A massive change is coming. I guarantee you've felt it, beck, I'd bet you've been a contributor to it. If you play the lead conversion game, YOU NEED TO READ WHAT IS BELOW.
You see, the lead conversion game used to be all about CALLS, CALLS, CALLS and more CALLS. But the game is changing, so let's name some facts.
Fact #1: Consumers are answering calls less and less often. Why? Because phone calls are inconvenient, time consuming and filled with junk. Three years ago, we had little clue what a spam call was. Now, it’s darn near every other call. Fun sub-fact: there were 26,300,000,000 robo calls made in 2018. That is 26.3 BILLION Robo Calls. YUCK.
Fact #2: Even if the consumer is willing to answer, the major players in cell service (Verizon, ATT, Google, Apple, Samsung, and even Congress) are beginning to screen their users' calls. Each major player is taking a different approach, but all are actively looking to screen/filter/eliminate calls. Heck, even in the age of massive political polarization, Congress agrees on one thing: SPAM CALLS MUST BE STOPPED.
Fact #3: The preferred method of communication is rapidly becoming text messaging. Ponder these few questions: If I wanted to get a hold of you, would you rather me call you? Or text you? Also, how many unread text messages are sitting in your inbox? If you are like most people, it is close to zero. Aka, texting has become the superior method to contact leads. Why? BECAUSE THE CONSUMER SAYS SO.
Now that we agree that the game is changing, scratch that, now that we agree that the game has changed, LET'S DISCUSS WHAT YOU CAN DO ABOUT IT.
In today’s lead conversion game, there are a few KPIs (key performance indicators) that matter more than anything.
KPI #1: Speed to Lead The truth is that lead conversion has always been about speed to lead. Whether it was in the Call, Call, Call, Call, Call, and Call some more model, or in today’s text centric world, speed to lead has always been king. This is actually becoming more and more important. This is because the average consumer is more impatient than ever. And can you blame them? They’ve lived in a world of instant gratification filled with snaps and 24 hour amazon deliveries.
KPI #2: Speed to ResponseI’ll admit, this one is new. Let me explain. Long story short, imagine you are a lead that just got texted by an agent shortly after signing up on their home search website. After a few texts back and forth, where you’ve shared that you’re thinking of making a move, you ask the agent when you can go and view 123 Main Street. 24 hours pass and you’ve heard nothing. WHAT DO YOU DO? NEXT. In other words, Speed to Response is all about responding to a lead in a timely manner. Because if you don’t, you’ll get NEXTED.
KPI #3: Speed to ValueIf you happen to get to a lead first, then carry on the conversation in a timely manner, you still must be able to provide value. This is where you, the agent, comes into play. For some people this means showing them homes. For others it means creating a CMA for their home. The point of this is clear, you need to customize the value you provide to each individual based off of what they deem to be valuable. Oh, and you need to provide it quickly. Nobody wants to wait.
It’s these three KPIs: Speed to Lead, Speed to Response, and Speed to Value, that matter most in the lead conversion game. The truth is that most people don’t have a lead generation problem, they have a lead conversion problem. For far too many of us, our leads don’t get worked quickly, they don’t get responded too, and we fail to quickly provide value. This is why we created the HATCH ISA.
INTRODUCING THE HATCH ISA
Do me a favor, take a moment, and think of something that was good, but then became great. The first thing that came to my mind was Netflix. As some of you know, Netflix started off as a direct mail dvd rental service, which then evolved into the streaming behemoth it is today. The HATCH ISA, POWERED BY STRUCTURELY, is lead conversion’s Netflix moment.
With the HATCH ISA, we’ve married the conversational AI genius created by Structurely with the lead conversion nerdiness found at Hatch.
So what makes the HATCH ISA different?
#1: Messages That WorkThe Hatch ISA utilizes messages that have some of the highest response rates in the game. These messages are all short, direct, and question oriented; necessities required to create engagement with leads in today’s lead conversion game. We’ve also layered in psychological hacks that stimulate responses. But most importantly, we utilize GIF messages. A wise person once said that a picture is worth 10,000 words. Well it only makes sense that a moving picture (aka a GIF) is worth 10,000+ words. But seriously, GIFs have been proven to increase the quantity and quality of responses. We can only guess this is because GIFs make the AI seem remarkably human.
#2: Objection HandlingOne of the first things we did when creating the HATCH ISA, was teach it how to handle the most common objection in the book: "I’m just looking for fun." So instead of taking that at face value, and deeming it a "no", we taught the HATCH ISA to challenge their thinking. Essentially instead of giving up, the AI now follows up the “just looking” objection with the question: “I can understand that. But let’s say the ideal home came to the market in the next 90 days, would you consider viewing that home? Or would you miss out on that opportunity?” By simply asking this clarifying question, many prior "Nos" will become "Yeses". This is a huge win because it helps you convert more opportunities without having to buy more leads.
#3: Rephrase and ReflectOne of the greatest self improvement thought leaders of our time, Stephen Covey, said in the 7 Habits of Highly Effective People, that if you want to make sure someone knows that you are truly listening to them, you must rephrase and reflect what they’ve said back to them. The HATCH ISA does just that. When possible, the HATCH ISA, will state things back to the lead like: “Great! Thanks again for all this information. Just to recap, you are looking for: 2 baths, 3 beds, around the $150,000 price range, and in South Fargo.” This will help your AI acquire better information because when a lead feels heard, they are much more likely to give in depth answers.
It is these three changes that make the HATCH ISA extremely powerful. The best part is that this is just the beginning. We plan on evolving the HATCH ISA as the consumer evolves. This means that we will continually beta test new ideas, then eventually rolling them into the HATCH ISA.
THATS A WRAP
We started this post off by explaining the lead conversion game has changed significantly. Calls, calls, calls and more calls are dying and we are seeing the rise of text messaging. In this new game, Speed to Lead, Speed to Response, and Speed to Value are the main lead conversion levers. The HATCH ISA is a plug and play option that helps you consistently attempt, respond and ultimately convert leads.
SO STOP GETTING NEXTED, AND LET THE HATCH ISA DO THE CHASING FOR YOU!