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Jason Back has outlined how brokers could decide between building their own lead generation infrastructure or partnering with an external vendor.
Ahead of his session at the Lead Generation Bootcamp tomorrow, the founder and director of Broker Essentials has said that it is a complex choice, particularly for brokers who are sole practitioners.
Brokers are required to determine their goals, objectives, and desired results and narrow their focus by adopting a localised approach instead of attempting to capture a broad market.
Secondly, Back directed brokers to distinguish between lead generation and prospect conversion.
Lead generation is the first stage where they collect their prospective leads’ names and contact details after they show interest in using the broker’s services.
“Prospect conversion, on the other hand, is when those clients are buy-ready and want to take action straightaway,” he said.
“But most agencies and marketing campaigns focus on lead generation, which is about creating awareness of the broker and making clients understand the problem they have and how the broker could solve it. Those clients don’t convert right away.”
Nurturing clients who are not ready to purchase is critical, with Back saying that this could extend to three, six, or 12 months or even a number of years.
“Our industry struggles with nurturing leads who are not buyer-ready. We have a real gap here,” he said.
Determining their level of expertise, budget, the level of control they would like to retain, as well as how they could use their systems and aggregator software could help brokers choose between their own lead generation infrastructure and an external vendor.
“But all of this leads back to understanding what a broker wants to achieve,” Back said.
“Do they need 1,000 new people on their list that they can market to over the next three to five years? Are they trying to convert only 20–30 people in the next three months to refinance or purchase a property? I think starting at the base and designing your strategy is critical to this.”
Brokers who partner with agencies must be prepared to invest significant amounts of money, Back said.
For example, they could expect to spend between $2,000 and $5,000 a month for receiving marketing support, Back said. Services could include content creation for use in newsletters, emails, and social media posts; post-production on video content; and Facebook advertisements and search engine optimisation (SEO) services.
In relation to return on investment, Back said he likes to generate two and a half times the amount he invests in. For example, if he invests $100,000, he aims to earn $250,000 worth of revenue.
“This is not a small investment. Brokers can’t take this lightly as this is a huge commitment,” Back said.
At the Lead Generation Bootcamp, Back will unpack the pros and cons of building a lead generation infrastructure and partnering with an external vendor and strategies for enhancing conversion through tailored sales tactics.
These tactics include understanding the needs of the client base so brokers can forge an emotional connection through their marketing material.
“Remember, no one wants to buy a mortgage. They want to buy a house. We’re facilitators of that,” Back said.
“When you market yourself to your clients, look at the wealth creation strategy connection, the buying their dream home connection, the lifestyle connection, and the retiring early connection.”
For example, brokers could connect with first home buyers by saying that they could transition from renting or living at home to owning a home and beginning a new journey.
“The industry has fallen into the habit of talking about interest rates, offset accounts, and redraw facilities in their marketing material,” Back said.
“But this is too generic. There’s too much advertising going on and it’s getting lost in a crowded marketplace. We need to be more creative with our marketing.”
Back concluded by pushing brokers to educate themselves and perfect marketing through trial and error.
He said: “Ask for help. Be curious. It’s not an exact science, and it’s constantly changing. Don’t beat yourself up if you don’t get it right straight off the bat.”
To hear more from Jason Back about how you can begin your lead generation journey, come along to the Lead Generation Bootcamp 2024.
It will be held on the following dates:
Thursday, 16 May at Sofitel on Collins in Melbourne, Victoria
Thursday, 23 May at Montage in Sydney, NSW
Click here to book tickets and don’t miss out!
For more information, including agenda and speakers, click here.
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