A defined lead follow up strategy is critical to engaging prospects and improving your close rate. Without this, you could (and probably will) miss out on sales.
Additionally, there are right and wrong ways to follow up on leads.
For example, there are agents who follow up on leads by visiting prospects unannounced and in person. While it’s okay to take the initiative, this is the wrong way of doing so.
Not only is it time-consuming, but it’s likely to scare away your prospect. And when you do that, all of your hard work upfront is for nothing.
So, with all that in mind, here’s the question you need to answer: what’s the best lead follow up strategy?
What works for one person may not work for the next — and vice versa — but let’s look at seven tips any agent can use when following up with leads.
1. Be Persistent but Not Overwhelming
Did you know that 50 percent of sales happen after the fifth contact with a prospect?
In other words, if you’re not persistent you’re leaving a lot of sales “on the table” for another agent.
The key to success is being persistent without being overwhelming.
It’s okay to make contact once per week to check-in. Conversely, it’s overwhelming to call, text, or email a prospect every day. This is more likely to turn them off than it is to turn them into a customer.
Tip: take individualized cues from your prospects. One lead may be okay with chatting a few times per week, while another person would rather contact you after making a final decision.
2. Experiment with Various Contact Methods
The way you follow up depends on the type of lead, your relationship with them, and how you’ve communicated in the past. Some of your options include:
- Telephone
- Text message
- Direct mail
If a particular lead has been responsive to email in the past, stick with this method moving forward. However, if they’ve ignored your emails in the past, it’s time to pick up the phone or send a postcard.
There’s no right or wrong contact method. The approach you take is based purely on what generates the best response from your audience.
3. Provide Value
Don’t follow up just to follow up.
Sure, that may be all that you’re doing, but your prospect doesn’t need to know that.
Let’s take a look at two different types of follow up emails:
“Hey Sarah, I just wanted to send you an email to follow up on our conversation last week. I hope to hear from you soon.”
“Hey Sarah, after our conversation last week I realized that I can save you another $100 on your policy purchase. Do you have time to chat today or tomorrow?”
The first email won’t excite anyone. Sure, it’s a gentle reminder that you’re still available to help, but it’s nothing more than that.
The second email is much more powerful. You’re sharing something important and giving the prospect a reason to answer you.
4. Outline the Next Steps
Talk to your prospects about what comes next. Ask questions such as:
- Do you have any additional questions for me?
- Do you have a timeline for making a purchase?
- Is there anything holding you back from buying a policy?
Outlining next steps shows your prospects that you’re organized, professional, and taking a “customer comes first” approach. This goes along with providing value with every follow up.
When you neglect to share next steps, there’s a greater chance of your conversation stalling. And when that happens, your chance of closing the deal is reduced.
5. Respect their Time
If you remember nothing else, let it be this: The discussions you have with prospects should have nothing to do with you.
Sure, you’ll answer questions and provide professional guidance, but your primary goal is to make the prospect comfortable with you, your company, and the purchase process.
Respect the prospect’s time by giving them the opportunity to share their thoughts, both good and bad. Should they ask you for space — such as if they don’t have time to talk — respect that decision.
And of course, if a prospect asks that you take them off your contact list, comply with the request.
6. Ask for a Referral
This can be tricky, but if you play your cards right it’s a great way to generate new business.
A good time to ask for a referral is when a prospect tells you they’re not interested in moving forward. Rather than thank them for their time and move on with other leads, try the following.
“I’m sorry to hear that I can’t help you at this time, but I’m available to assist you in any way possible in the future. In the meantime, if you know anyone who’s in need of [your product here] feel free to share my contact information. I’ll take good care of them.”
This doesn’t always result in a new lead, but if you have a good relationship with the prospect it never hurts to ask. Word of mouth is powerful.
7. Don’t Follow Up Forever
You need to know when to throw in the towel.
It’s never fun to admit that a lead is dead, but it’s better than the alternative of wasting time chasing after a prospect who has no interest in making a purchase.
The more experience you gain with follow ups, the easier it is to decide when to call it quits and move on. You’re not going to close every deal. Don’t be too hard on yourself. Learn from the experience and adjust your strategy moving forward.
Summary
From buying aged leads to relying primarily on your website, it doesn’t matter how you generate leads.
Nothing changes the fact that a well-defined lead follow up strategy is critical to your long-term success. With the right approach, you’re able to better engage prospects, close more sales, and make more money.
If you’re ready to purchase leads, you’re in the right place. We have eight types to choose from, ranging in age and price.
Contact Aged Lead Store today easy access to quality leads in a convenient, accurate, and swift manner.
