One Number That We Focus On
I wanted to share with you some of the things that we are monitoring on behalf of our licensees.
We publish a series of internal reports daily that outline every call that was routed to our licensees. We can see what time the call came in, the length of the call, who the call was routed to, the area, the zip code, the city, and the state. We see this same data for leads that come from the Internet as well.
One of these reports takes this data and summarizes it by licensee and cross references this information against the dollar amount that the licensee is spending in advertising that month by market. The report then gives us an actual Cost Per Lead to date and a projected Cost Per Lead for the month.
Why am I telling you all of this?
Well, because at the end of the day – this is how we grade our own performance – our GOAL if you will.
1-800-SELL-NOW is a lead generation and marketing company at it’s core. If we don’t generate leads for you guys – then nothing else really matters. Obviously with a brand like ours – it makes this process just that much easier. But at the end of the day, that is what we are here to do – get a motivated seller to your doorstep for a reasonable price.
So, what’s a good price……..a good (CPL) Cost Per Lead?
Well, our goal is to get every licensee below a $40 CPL monthly average. As a company, we hover right around this number every month. We have licensees that are well below this number and we have some that are considerably higher. The point is – this is the number that WE focus on.
For every $2000 you spend in advertising – we want to make your phone ring or your email fill up with 50 leads a month – minimum. The industry cost average for this type of lead is about $50 CPL and we feel like we can consistently beat that from one market to the next.
Many of you might have also noticed that there are a lot of companies that advertise that they can sell you leads for as little as $15 CPL. There is a BIG DIFFERENCE here folks. These leads are generated from data mining a list with set parameters until they feel like they have a list of prospects that are in the market to sell their home. On the other hand, with 1-800-SELL-NOW you get a motivated seller CALLING YOU. This is a huge advantage and much different from data mining to generate leads.
How can we tweak to get the CPL under $40?
The first thing to establish is are we making the phones ring? Do we need to change the media type – television, radio, or billboard? Do we need to adjust times, stations, etc?
If the phones are ringing, but we want more calls – Can we switch up some stations/channels? Can we change the run times – morning, afternoon, nights, weekends? Can we switch station formats?
If the phones are ringing, but we want to improve the quality of the calls – Can we run a different spot? More foreclosure centric, more general, etc. Can we switch station formats to focus on a different demographic?
All of these “tweaks” are what we are here to do. All of it in an effort to get you under $40 and with a quality prospect in hand.
So, once we do this what’s next?
Once we do that, it’s all up to you guys on how to make those leads pay.. At the end of the day, it’s a numbers game – one way or the other you have to do some type of deal each month to make these leads pay for themselves.
We are here to help – so if you need help getting to the reports from www.callreporting.com or any other reporting that we can help you with – we are glad to help.
Until next time….Good Luck Investing and Take Care!
Kent Clothier