June 25th, 2013
Leads, Leads and More Leads
Everyone seems to be talking or thinking about the recent drop in the stock market. I am not going to pretend to be an investment expert, but is a 350-point market drop today really the same as a 350-point market drop a few years ago? I don’t believe it is and let’s face it; there will eventually be a market correction anyway.
One of my dealers this week put it into simple terms: “There is always going to be something … whether it be the rain, the stock market, an international crisis, we always are given some reason why it isn’t the right time to buy,” he said.
His parting statement to me was “Leads, leads and more leads.” His point was as long as his company has leads, he has the opportunity to sell. As we come up to the halfway point in the year, it’s great to talk to many dealers who are finally experiencing a very solid year. The ups and downs have leveled off, and our traditional seasonal models seem to be back in play.
But we all understand the market has changed. And with this evolution, the way we go after customers or get leads has changed as well. The traditional lead channels are crowded as many companies are competing in the same space for the same lead. In addition, referrals are “super” leads but it is tough to sit by the phone and hope it rings.
The underlying theme is we need to be more creative and more assertive in how we generate our leads. But the creativity has to be in line with what we forecast our lead costs to be. What we have learned over the last few years is if our lead costs get out of line, either our pricing model needs to change or our profitability suffers. Today, we are much more cognizant of changing our model “on the fly” than having a “wait-and-see” attitude.
I see many companies implementing some pretty innovative lead programs. Whether it be partnering with a third-party product or starting a new division of their remodeling company, cost-effective and solid leads are out there. We just need to go get them!