 2007 How Well are We Responding to Internet Leads? Source:
  • 17. The Lead Management: What’s the Problem? Many lead sources are increasingly difficult to manage Leads come in at “inconvenient” times, presenting operational challenges Traditional data entry of leads creates huge information holes, poor analysis, accountability and reporting The lack of automated data collection and staff accountability allows poor follow up and erodes sales opportunities
  • 18. How Important is Lead Management? Based on a detailed lead follow up analysis by Riverstone Residential Group and Lead2Lease, Riverstone discovered the following: One or fewer sales follow ups with a resident prospect generated a lead to lease conversion rate of 4.2% (average of all lead types). Two sales follow ups with a resident prospect increased the lead conversion rate to 10.2% Lead2Lease analysis of all lead follow ups reveals that after 3 sales follow ups with a resident prospect, the lead to lease conversion rate does not significantly improve.
  • 19. The Lead Management: What’s the Problem? Many lead sources are increasingly difficult to manage Leads come in at “inconvenient” times, presenting operational challenges Traditional data entry of leads creates huge information holes, poor analysis, accountability and reporting The lack of automated data collection and staff accountability allows poor follow up and erodes sales opportunities Lead follow up tracking, reporting and accountability greatly increases lead to lease conversion rates
  • 20. Lead Management & the Apartment Data Eco System
  • 21. The Lead Management Context Lead management is part of an information eco system On-site Occupancy & Revenue Targets Competitive Market Surveys Subject Property Revenue Management / Pricing Lead to Lease Conversion Marketing Goals Constraints Optimization Performance Proof Presence Lead Generation / Lead Management
  • 22. The Lead Management, Marketing and Revenue Management Q&A…..