In the world of sales, an aging new business lead stinks faster than a dead fish. No one wants to handle them, but that attitude can cost you business, as Philip Baltazar of mortgage lender American Funding explains.
MarketingSherpa: How to Convert Old Leads Into 11.07% New Sales. 2007-Nov-14 (subscription required)
The new system of refreshing old leads was a huge reason why they increased sales by 11.07% compared to 2006. ... "If we were not using the system for aged leads, we’d be like the rest of our competitors that’d be shut down or depleted of a significant amount of volume." Under better market conditions, Baltazar says this contact strategy will be a bigger boon. Due to the performance, they now use the system for all leads, and it’s bringing in around 19% of their closed loans.
What American Funding did was develop a special multi-message email campaign for people who had completed an application but not responded to the sales person within 15 days. These emails included surveys and fresh information--they did not repeat themselves!
- Emailed on Day 21: Offering help for a stalled loan
- Emailed on Day 25: Incentive
- Emailed on Day 49: Testimonials
- Emailed on Day 56: Rates update
- Emailed on Day 62: Humorous ecard
The unsubscribe button was big and easy to find, but the re-activation rate was awesome. So here's the bottom line: if your email campaign doesn't stink, neither will your slow-to-convert leads!