Our industry spends heavily to drive traffic to their new home community websites and to their sales & discovery centers. But often, if a prospect is not an ”A” lead that is planning to buy in the next 30 days or so, this prospect gets buried in the database of names never to be contacted (except for the odd email blast) or nurtured systematically through their home buying process. So, while we're all concerned about driving more traffic to our communities, that strategy makes no sense if we are not maximizing our existing opportunities.
We are excited to host our next webinar Thursday March 25th featuring Jeff Shore, a popular homebuilding industry veteran and renowned expert who will discuss how and where to spot the “lead leak”.
Sales: It’s Likely Not a Traffic Problem
Maximizing Existing Leads and Prospects
Some of the Learning Outcomes:
- Why your sales report is nothing more than a history lesson.
- Why spending more to drive more traffic is not the best use of your $$$.
- Why lowering your price might be your biggest mistake.
- How successful companies make converting internet leads priority #1.
- How to find 'A+' leads (Hint: they are already in your system labeled 'B-')
Click here for more information on how you can join in this 30 minute discussion with Jeff Shore.
Lasso is presenting a free webinar series in 2010 that brings you acclaimed home building industry experts to discuss the business of marketing, sales and customer service in today’s evolving market. We hope you will join us.
What's a good open rate? Why don't our prospects open our emails? These are questions that are asked frequently at Lasso. If someone registered on your site why aren't they opening your email? How can you improve your open rates?
Following are email stats for the Real Estate industry from MailChimp:
Open
Rate
| Click Rate
| Soft Bounce
Rate
| Hard Bounce
Rate
| Abuse Complaint
Rate
| Unsubscribe
Rate
|
| 22.77% | 4.40% | 2.07% | 3.51% | 0.08% | 0.28% |
Well, first off, an open rate of 20-30% is actually pretty good. So if you are getting open rates in that range, pat yourself on your back - you're doing okay! If you're not getting that percentage or you want to strive to do better, here are a few tactics that are worth a try:
Timing of your email - experiment with the timing of your email. Morning isn't always the best time to send email, especially if you're sending to business email addresses. If it's a project launch event that's happening on the weekend, sending on a Thursday might be more effective than sending earlier in the week. Review who you are sending to and test what works best.
Image Use - ensure there's a good balance of images and text. Can the recipient still get the gist of the message even without seeing the images? An email may just be ignored if the recipient isn't sure what it's all about. Is there a clear call to action?
Catchy Subject lines - this is where being clever and even a bit witty are helpful. Ask yourself: would you open your email if you received it? Why should your recipients? Ensure that it's relevant and compelling. Spend some time on this and even test it out by trying out a couple of different options. Instead of a subject line of "Project Construction Updates", be more specific and try something that includes what's currently being worked on - maybe it's a specific comment about the unique flooring being installed or the environmental measures being taken.
Email Address - be consistent with your sender email address. There's always the debate over should it be a personal email address or a generic "info@" or "sales@" address. The most important thing: the "from" address contains the name of your real estate project or company and be consistent. Always, always, use a corporate email address - don't use a generic ISP email address or your Lasso email address.
Frequency - there's such a thing as too frequent and there's also such a thing as not frequent enough. If someone signed up on your website 3 months ago and you're just sending something now, they may have forgotten about you and not recognize your email. Conversely, if you're emailing brokers and realtors daily or even weekly with information that really isn't important to them, don't expect them to open the email!
List Quality - if you're sending an email to an old list, don't expect great results. In fact, be a bit wary of using it, you can get caught in spam traps and future emails sent to that ISP can be blocked. Don't keep sending to prospects who aren't opening your email. Pick up the phone and find out if they are still interested. It may look good and sound good to say you send out to a list of over 10,000 names but if you really only have a small percentage who are actively engaged, you're doing more harm than good by blasting to everyone.
Email Content - think about your own over-crowded inbox and the number of emails you get. What makes you open one email over another? Typically, home buyer prospects don't like to read too much - make it easy to read your email and have a clear call to action.
Email should only be sent to those who have requested it. If you're following that email marketing rule than you are halfway there. Always test your emails and monitor the results. Review your mass mail reports so you can see what works. Don't be afraid to sign up to receive updates from other projects and companies, so you can get ideas from those around you. Follow these ideas and you'll find your open rates and click-through rates improve!
This week elite athletes from all around the world have congregated in Vancouver and Whistler for the 2010 Winter Olympics. The Games have been a long time in the making and it has been fun to watch the excitement and the connection with the games build, especially over the last few weeks as the Olympic Torch relay has made its way through Vancouver and surrounding areas (after travelling all across Canada and touching 90% of Canadians). The Opening ceremonies take place today - people everywhere are smiling, they are happy, there is a sense of pride and inspiration - the list of superlatives could go on and on!!
Since the inception of Lasso (at about the same time as the games were announced for Vancouver in 2003) our goal has been to serve the world. We've been proud to be based in Vancouver, partly because Vancouver has been a model city for the world in urban development and more recently green and sustainability initiatives. But I'm not sure there has ever been a time when we've felt so overwhelmingly Canadian . . . and so extremely proud of it.
One of the theme songs for the Vancouver Winter Olympics is called "I Believe". The video is moving and reflective.
At Lasso, We Believe! We believe in the power of our team and we're very proud to serve our customers around the world. Thank you for believing in us! We believe we are doing some pretty exciting things this year:
- Software Feature Enhancements - whether it's usability, more marketing and sales features, or better ways to report on information or better manage inventory , we are constantly working to enrich your user experience and make Lasso even easier to use to help you convert prospects to purchasers.
- Customer Service - we want your experience with Lasso to be remarkable. It is a journey, but we keep trying! When a new home builder or developer begins using Lasso, we want to help them get going every step of the way and to be customers for life.
- Educational & Information - Started in 2009, Lasso runs a series of educational webinars every 6-8 weeks. Topics include Lead Management, Online Marketing and Sales, Sales Management and Email Marketing, amongst others. Webinars are facilitated by Lasso representatives and industry experts like Mike Lyon and Jeff Shore, with more featured speakers to be announced soon.
So ‘let the games begin'. May every country strike gold -- with Canada a little more golden during these games :)
Upcoming Lasso webinar: How would you like to convert leads better than 97% of builders and developers? Find out how on February 18th.
Learn more . . .
A distinct and positive difference from 2009.
Energy on the exhibition floor. Traffic was brisk and enthusiasm abounded. I do not know the attendance comparatives from last year but there was a dramatic and upbeat change in the mood.
Cautious optimism. Last year most conversations were punctuated by gloom & doom. The conversations I participated in (or overheard) this year were filled with ‘moving forward' and accepting the changes necessary to go beyond survival to long term success.
Education sessions & workshops. I mostly attended the marketing sales tracts; 4 sessions actually. They were standing room only with top notch presentations and presenters. Much focus on the benefits, the ‘how to' and the results of effective online marketing. It was noticeable that the depth of knowledge and experience in online marketing for homebuilders and developers is starting to be more common place and more leaders are catching the wave. Unfortunately, most of the focus was on how to use online to attract leads with very little information about how to then nurture prospects through their buying cycle to close. But it was a heck of a good start in blending ‘new school' with 'old school' marketing techniques. Mike Lyon stopped me on the floor and got me on video:
Cocktail Events. Very well done and thanks much to the hosts for the invites. And Las Vegas is so much fun après the organized events. I wish IBS was in Vegas every year.
My non scientific conclusion: Confidence is building. With noticeable enthusiasm for the future of the homebuilding industry and for the professionals who make it such a great industry to serve.
How would you like to convert leads better than 97% of Homebuilders and Developers?
Lasso's first webinar of 2010 will feature acclaimed builder and developer consultant, Mike Lyon. Mike will provide an easy-to-follow roadmap to a successful Online Sales Program for New Home Builders and Developers.
Join Lasso and Mike on Thursday February 18th at 10:00am PST (1:00pm EST) and find out . . .
- The online sales formula and process for home builders and developers
- Online marketing tactics that are tailored just for home builders
- A detailed overview of the follow-up process
- How to track and measure the success of your program
- And much, much more . . .
Attend this webinar and you'll have the opportunity to win:
Learn more and register HERE.
It sure was last week on my flight scheduled to the International Business Show (IBS) in Las Vegas. The story:
- Arrive 8am at Vancouver International for a scheduled 10:05am flight to Vegas.
- While checking in the ticket agent advises of a mechanical issue and departure is delayed to 11:45am. Not a big deal; I have a couple of meetings scheduled upon arrival that I can change and there are always emails and calls to complete anyway.
- Socialize briefly with a couple of executives from leading new home builders that are also travelling to IBS. Always insightful to get market updates from insiders from the industry.
- Arrive at gate 11am. Oh, Oh! Flight's further delayed until 3:45pm due to the mechanical problem taking longer to fix; now a replacement craft has been requested.
- Many would-be passengers are upset and expressing their frustration at the gate -- loudly. I am trying to go with the flow (the crisis in Haiti helps me appreciate all the good we have).
- Fill up next 4 hours with emails, calls, checking out the 2010 Olympic store and even a 15 minute shoulder massage at Absolute Spa (first time I ever tried this service at YVR; not bad at all).
- Arrive back to gate at 3pm and looks like we are good to go at about 4pm. You can feel the anxiousness in the waiting area.
- 4pm, we are on board; I am in my seat and departure instructions just completed.
- The Westjet Airlines captain now takes the microphone and with just the right amount of self deprecating humor about the airline and the day in general he shows genuine empathy.
- Then he says that every passenger will get a full credit in the mail in about 3 weeks and explains Westjet's practice about delays beyond 2 hours that are within their control. WOW! Almost a standing ovation and the mood in the passenger cabin changes instantly! He went on to mention that Westjet's on-time results are 99% (which they publish on their website).
- Great Marketing. You bet! Great customer service (and how we respond to problems) is still the best form of marketing.
- Kudos to Westjet! I would fly with them again anytime.
- And the experience reinforced my relentless commitment to customer service at Lasso. Funny how we learn from difficult events. From my week at IBS, I think the new homebuilding industry has learned much from the difficulties of the past couple of years, too. But that is for another post.
I listened to a webinar recently where Seth Godin and Guy Kawasaki were keynote panellists providing their insights for 2010. As part of the closing, they were asked to make a recommendation to the audience for 2010 . . .
- Guy quickly said ‘Never ask someone to do what you don't want to do".
- Seth challenged everyone to turn their TVs off for a week and read a couple of books. Learn.
Given it's Januar
y and it's a time when we resolve to do better, refresh our thinking or take new approaches, I thought it appropriate to develop a reading list both for myself as well as professionals for new home builders and developers who really want to learn more about online marketing. Traditional forms of marketing are costly and there is an accelerating shift to more online marketing options; which are often more effective in producing results.
So taking Seth's advice, the following is a list of books that are worth a read this year for anyone focused on marketing, sales or customer service whether its new real estate projects and developments or other consumer goods - the same principles apply.
- Linchpin: Are you Indispensable? By Seth Godin - (to be released at the end of January) - Godin shows that the key to being indispensable is overcoming the fears that hold most of us back. Seth's the most influential business blogger in the world, and consistently one of the twenty-five most widely read bloggers in any category. Anything written by him is worth a read and get's you thinking.
- The New Rules of Marketing & PR by David Meerman Scott - How to use social media, blogs, news releases, online video, and viral marketing to reach buyers directly.
- Browsers to Buyers by Mike Lyon - Internet Marketing for Home Builders. Learn more about creating a successful measurable online sales program.
- Inbound Marketing: Getting Found Using Google, Social Media, and Blogs by Brian Halligan and Darmesh Shah - an actionable "how-to" guide to getting found via Google, the blogosphere, and social media sites.
- Reality Check: The Irreverent Guide to Outsmarting, Outmanaging, Outmarketing Your Competition by Guy Kawasaki - From competition to customer service, innovation to marketing, he shows readers how to ignore fads and foolishness while sticking to commonsense practices.
- Social Media for Builders: It's Easier Than You Think by Carol Flammer - Social media expert Carol Flammer demonstrates the power of this new marketing medium through case studies and online outlet created specifically for the home building industry.
A final read is a free ebook by Seth Godin. It's entitled What Matters Now. It's a thought-provoking read and worth the time.
January 1st marked not only the start of a new year and new a decade. It also marked Lasso's official five-year anniversary; the launch of Lasso CRM across North America. I say official because we had been doing R&D and test marketing regionally for a couple of years prior. Wow, five years has flown by - it seems like just yesterday we launched.
As I look back and reflect on the triumphs and challenges that we have encountered I'm extremely proud of three things:
- The market acceptance of our CRM for real estate across the globe. Builders and developers across the USA, Canada, Mexico, Caribbean, Europe and GCC have all embraced our solutions and helped us get better along the way.
- The people we serve across the industry are terrific. By far our biggest source of new business are referrals from existing clients; sales agents, marketing, managers, and executives.
- The commitment and passion of our employees. The last year or so has not been an easy one for the real estate industry and I love being a part of such a great group of talented, positive and down-to-earth people.
Looking forward, 2010 is going to be an exciting year for Lasso on a number of levels. As a business headquartered in Vancouver, Canada, we are excited to be "hosting the world" in a few weeks when the Winter Olympic games begin in February --- our love of hockey and beer is a perfect fit for the upcoming Olympic experience. We are also excited about the opportunities that lay ahead this year in real estate project marketing, sales and customer service. As much of the world begins to recover from recession and the housing crisis, Lasso is well-positioned to become the CRM real estate software of choice for new home builders and developers of all sizes - we just need to make sure we are relentless in innovation, client service and making it easy to do business with us.
Over the past few years Lasso has accomplished a lot. Here are some interesting Lasso tidbits:
- Over 1,000 real estate projects implemented
- Projects in over 35 countries - as nearby as a few blocks from our Vancouver office and as far away as Dubai, Montenegro, and Jamaica
- Accessed by users from over 50 countries every month, 7x24
- Smallest project - 6 waterfront lots
- Largest project - over 20,000 homes
- $ Billions in inventory sold through Lasso
- Millions of emails sent every month on behalf of our clients
- 250 software features & enhancements in 2009 alone
Statistics aside, my personal goal as CEO is that you, our clients, will think of us as a great customer service company rather than as a software company in the year(s) to come and that we really do help you turn prospects into purchasers!
I look forward to the challenges and opportunities that the next five years will bring to Lasso.
Happy New Year!
Recently, the Lasso team got together with B3 Communications to have an "in-house" Christmas party. Fun was had by all and we even had a special guest make a surprise visit (oddly enough, there are no pictures of Dave Betcher . . . hmmmm, where was he?)
Santa brought along some holiday cheer and a fun gift for everyone.
We are pleased that each member of our team made contributions to the local food bank with Lasso equally matching the donations - a small way we can help those who are less fortunate at this special time of the year.
Happy holidays to all! We look forward to a great year in 2010!
Note: For real estate sales and marketing professionals looking for a way to create similar videos - check out www.photoshow.com. They make it easy for you to create great-looking memorable videos.
We often get asked the question - which day of the week is best to send out mass email? Not an easy question to answer as it's really dependent on the type of email addresses in your database.
- Are they business emails or are they personal emails?
- Are you sending to realtors and brokers or are you sending to prospects and leads?
- Are you looking for a call to action?
- Is it a time sensitive event, such as an open house or VIP event on the weekend?
Regardless of the size of your database it requires some testing to see what works best for you. The day of the week is important, but the time of the day that you send should also be part of your strategy as often this can be more important than the day sent!
At Lasso, we recently did some testing and got some great results - one of the highest open rates for a mass mail. Following was the scenario . . .
It was time to send out our quarterly company newsletter - New Developments. The average open rate for the real estate industry is about 20% - anything over that is considered good, but we wanted to see if we could do better. Our database of clients, as you would expect, is home builders, developers, and real estate sales and marketing professionals. In the past, we've typically sent out emails mid-morning. This month, we decided to see what kind of results we would get by sending between 3:00pm and 3:30pm. A time, when for some, much of their work for the day is done and they may be looking for a quick break from work. We thought that maybe the recipients of our email have a little more time to open and read email at this time of the day. The result - a 35% open rate! Will we always see this kind of result? Maybe not, but the point is, don't be shy to try something different, and continually try to do better.
There's no question there are some basic email best practices that you can follow to improve open rates - a creative subject line, consideration given to who sends the email, a good balance of images, etc. - but there are other factors - day of the week, and the time of day. If you have a weekend event happening, Friday night may not be the best time to communicate this - but Thursday afternoon with a reminder on Saturday morning, may work. It's a common thought that it's ineffective to send email from about 10:00pm through to 9:00am. Mid-morning during the work week is not a great time either - most people are more focused on work-related activities than personal email. The late afternoon into the early evening may be the best time for business-to-consumer emails.
Think about when you open emails, or think of when you don't open them, and why. Don't be satisfied with average open rates, challenge yourself to see if you can do better . . . I bet you can!