An agent - generally - goes through four stages to complete a transaction:
- The agent has to find the leads.
- The agent has to convert the leads into clients.
- The agent has to provide great service to that client.
- The agent has to leverage satisfied clients’ to get their repeat business; as well as referring other clients.
If your time looks like this:
70% of your time on finding and qualifying prospects to find a serious lead.
20% on converting that lead into a client.
10% on servicing the client.
& 0% of your time is put on leveraging satisfied clients to get future business.
…you really should try allocating your time differently. Have a strategy that is more efficient and one that focuses on value in the long term.
We all agree that referral leads are the best leads. And to get referrals, the clients you are servicing should have an excellent experience. So it is only logical that you spent most of your time doing those two things.
The new time allocation should look something like this:
10% on finding prospects.
10% on converting prospects to clients.
40% on servicing clients.
40% on getting referral business.
Now how do you do that? How do you spend less time prospecting?
The answer is automation.
If you are cold calling, doing grunt prospecting, wasting money on non-converting ads, doing floor time, handing out unrelated promotional materials (calendars, fridge magnets…)
Do this instead,
Run ads on platforms where prospects can directly get in contact with you (Classified ads, social media, messaging apps, add text message to your traditional marketing channels).
Use automation systems that instantly reply to and convert your inbound leads for you; which also helps in weeding out the serious leads from the non-serious ones.
Converting Prospects to Clients:
If you are, talking about yourself all time, how great you are, being ‘number one’, ‘top 10…’
Do this instead,
- Create compelling and valuable content for your clients’ needs.
- Install marketing automation systems that will send this content to your clients depending on where they are in your marketing funnel. Such systems can follow up with your prospects without your personal intervention. Let these systems convert prospects into clients.
Now you end up with more time to focus on what you do best, close!
Servicing clients is tricky since every client has different sets of needs and expectations. You need to put in the work and the time to learn from every experience with every client. Racing through a process with a client, trying to close them as fast as you can without giving them the care they need is not sustainable. Being on the phone trying to convert prospects while you are on a visit with potential clients, will not score well to your favour. The client will not appreciate the service and the hope of getting referrals goes down the drain.
Automation will allow you to skip the mundane and time consuming tasks that you need to do over and over again. It will allow you to focus on what is important and what brings the most value to you and your clients!
Test different time allocation strategies to find the best that suits your current business goals.