How to maximise leads through speedy response times to stop losing 71% of new potential business
Director of Discovery Finance Group, Joshua Vecchio has written over $250m using techniques and tips being shared on his recently launched website Top Broker.
Today we are living in a world where everything is instantaneous.
Right now, using the computer or phone you’re on, you can speak face to face with someone on the other side of the world using Skype, order a Dominos pizza and track it in real time or buy a pair of new shoes through the Iconic with 2 hour delivery to your door – and in all cases you can speak to someone right away – using their online chat help or phone number without having to leave a voice message or wait a day for someone to call you back.
Enter mortgage broking.
A few years back I came across an article featured in Forbes Magazine that really rocked my world – it pointed out that most companies wasted 71% of their online leads!!! 71%!!! Because they did not respond to enquiries fast enough. This got me thinking how better to manage my leads and response times to clients, so I’ve put together a few of my own strategies I use day to day when managing new enquiries both online and through the telephone.
Tip 1: They will be gone in 60 seconds.
If you read no further, or somehow missed the point above realise this – if you do not respond (more or less) straight away to clients in today's world they will move on and call the next broker. In Ken Krogue’s post with Forbes, his research suggests that it takes on average 46 hours and 53 minutes for a company to pick up the phone and respond to a lead, making only 1.3 call attempts before giving up and moving on. This in my opinion is WAY too long.
If you type ‘mortgage broker Sydney’ into google maps, literally hundreds of brokers come up. So if you are fortunate to be the first one that a new client contacts if you do not pick up their call or answer their enquiry literally within 60 seconds they will move on.
Tip 2: Service guarantee
My referrers and clients love the fact that they know I will get back to them every time without fail within 2 business hours – your clients both new and old should know how long you will take to get back to them. This can even be as simple as sending a text message advising you are still held up in a meeting, etc but will call them before a set time.
I can’t say I’ve seen this done by brokers that much but my aggregator Vow has a service guarantee where they will pay $100 if they do not contact you within 4 business hours. This is something fairly unique but I think could be something that could be applied to mortgage businesses as well – AND great for BBQ chats for your clients to help you generate more referrals e.g. “Did you know my broker guarantees to call me back within 2 business hours”.
Tip 3: Be persistent
I’m extremely persistent with following up a lead. If there is no pick up with the initial call back, I’ll send them a text message with my contact details and then I’ll try calling again at 5.30pm that same business day. If still not successful I’ll repeat trying to contact first up the next business day. If no luck again, then I’ll leave it 2 days before trying the same process – but with that being said I’ve had a 95% success rate in contacting the client on the same business day.
As I said above, I believe if you are not contacting clients within 60 seconds of their online enquiries they are going to move onto the next mortgage broker, so you need to have systems in place to handle this – whether you are a one person firm or a multinational. Even something as simple as an SMS confirmation will be enough to acknowledge their enquiry, that you are on top of it and will be in touch as soon as possible.
This article originally appeared on Top Broker, a growing online space where tips and strategies are shared by Australia's top mortgage brokers.
