90’s – the only way to buy a car from a car dealer was by going to the dealership. Even the phone was only used to schedule an appointment. The dealer had all of the information, the consumer had none. 2000’s – consumer began to go on-line to get all of the information they needed to transact the car purchase. Most dealerships viewed the internet the same as the phone, a tool to get an appointment scheduled. The consumer now had the same information as the dealer. The dealerships that realized this and embraced it thrived. Today – Dealerships understand that almost every consumer starts on the internet. Internet Departments are setup to facilitate the sale however the customer is most comfortable.
THE EVOLUTION OF MORTGAGE BUYING/SELLING
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90’s 2000’s Today
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90’s – Glenn Gary Glenn Ross is a perfect example of Loan Officers making cold calls to find new customers. Otherwise they were dependent on consumers who responded to a direct mail ad or were a referral from a Real Estate Agent. When they got an opportunity it was likely to convert but there wasn’t a lot of control over the volume of opportunities. 2000’s – Market factors made it so that everyone was a winner (at least in the short term). Consumers could find rates and mortgage companies on-line and the volume of opportunity was so great that mortgage companies simply had to respond. Today – Successful mortgage companies constantly evolve to give the consumer what they want. Fully on-line transactions. Over the phone. In person. Tools to buy and sell.
WHAT WE KNOW
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So many problems with how sellers respond today
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We have hundreds of millions of leads in our system and we have data scientists that pour through them to look for trends, best practices, opportunities. More than 60% of our clients are in Mortgage and Auto so we see in our data what works. We also continuously conduct surveys of companies that aren’t our clients so that we can benchmark Our most recent survey was of the Fortune 100 I’ll show you how they fared and how much better our clients do by adopting some specific strategies
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Seconds Minutes Hours Days Weeks Did NotReceive a Call
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Initial Call Response Time
1/3 OF BUYERS DON’T GET A RESPONSE
Source: Velocify Fortune100 Study, April 2014
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In fact, we just recently secret shopped the Fortune 100 and found that still today, roughly 1/3 of website generated leads go unanswered. Crazy, right?
IT’S A PERVASIVE PROBLEM
Source: Zogby/Velocify Buyer Expectations Study, October 2013
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Percentage whose inquires have been completely ignored
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Here’s another view… In a study we conducted with Zogby a few months ago, we found that buyers confirmed they’ve experienced submitting a request for quote or information from an organization, only to wait and ultimately receive no response. In fact, in the study, a staggering 70% of business buyers reported this happening to them…
NOTHING IS WORSE THAN “NO REPSONSE”
Source: Zogby/Velocify Buyer Expectations Study, October 2013
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Common themes from buyers describing their worst experience with online inquiries
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And here’s one of the most interesting findings from that study – when describing their “worst online buying experience” respondents rated “no response” as the worst experience they’ve had…if you can believe it, they rated “no response” as an offense worse than “Rudeness from the Salesperson or bad customer service”!!!
CONVERSELY, FIRST CALLER HAS AN ADVANTAGE
Source: Zogby/Velocify Buyer Expectations Study, October 2013
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Percentage who believe the first company to call has an advantage over the competition
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Before we get to tip #2, let’s look again at the Buyer Expectations research we conducted with Zogby. When we asked buyers whether they believed the first sales rep to call had an advantage over the competition, 70% of business buyers, and 60% of personal buyers said “YES!” So the first caller has an advantage in the eyes of the buyer…
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YET, ONLY A MINORITY FOLLOW-UP IN 24 HRS
Source: Velocify Fortune100 Study, April 2014
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Yet, in the Fortune100 study we just conducted, we found that ONLY a minority of sellers followed up within the first 24 hours… Is there money being left on the table?
Source: Velocify Fortune100 Study, April 2014
AND, MOST REPS GIVE UP AFTER 1 ATTEMPT
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Number of calls received
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Now for the third tip… Back to our recent Fortune100 research… We found that most sales reps give up on trying to make contact with a new lead after just 1 or 2 contact attempts…
SO MUCH $$$ BEING LEFT ON THE TABLE…
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YOUR COMPETITORS THANK YOU…
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WHAT DRIVES RESULTS?
What you can do to drive a better experience.
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Source: Velocify Ultimate Contact Strategy Study 2012
RESPOND, FAST: IT HAS THE GREATEST IMPACT
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The answer is YES! In prior Velocify research we found that our clients who follow up on new leads within 30 minutes, have a conversion improvement of over 60%!
Source: Velocify Ultimate Contact Strategy Study 2012
DON’T GIVE UP TOO SOON: 6 ATTEMPTS IS BETTER
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Our research also shows that 1-2 attempts is just not enough if you’re interested in maximizing revenue and your return on marketing investment. In fact, our research found that on average, 6 attempts was the point at which diminishing returns set in on lead conversion…and 30% of total conversions were the result of contact attempts that occurred after the second attempt!
It used to be that your referrals came mostly from local sources – drive-by, word of mouth, friends and family. If you did any advertising, it was in the newspaper or in the Yellow Pages.
HOW IT WORKS NOW
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Now, consumers start on Google (or sometimes Bing). They click around on a few web sites – remember, your competitors are only one click away! After visiting 3-4 community web sites, though, they mostly end up confused about how to tell one from the other – so they visit a third party aggregator, who’s perceived as neutral, to read the reviews. Here are two: Google Places and Caring.com. On both of these you’ll notice two things: the prominence of reviews, and the prominence of your competitors. That’s because that is what the consumer wants!
“The distance is stressful, and when I found Caring.com and talked with an advisor, my stress just melted.”
LONG-DISTANCE SEARCH: ROBIN’S STORY
Mother
Daughter
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Adult daughter in Michigan, Mom in SoCal with dementia. Robin had never lived in Southern California, and knew nothing about local options. She searched extensively online, found Caring.com, requested info on all communities in the area. Sent nearby relatives on tours, conducted interviews over the phone. Eventually moved Mom into a community she found. Start to finish: two weeks
“The staff is very attentive to her needs and so very supportive of our family. It’s been a very stressful journey… I’m thankful for the women at this facility who make a home complete with comfortable surroundings and loving touches.”
LOCAL SEARCH: PAULETTE’S STORY
Mother &
Daughter
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Paulette lived ten miles from her mom in the same town. She searched online for communities and got a list from Caring.com – but she made her final selection based on word of mouth referrals from a friend of her mom’s, as well as her own local knowledge. But when her mom moved in, she went back to Caring.com to submit a review of the community she had chosen. So even those people who choose “in the real world” come back online to share their experiences with others.
“Your website has been very helpful in reading reviews. I want to know what other folks think before I sign up for a place.”
LOCAL SEARCH: JOAN’S STORY
Daughter
Mom
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Joan had an urgent need to find care for her mom, as she was dealing with her own health issues. She lived in Marin although her mom was in Sacramento where she had grown up, so she didn’t know much about senior communities in her area. She posted on FB for local friends to suggest places, but none that was appropriate for her care needs had room. Another friend on FB suggested she visit Caring.com, and we provided her a list of communities she didn’t know about prior, as well as a place to read reviews. She was able to find an appropriate place for her mom from one of our referrals.
