We’ve heard it before…too many leads and not enough team power to field them all. Automated lead nurturing is one tool that has helped companies manage their traffic volume. Moving this process to an automated platform allows teams to focus on converting the most qualified leads.
How does lead nurturing work?
Lead nurturing automation immediately follows up with leads from numerous marketing sources to convert them effortlessly to tours and maximize leases. This feature is aimed at helping prospects grab property information and schedule tours on their time, not restricted by office hours or limited staffing. It helps leasing teams engage with highly qualified prospects by giving them the tools they need to make informed decisions while reducing unnecessary back and forth. When someone finds a community on an ILS or any marketing source, they decide they want to contact them, and the workflow begins. They are then offered an immediate response, and that lead is nurtured. The converted leads are then pushed to the appropriate workflows so that leasing teams primarily interact with the most serious, qualified traffic.
How do you know if it’s working?
Automation helps streamline processes so that humans can do what automation will never be able to do — connect meaningfully with others. This means implementing new conversational technology into old automation methods to improve consumer engagement. While automation engages prospects and residents in new ways, it allows for those meaningful connections to be made by the site team at impactful points in the renter’s journey. So how do we know if it’s working? Teams should evaluate a few numbers to know if their lead nurturing platform is doing its job.
The open rate would be the number of individuals opening lead nurture emails. For instance, once a prospect engages with BetterBot’s lead nurture skill, they will be sent a follow-up email. This is the percentage of people who open/read this email. For comparison, BetterBot’s NurtureSkill sees an average 80% open rate on follow-ups. Looking at this number will help your team gauge whether or not people are opening up the emails sent.
The next step after opening an email would be engaging with it. You’ll want to see if the individuals opening your emails engage with them. In this stage, prospects gather the information they need to decide if they are serious about this community. BetterBot’s NurtureSkill has an average of 57% engagement rate, which shows that the other 43% of individuals are either unqualified or not serious. Instead of spending your team’s energy directly engaging with this traffic, automation is stepping in and weeding through it for you.
The last metric you want to hone in on is conversion rate. Take a close look at the next steps. BetterBot’s NurtureSkill converts nearly 60% of leads into conversations. From those leads, 1 in 5 turns into an appointment. Once prospects have all the info, the serious ones will take the next step to visit the property, which is why this number is so significant.
Renters want information 24/7/365. Lead nurturing works around the clock to ensure your prospects are always taken care of. It follows up with every single lead and shares the valuable information they are looking for. Looking at metrics such as open rate, engagement rate, and conversion rate can help you make informed decisions about which tools you use in your marketing strategy. To learn more about BetterBot’s automation that can help you and your teams, download the automation basics every multifamily marketer should know.