Real Estate Lead Generation: Quality Leads or High Velocity of Leads?
Govind Rai, Co-founder & CEO, Totality
Which strategy to choose for real estate lead generation?
Digital adoption in real estate has seen exponential growth since last year. In the initial period the adopters selected to accelerate their burn on the digital media and because of that the traditional method finally took the plunge and was obliged to explore the possibilities for a better future. After accomplishing more than 5000+ campaigns for 350+ real estate projects, we ultimately realized that though every client has their strategy for success on a digital medium, one end goal remains constant and that goal is sales. But, then for digital marketers, that’s the area of real concern. In today’s time, digital technology is helping out realtors to reach a huge customer base in a very cost-efficient method. After a lot of research and experience, we have realized that there are two approaches amidst all the strategies, where realtors get bewildered and this particular article aims to address the same.
How to control Lead flow?
Now, with digital, you can always control the lead flow that you need as well as keep a tab on qualification criteria (We will be writing a detailed article on what is qualification criteria and how to set it up, pretty soon). But, it always ends in a debate that doesn’t conclude satisfactorily if both the parties are not aware or are on the same page with regards to the strategy chosen. We at totality have been mapping the performances of multiple campaigns over some time and let me tell you how you can choose the best-suited strategy for yourself:
- Low CPL & High Velocity: If your focus is completely on digital and you are not aiming to market your product on any other platforms and you choose to use only digital as your preferred medium then this strategy is what you should opt for. For the marketers whose product is an affordable or mid-segment offering or any new launch, this strategy works best. Although you need to have a backup of a smart CRM and great call center support. That means members who can pick up the calls and filter the leads and pass the segment to sales agents, are more required.
The thumb rule for this strategy is to have a broader targeting. Communication which is not very edgy and is a little generic like choosing to go with the agreement of Value over All-inclusive pricing. In short, using click baits could be a great offer but eventually, it may not yield very precise responses. Only 10-15% of leads would qualify as good leads and the rest may become wasteful. In the end, what you conquer here is a broader reach, a larger set of customer data who just might be interested in something related to your product which could be an offer, price, or any location. But the thing is that as soon as they get all the details, they may realize that this product is not suited for them but maybe for someone they know or at best it may become waste. Now, if you have another offering in the same vicinity where these leads could fit in, you can use this data for your other project or maybe an upcoming one.
In a nutshell, these settings work well when we are marketing projects under INR 1 Cr. in Metros (Mid Segment offerings) and Tier 1 Cities and also under INR 60 Lacs ticket size in Tier 2 cities. This setting also prefers to work well when a realtor has multiple projects in the same vicinity.
- High CPL and Low velocity: Generally we recommend this strategy when we have controlled budgets, a campaign in the sustenance phase, or for the Luxury Segment.
We ensure these campaigns have a sharp edge and the prepositions to customers are bold and clear. In this campaign, definite micro markets are chosen and are allocated specific budgets. We ensure higher qualification at the time of submitting any lead customer responds to certain questions. In this strategy, we do not mind giving the leads directly to the sales agent without having a call center as a middleman.
Why is this article important?
This article is crucial because a lot of time we make some rookie mistakes of choosing the First setting that is Low CPL and High velocity and we club it with the allocated resources that we would have only after choosing the 2nd setting that is High CPL and Low velocity. This means that a lot of time, developers remove call center functions and align calls directly to sales agents. To be clear, this is not an effective strategy. Since your call center team is only wired to ask simple questions and rate customers based on interaction as hot or warm, their IQ and patience level is ultimately built to seek just 10 best leads out of 100 and so your sales agent only use to get 5 good calls out of 10 and it would be usually from print ads or directly from outdoors. But, now suddenly he will feel the difference of attending many calls in a day due to the removal of call centers from between, and most of them may not even be effective. So, next time when you plan a campaign choose your strategy and operations wisely.
Meanwhile reach out to me if you have any queries by writing to us at firstname.lastname@example.org or buzz on twitter @govindrai80 or visit our website and leave a query at www.totalityRE.com