Putting Management Back Into Leads Management

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Matthew Ferrara's presentation on how to improve leads management performance at real estate companies.

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Putting Management Back Into Leads Management

  1. 1. Putting Management back into Leads Management<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  2. 2. Agenda<br />A New Management Discipline<br />4 Problems<br />3 Solutions<br />1 Radical Idea<br />Action Steps<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  3. 3. What is leads management?<br />Leads Management<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  4. 4. What's special about leads management?<br />The word: management<br />A powerful opportunity to leverage our most important resources – managers!<br />It’s focused on the outcomes and meaning derived from the three stages<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  5. 5. Why do we need leads management?<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  6. 6. Leads Management is a New Discipline<br />Part of the “modernization” of business<br />A modern approach to delivering upon our commitments: <br />To our clients (ie, sellers who ask us for buyers)<br />To our agents (ie., recruiting promises)<br />To our companies (ie., to ROI)<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  7. 7. Only Management Can Do It<br />No sales process is self-regulating<br />Management is the art of second-order thinking: beyond how to “what if”<br />Managing the pipeline is the single most important contribution a manager can make to the company.<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  8. 8. Nothing matters unless you make a sale!<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  9. 9. What does leads management show us – and then demand of us?<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  10. 10. Four Problems<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  11. 11. A view from the sky and street<br />The following numbers are trends from some of the companies we have helped who are generating leads, distributing them to agents – and now dealing with the question:<br />What happened to all those leads?<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  12. 12. 88% <br />… of all leads are abandoned within 30 days of receipt.<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  13. 13. 94% <br />… of all dead leads were abandoned within 72 hours<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  14. 14. 77% <br />… of all abandoned leads never actually had a dialogue between customer and agent.<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  15. 15. #1 Reason<br />… leads were abandoned:<br />“ The customer didn’t call me back!”<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  16. 16. Assessments<br />You don’t need more leads<br />You might even stop generating them until you get management back in the process<br />Most companies are unaware of the extent of the problem<br />Managers don’t see what agents don’t “close”<br />Abandoned leads escape “further” analysis<br />Marketing source, consumer trends in property, price, area, other context from comments, etc.<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  17. 17. The Cost Curves<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  18. 18. Who can save us?<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  19. 19. It's a bird! It's a plane! It's a Manager!<br />Managers have the ability to:<br />Assess implementation outcomes <br />Set standards of performance for pipeline / new business conversion<br />Direct / Train agent skills to meet standards<br />Apply second-order knowledge to actual outcomes that further affect staffing, marketing, technology and pipeline<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  20. 20. Three Solutions<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  21. 21. 1. Monitor Performance in Real Time<br />Xray pipeline every day<br />Source of leads<br />To whom assigned<br />What is happening to them?<br />What else can be learned from the data?<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  22. 22. New Management Role<br />Monitor process from the “pre-” and “early-” stages of the process<br />Cannot wait until what closes, but must actively save possibly be closable before it’s too late<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  23. 23. 2. Set Standards & Monitor Implementation<br />Companies who establish and communicate expectations– then monitor them – dramatically improve<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  24. 24. 2. Set Standards & Monitor Implementation<br />ROI Standards for:<br />Marketing spend/effectiveness<br />Technology performance / distribution<br />Incubation / nurturing based upon market conditions<br />Sales techniques (qualify, interact, communicate)<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  25. 25. 3. Coach Change, Advise Others<br />Pipeline data indicates performance gaps<br />Coach agents based upon real-time data<br />Advise others<br />Marketing department / vendors<br />Technology infrastructure<br />Recruiting / Retention Decisions (Broker)<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  26. 26. One Radical Idea<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  27. 27. Not every agent should get leads.<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  28. 28. The Kryptonite Legacy<br />Traditional methods of assigning leads are draining the life force from companies<br />By area served, price range, property type, etc.<br />These criteria are arbitrary, not performance based<br />They undermine client expectations and conversion ratios of expensive, scarce business opportunities<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  29. 29. Beating the Kryptonite<br />Agents who close leads receive more leads<br />For others:<br />Create a proving process<br />Assign three leads<br />Monitor, assess, confirm before risking more<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  30. 30. Action Steps<br />Assess your pipeline<br />Benchmark and Ongoing<br />Establish Expectations<br />Monitor and manage<br />Coach to the data<br />Seek and overcome Kryptonite<br />(c) 2010 Matthew Ferrara & Co. matthewferrara.com – facebook.com/mfcompany<br />
  31. 31. For more information:matthewferrara.comfacebook.com/mfcompany<br />

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