As a mortgage adviser, you know that your success hinges on your ability to convert leads into clients. But what are the best ways to do this? Many mortgage advisers are looking for new and innovative ways to convert more prospects into clients. In this blog post, we’ll share five conversion tactics that are sure to help you close more deals. So read on and start boosting your business today!
5 minute response effect
According to a report, the chances of making a contact with a lead when attempted within 5 minutes is 100 times more than when contacted after 30 mins. The same report explains, that the chances of qualifying a lead when contacted within 5 minutes is 21 times higher than when contacted after 30 mins.
Why is the immediacy for the speed of contacting so important?
When you contact within 5 mins you are still in their minds. They would still remember your website, your ad or social media post that they engaged with. They will have the awareness of the need they felt to contact you and fill the enquiry form. Contacting within 5 mins also builds the wow factor and the trust. It creates an image in the mind of how good your service is.
But none of this will work if the lead delivery from the marketing to sales takes longer than that. A typical response from the marketing to sales rep is more than 30 mins. That means you will miss the 5 minute response effect.
Time to ask, How fast do you respond to your leads? You could more than 2x your close rates by improving the lead response time.
At PinkBrand, our marketing utilises automation to deliver the leads instantly to our mortgage adviser clients giving them the opportunity to benefit from the 5 minute response effect and wow their contacts. The leads are delivered via multiple channels including email, SMS, WhatsApp and directly to our CRM system.
This study shows how the contact rates drop beyond 5 mins.
Avoid lead black hole
Marketing to sales handover is a vital handshake and any delays in the handover results into lower performance by your sales teams. This effect can be worsened with no-follow up, slow-follow-up and low persistence by the sales reps.
Companies who do not respond fast enough to leads may end up losing up to 71% of their online leads, according to this research. With good lead response management companies can contact up to 92% of the leads instead of just 27% without good lead response management.
The chances of contacting a lead decreases by over 10 times in the 1st hour. The chances of qualifying a lead decrease by over 6 times in the 1st hour. After 20 hours the lead goes cold and unlikely to convert.
Having an agent on standby is the best method to ensure higher contact rates but if that is not available then any form of first contact like email, SMS, WhatsApp, Voice memos etc are better than no contact.
At PinkBrand, we provide agents you can hire to respond to any leads to establish the first contact. We also provide automation to deliver immersive experiences using your voice and videos to establish the first contact.
10 day lead attention
The first 10 days are crucial when contacting and following up with the leads. This is the period when your sales team must spend most of the time nurturing the leads. The first 10 days is when the leads are most likely to convert and engage with your sales team. Engage with your leads using a multi channel approach and provide the most value that you can deliver.
Managing the contact experience during the hot phase (first 10 days) can make a big difference to your conversion rates.
At PinkBrand, we provide Contact Experience Automation (CXA) to help our clients streamline the process.
Prioritise your leads
Establish a scoring algorithm to score your leads based on factors like readiness and willingness. A sales rep that prioritises the leads and focuses the attention on more willing leads will get better conversion rates than a rep who is enthusiastic about contacting everyone without paying attention to the score.
PinkBrand’s CRM solution allows you to score your leads and then prioritise them on a Kanban board in the order of the score so your sales reps know exactly how to priorities the calling.
Setup nurture sequences
Not all leads will convert. Nurture sequences are great for leads that are either not ready or did not convert. Nurture your leads with valuable content in a drip campaign. Lead nurturing is essential in building trust and loyalty with your customers. With a drip campaign, you can build up interest from first point of contact all the way until they purchase or convert!
Drip campaigns get your message in front of leads at every stage, building up interest and anticipation for that perfect conversion. You don’t have to wait around until they change their minds – you can immediately move forward with a sale or purchase without sacrificing any opportunities along the way!
Design a separate nurturing strategy for different lead types. There is no one size fits all when it comes to nurturing leads. Target your leads with different sequences based on the type of leads.
Speed of response is crucial for better conversions. Not all leads will convert immediately so you will need nurturing sequences to convert not-ready leads at a later stage.
At PinkBrand, we build tools to help Mortgage Advisers and firms grow their businesses. We provide automation and technology for better lead response management, short term and long term lead nurturing and qualifying the leads to filter out the noise from the genuine customers.