How to Test & Scale New Lead Sources
When you have to generate leads for people other than yourself, it’s a whole other ball game. What is the mindset you should have towards establishing a new lead source? When things go wrong, who takes responsibility? How much money should you put towards successful lead sources? On this episode, we discuss how to go about determining buckets of leads, and the right way to go about adding a lead source.
"Leads are leads, people are people. Find the lead source where you can essentially buy a person’s phone number and email address for the least amount of money." -Jeff Cohn
Takeaways + Tactics
- Different types of leads: sphere of influence leads, prospecting leads, expireds, FSBOs, just listed, just sold, open houses, mastermind groups and internet leads. - Anytime you’re going to deploy capital into a lead source, you need to give it at least 12 months. - When a lead registers, it takes an average of 7 months for it to go to contract. - Put 70% of your marketing spend towards your top 3 lead sources.
At the start of the show, we talked about why generating leads becomes a little more complex when you want to generate more income and hire more people. We also discussed common mistakes people make with lead sources, and why it’s so important to let a campaign bear fruit.
We also discussed:
- How long you should test a lead source and how much capital to deploy
- How to get more clarity with your lead generation
When a lead doesn’t close as quickly as people expect it to, they blame it on the lead source. However, the blame lies on the person operating the lead. One of the biggest mistakes people make is not allowing the campaign to actually prove itself. If you haven’t found flow or clarity in your lead generation efforts, put your money towards 2-3 sources. Work them for a year and then decide whether to put money towards something new so you’re not just focused on what you’re already doing. This will lead you to better results.