Not All Leads Are Created Equal
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Not All Leads Are Created Equal

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An exploration of the data about how different response channels behave once they make contact with the property. A growing body of knowledge suggests that consumers use different contact channels at ...

An exploration of the data about how different response channels behave once they make contact with the property. A growing body of knowledge suggests that consumers use different contact channels at different times in their buying consideration. These channels have their own best practices and implications. We’ll send you out on a high note with a better understanding of how to handle inquiries that come in by phone, email, chat, or other.

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  • An exploration of the data about how different response channels behave once they make contact with the property. A growing body of knowledge suggests that consumers use different contact channels at different times in their buying consideration. These channels have their own best practices and implications. We’ll send you out on a high note with a better understanding of how to handle inquiries that come in by phone, email, chat, or both
  • Here’s what we learned:  Not all leads are created equal nor should they get the same amount of attention – we needed to “play the odds”
  • Phone accounted for 61% of new leads but made appointments 47% of the time Email accounted for 29% of new leads but only made appointments 5% of the time Vault ware users accounted for 10% of all leads  and made appointments 15 % of the time
  • In 2010, we saw an economic improvement and renters began aggressively searching, leads increased by 15% so we made additional changes:
  • To be our property level homepage to entice renters to check availability – Vault ware delivers happiness like Zappos.
  • In 2010, we had 35,000 emails leads being handled by 300 leasing professionals! We needed to reduce our email volume to unclog the prospect pipeline so we worked with our online advertising partners & implemented methods to change renter behavior
  • Be where the people can find you – naturally & socially
  • We dropped resident referral door hangers and fliers and implemented “Rentmineonline” where we achieved successful social matches 120,000 door hangers? Aggressively speaking, 10% (1 in 10) would tell one friend about the property? That would be 12,000 friends made aware of the communities. It’s that 12,000 people versus the 350,000 that are reached through RentMineOnline which should be compared. The fact that now residents have the broadcasting power to reach hundreds and thousands of friends through Facebook, Twitter, MySpace and email that makes the difference. Not to mention the “green” element behind not printing the door hangers, the garbage around the property from them being tossed aside and the security concerns when residents have door hangers up on their doors for days or weeks at a time when they’re out of town.
  • With all those leads out their  - we dropped pay per lead models – because we know now not all leads are created equal
  • Do you want to increase your odds of getting an appointment by encouraging good behavior . . . . . And your site teams are real WINNERS or . . . . .
  • Or do you want to allow any type of behavior to become a lead and have your site team working low odds
  • An exploration of the data about how different response channels behave once they make contact with the property. A growing body of knowledge suggests that consumers use different contact channels at different times in their buying consideration. These channels have their own best practices and implications. We’ll send you out on a high note with a better understanding of how to handle inquiries that come in by phone, email, chat, or both

Not All Leads Are Created Equal Not All Leads Are Created Equal Presentation Transcript

  • How Response Channels Differ – Email, Phone, Chat and Walk-In Peggy Hale Vice President Sales, Marketing & Training Morgan Properties
  • Traditional Marketing Analysis
    • Review of advertising sources – what works, what doesn’t and change the mix
    • Review of cost per lead
    • Review of cost per lease
    • Training the site teams to source properly – does anyone really just drive by?
    • We took it one step further . . . . .
  • Not All Leads Are Created Equal
    • During 2009 our 3 major response channels were:
      • Phone calls
      • Emails
      • VaultWare leads & reservations
    • Generating 118,000 leads during “tough times”
    View slide
  • Not All Leads Are Created Equal View slide
  • Playing The Odds
    • We wanted to focus our “Follow-Up” where we had the BEST chance to close the deal so we prioritized our “prospect pipeline priority queue” –
    • During 2010, we changed our process & always followed up with prospects in this order  . . . . .
  • First . . . Those who made appointments or walked in – we close 60% of these leads
  • Second, those who called and built a rapport – we get them to visit and close 40% of these leads
  • Those who check availability and sent an inquiry or reservation – we close them 25% of the time
  • Last, follow-up on those who simply email – closing is under 10%
  • What Else Could We Do?
    • With 138,000 new leads in 2010, we decided to help change renter behavior!
  • Tested Web Chat
    • We added web chat as a test and learned that chat resulted in a visit 20% of time and we could close 50% of these leads.
    • We expanded this channel company-wide in 2011 with great early results !
  • Expanded VaultWare
  • What To Do With Email?
    • Where we could remove the “email us” – we did
    • Where we could change the phone to be prominently displayed and often – we did
    • Where we could reroute the prospect to visit our corporate website for more information – we did
    • For email from our website – we had Level One work these leads. For all others we sent an auto-responder recommending better service through phoning or web chat 7 x 24
  •  
  •  
  • Additional Strategies
  • Expanded Social Reach
    • We expanded our “free” efforts – using craigslist for lead generation and social media for creating online communities for communication, adding value,  branding, SEO and referrals.
    • We trained our site teams to manage their online reputation to build a customer service culture & manage our brand.      
  • Expanded Social Reach After the first year, our referral rate nearly tripled for participating residents and our investment paid itself back 3 times over with a 318% ROI.
  • Stopped Paying Per Lead
    • Rentwiki.com responded with building out a “Referral Model” servicing our customers from lead through appointment – cutting a great deal of our work!
    • This model is now in the process of being launched regionally – then nationwide.
  • So Far in 2011 . . .
    • Unique leads are up 3% from last year
    • Phone leads are up 24%
    • Email leads are down 65%
    • Appointments set by Level One are up 25%
    • Web chatters are setting appointments 20% of the time.
    • Portfolio occupancy is over 95% and NRI is exceeding budget and last year. 
  • So it can be your choice
  • So it can be your choice
  • Conclusions
    • Realize not all leads are created equal
    • Quantitatively measuring lead volume is not measuring success
    • Work with your advertising partners to bring in leads that work for you
    • You can change renter behavior and increase the odds in your favor
  • Thank You Peggy Hale Vice President Sales, Marketing & Training