Aged leads are a great way to build your business and see growth year after year. To the uninitiated, it sometimes seems like magic. Sales prospecting and cold calling aged internet leads can be a frustrating experience if you don’t have the right system in place. However, with the right system and a healthy supply of aged leads, success can be yours, too.
Here are my 5 Ps to being successful with aged leads.
Aged lead agents must be perceptive. There are big advantages to understanding your customer’s journey from his viewpoint. Here are some points to consider.
First, all aged leads started out life as fresh leads. At one point, all these leads were interested in buying. However, some time has passed, and many didn’t buy. Yet. One reason for this is that fresh leads are often bombarded with calls and postcards from agents working fresh leads. This can come as a surprise for consumers and is often a sales turnoff. In fact, the lead may lose interest in buying and even forget about their quote request.
All this happens before the aged lead has contact with you. Awareness of this history for the lead and the potential mindset of the person answering the phone should inform your approach. Prepare your sales script pitch accordingly.
Aged lead agents must be prompt. Be ready to be first in line to speak to a new prospect and reap the rewards. Just because an aged lead is already 30, 60, or 90 days old, that’s no reason to delay your first contact with her. Other agents may have obtained this lead’s information sometime during that time lapse, and they may nurture your lead to the sale before if you delay.
The best practice with aged leads is to call through your list as soon as you get it. See who’s warm, who’s cold, who can be nurtured, and which leads should be disqualified or discarded. Once that’s settled, the real aged lead work begins.
Aged lead agents must be persistent. It’s well worth it to keep a steady flow of contact going, even after the lead may appear cold. This is one of the secrets of aged leads. While many agents pursue fresh leads, only 2% of these leads buy in the first week. The rest need more nurturing.
And it’s worth it to be persistent. Half of all internet leads will eventually convert. Since 2% of sales are in fresh leads, guess where the other 48% is found. That’s right, 48% of leads will eventually buy as aged leads.
Most folks just need more information, relationship building, and time to convert. Research has shown that magic number is betwee five and seven sales contacts. Sometimes drip email campaigns, follow-up calls, or quarterly check-ins are needed to bring an aged lead to a sale.
Aged lead agents must, therefore, be process-driven. You must have a practiced and documented process to keep track of your contacts and your lead-nurturing progress with your aged leads.
The process for working aged leads has to be organized to be effective. You must use a dialer to work through your call list more effectively. You must document your contact notes in a CRM and set up calendar reminders to follow up. Marketing to aged leads also needs to be process-driven. Drip email campaigns and newsletters need a process to work well.
Lastly, it’s not enough to set it and forget it. You’ve got to continually optimize your process. That’s because, with a large volume of discounted aged leads to work through, increasing your efficiency becomes a key concern. Script variations and rewrites can help. So can different combinations of email and phone contacts.
Aged lead agents must be pragmatic. To be sure, aged leads offer excellent value, but it’s important to be realistic about returns and expectations. Especially when it comes to agents who work with multiple lead sources.
Overall, aged lead agents should remember that the conversion rate for aged leads will be lower than for most other lead sources. But keep in mind: aged leads can be had for a $1 or less per lead (as opposed to $25 per lead for fresh exclusive leads). The commission for an aged lead sale is the same as for a comparable fresh lead sale. However, with the 5 Ps your return on investment is far better for the aged lead than the fresh lead.
It’s also worth noting that an aged lead won’t always be an aged lead. Once you close a sale with an aged lead, they’re your customer. With proper customer nurturing practices, you can expect to renew their annual coverage, upsell, cross-sell, and earn referrals for providing excellent service. When it’s time to scale your business again, buy another batch of aged leads and work them with the 5 Ps.
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