Once you identify an area where you are falling short of your goals, it’s time to get to work. But how? Throwing more energy, time, and money at the problem may improve your performance, but it may not.
This is where data comes into play. That same spreadsheet I talked about last time has a column that lists where each lead came from. That one piece of data lets me see where I need more work.
For example, the graphic shows that our efforts with bandit signs have produced only one prospect, but that prospect turned into an active lead. If you divide the resources we’ve spent on bandit signs, that is an expensive lead, but it could be worthwhile to continue this campaign if that lead turns into a successful project.
On the other hand, bird dogs have been our most prolific source of prospects. They have a fairly high conversion rate and have already produced one successful project (carried over from last year as a long-term hold).
After bird dogs comes MLS searches, networking, and social media. MLS searches generally produce lower-quality, lower-margin leads that I refer to as “light bill deals.” They pay the bills but not much else. Personal and social media networking have been our most successful campaigns. I understand this result is not that common, but we are a team of writers and trainers. We love what we do, and I hope it shows.
If you’d like to work with us, sell us a house, or just get a copy of the spreadsheet I use to manage our performance, please email me or leave a comment.