Prospecting is a marketing function

MitchM

All these terms have specific meanings in different contexts as well as general definitions. When I prospect I look for people who want either the products I sell [take to market] or the business I offer [sell or take to market]. We advertise on the radio and in classified ads, we market through advertising and sell through independent distributors.

That's how I use the terms.

The best to all.

MitchM

Bald Dog

I think prospecting, that is, generating sales leads, is marketing's function. Salespeople should have a healthy supply of qualified leads that are ready for conversion and they shouldn’t waste their time and talent on pounding pavements, hammering telephone dial pads and combating gatekeepers. But most companies want to save money, so they hire an army of salespeople and send them out to roam the land.

Most of these companies could maintain the same sales levels with half of the sales force and some good marketing.

Peter Drucker put it this way: “Foreign managers take marketing seriously. In most American companies marketing still means no more than systematic selling. Foreigners today have absorbed more fully the true meaning of marketing: Showing what is value of the customer.”

Thoughts?

Tom

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Thomas

At our broker's office the company generates the Buyer leads but we have to go out and find the listing leads ourself. I have worked for two other companies and it was the same there too. I've talked with other agents and some of the people here and the consensus was that contacting FSBOs and Expired listings was the most productive method, outside of referrals, for generating listings. If you ran a brokerage what marketing methods would you use for generating a healthy supply of qualified leads for your agents?

Bald Dog

Thomas,

I would almost certainly use a free report [buyer’s guide, executive briefing, consumer’s guide, etc.] that addresses the target market’s biggest problem. The report is a blend of valuable information and a sales letter.

For realtors: Will you be making these mistakes when selling/ buying your home?
For plumbers: Will you be making these mistakes when you’re hiring a plumber the next time?

The idea is that you’re looking for people not to buy from you but just get into your funnel so you can stay in touch with them… automatically.

And when they are ready to buy, they will come to you, so you don't have to chase them.

Thoughts?

Cheers

Tom

Thomas

I have friends who are realtors and they offer free reports on their website. You get the reports emailed to you over a period of time. Is this what you're talking about?

If it is, I've asked these guys about seller leads because I was thinking of buying a website and they said that very few Seller leads come from the Internet.

Another guy I know advertises free reports in the newspaper. He calls it "direct response marketing". I asked him about it and he said it doesn't pull like it used to. He is also one of the people who said I should concentrate on fsbos and expireds.

Would that be your primary method of generating leads, the free reports?

Gary Boye

The method you suggest is sound and can produce excellent results in terms of sales leads.

First though, one has to be capable of producing a newsletter that would be informative and effective. Or--use one written by someone else and be capable of judging its merits. Not everybody has those capabilities any more than everybody has the skills to prospect in other ways.

Bald Dog

Exactly. And then stay in touch with them through a newsletter.

I use lots of off-line ways of driving people to the website. The website is the hub of all activities, a sort of gathering place, but I drive people there from many sources.

Pulling rate can be drastically improved with the headline alone.

Absolutely. That’s the very first step of getting into my funnel. I ask no one to buy, just read the report. Through my articles, speeches, networking I'm "selling" the free report. And the report will sell people to stay subscribed to the newsletter.

Next, they start receiving my newsletter “Tomicide Solutions”. The newsletter suggests some info products.

Then buy some low-priced information products. The info products introduce my group programmes.

Then they join my more expensive business development group coaching programme. The group prgrammes introduce 1-to-1 consulting help and support.

Then they are ready for 1-to-1 consulting work

It’s a gradual build-up. But by then they know me and the value I offer. The are no objections, no “competitive” bidding.

So, everyone I talk to, my Most Wanted Response is requesting my free report. That’s all.

This is what I’ve been using…

25% of my stuff is free giveaway

50% of my stuff reasonably priced information products

25% of my stuff is premium consulting work

It seems to work.

Thoughts?

Cheers

Tom

Agent Smith

BaldDog, the concept you put forth has been shown to work in many instances.

However, I would not recommend Thomas pursue this as his number one source of generating listing leads. Right idea wrong audience.

Gary Boye

I undertand the attrition rate is high in real estate. I gather from this forum that many continue to do the same as the majority which is part and parcel to the attrtion rate.

I like your ideas, Tom. I know from your previous posts that you were influenced by Dan Kennedy who has suggested that one should observe what all the rest are doing...and then do the opposite.

Thomas...my suggestion...and I am not in real estate...is this. When you hear the words that something will never work...jump on it and do it.

Agent Smith

In this instance Gary would you suggest that Thomas pursue Tom's idea as his number one source of generating listing leads?