Not All Leads Are Created Equal
24
How Response Channels Differ – Email, Phone, Chat and Walk-In Peggy Hale Vice President Sales, Marketing & Training Morgan Properties
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An exploration of the data about how different response channels behave once they make contact with the property. A growing body of knowledge suggests that consumers use different contact channels at different times in their buying consideration. These channels have their own best practices and implications. We’ll send you out on a high note with a better understanding of how to handle inquiries that come in by phone, email, chat, or other.
Transcript of Not All Leads Are Created Equal
How Response Channels Differ – Email, Phone, Chat and Walk-In
Peggy HaleVice President Sales, Marketing &
TrainingMorgan Properties
Traditional Marketing Analysis
• Review of advertising sources – what works, what doesn’t and change the mix
• Review of cost per lead • Review of cost per lease• Training the site teams to source properly –
does anyone really just drive by?• We took it one step further . . . . .
Not All Leads Are Created EqualDuring 2009 our 3 major response channels
were:Phone callsEmailsVaultWare leads & reservations
Generating 118,000 leads during “tough times”
Not All Leads Are Created Equal
Playing The Odds
• We wanted to focus our “Follow-Up” where we had the BEST chance to close the deal so we prioritized our “prospect pipeline priority queue” –
• During 2010, we changed our process & always followed up with prospects in this order . . . . .
First . . . Those who made appointments or walked in – we close 60% of these leads
Second, those who called and built a rapport – we get them
to visit and close 40% of these leads
Those who check availability and sent an inquiry or reservation – we close them 25% of the time
Last, follow-up on those who simply email –
closing is under 10%
What Else Could We Do?With 138,000 new leads in 2010, we decided to
help change renter behavior!
Tested Web Chat
• We added web chat as a test and learned that chat resulted in a visit 20% of time and we could close 50% of these leads.
• We expanded this channel company-wide in 2011 with great early results !
Expanded VaultWare
What To Do With Email?• Where we could remove the “email us” – we did• Where we could change the phone to be
prominently displayed and often – we did• Where we could reroute the prospect to visit our
corporate website for more information – we did• For email from our website – we had Level One
work these leads. For all others we sent an auto-responder recommending better service through phoning or web chat 7 x 24
Additional Strategies
Expanded Social ReachWe expanded our “free” efforts – using craigslist
for lead generation and social media for creating online communities for communication, adding value, branding, SEO and referrals.
We trained our site teams to manage their online reputation to build a customer service culture & manage our brand.
Expanded Social Reach
After the first year, our referral rate nearly tripled for participating residents and our investment paid itself back 3 times over with a 318% ROI.
Stopped Paying Per Lead
• Rentwiki.com responded with building out a “Referral Model” servicing our customers from lead through appointment – cutting a great deal of our work!
• This model is now in the process of being launched regionally – then nationwide.
So Far in 2011 . . . • Unique leads are up 3% from last year• Phone leads are up 24%• Email leads are down 65%• Appointments set by Level One are up 25% • Web chatters are setting appointments 20% of
the time.• Portfolio occupancy is over 95% and NRI is
exceeding budget and last year.
So it can be your choice
So it can be your choice
Conclusions
• Realize not all leads are created equal• Quantitatively measuring lead volume is not
measuring success• Work with your advertising partners to bring
in leads that work for you• You can change renter behavior and increase
the odds in your favor
Thank You
Peggy HaleVice President Sales, Marketing & Training
