Align Your Marketing & Sales Teams to Convert More Leads into Leases
Do you need to improve your leads-to-lease conversion rate? Low conversion rates are often attributed to poor-quality leads. However, many of the obstacles that can affect a sales team’s ability to close start with how it partners with the marketing team. There are ways to overcome these obstacles and align both teams with simple, easy-to-implement program changes. The following is an overview of the tools and tactics you need to convert more leads into leases.
Step One: Align Sales and Marketing Teams
If your leads-to-leases conversion is low, there’s a good chance that your sales and marketing teams are suffering from undefined roles, expectations, and communication processes. You need to implement a balanced sales process that weighs the same metrics and measures of success for both teams – and then work on how each influences the conversion journey. According to Enquire Solutions, the four key stages of a successful sales process are lead generation and outreach, lead capture, lead nurturing, and closing. We’ll add a fifth – revenue-driven goals for sales and marketing teams. This last step will engage your teams to focus on new customers, rather than just lead generation.
Step Two: Automate Customer Service with a CRM
Take some of the pressure off your sales and marketing teams with a customer relationship system (CRM) that streamlines your customer activity tracking. An effective CRM needs to be able to automatically import data from all lead generation sources, which will provide interaction monitoring, contact information management, and workflow customization across multiple departments.
Step Three: Improve Lead Contact Rate with a Defined Follow-up Process
Follow-up is often overlooked or skipped altogether. Yes, it takes up time – sometimes a considerable amount of time – and resources that are already limited. That’s why a specific process is essential. Just how important is follow-up? Failure to follow-up within 10 minutes can result in a dramatic drop-off in qualified leads. Leads that are responded within the first 10 minutes have been shown to have a 185 percent higher conversion rate than those that are responded to in more time or not at all.
Step Four: Establish a Lead Nurture Program
Similar to the importance of follow-up, an underdeveloped or ignored lead nurturing program is another reason why 79 percent of leads never convert to sales. Studies have shown that established and utilized lead nurture strategies not only convert more leads, they help make the entire process more cost-effective. Companies that excel at lead nurturing generate 50 percent sales leads at 33 percent lower cost. Content marketing and email are two ways to kick-start a lead nurture program. Both tools reach a defined, interested audience with relevant, conversational, and strategic opportunities to reach leads at the early stages of the sales process.
Learn More: How to Turn Digital Marketing Leads into Leases White Paper
Converting leads into leases cost-effectively requires an established marketing and sales team approach. Learn how to further refine your team strategy with our full white paper. To start, it specifically details how multifamily sales and marketing teams can be balanced to work together. Next, it outlines how to choose the right CRM, develop a specific follow-up process, and how to nurture leads through effective contact management and tools.
Download G5’s How to Turn Digital Marketing Leads into Leases white paper for the complete approach.