Today has been an interesting day of feeling stuck. On one hand, it was productive in terms of market research, which is valuable and was a good use of my time. On the other hand, I don’t have anything tangible to show for it other than oodles of notes and websites linked in my OneNote notebook. So, I’m writing a blog post focused on today’s research and findings.
One major aspect of Visual StorySellers, and the original idea for the business, centers around creating unique and highly engaging email lead magnets for real estate agents. Regardless of the industry, everyone needs an email list. When I ran a nonprofit, I didn’t understand the concept of a lead magnet and the true power of an email list. There wasn’t a single piece of content on my website I exchanged for someone’s email address. I even made all my newsletters available on my website, ensuring that anyone who wasn’t subscribed to our list could still access the information. From an information-sharing perspective, that was great, I guess. But if I could do it again, I’d make some of my best work only accessible in exchange for contact information. That’s because those individuals already on your website who are somewhat interested in your product and services are your best prospective customers.
Four reasons to focus on lead generation in real estate
- Provide Sustainable Growth – Lead generation lays the foundation for sustainable business growth. By consistently attracting and nurturing leads, you create a pipeline of potential clients that ensures a steady flow of business opportunities.
- Target Your Marketing: Effective lead generation allows you to target your marketing efforts toward individuals actively interested in buying, selling, or investing in real estate. This targeted approach maximizes the efficiency of your marketing budget and increases your chances of converting leads into clients.
- Establish Authority: By providing valuable content and solutions to your audience’s real estate needs, you establish yourself as a trusted authority in the industry. This credibility attracts more leads and fosters long-term relationships with clients.
- Stay Adaptable: A robust lead generation strategy enables you to adapt to changing market conditions and consumer preferences. Diversifying your lead generation channels, whether through social media, email marketing, or networking events, ensures that you stay ahead of the curve.
Statistics on the cost per lead in real estate
- Average Cost per Lead: According to 2021 industry research, the real estate industry’s average cost per lead was $116. This figure can vary significantly depending on location, target audience, and marketing channels.
- ROI Potential: Despite the initial investment, lead generation offers real estate professionals a high return on investment (ROI). Studies show that businesses that prioritize lead-generation strategies experience a 133% increase in revenue compared to those that don’t.
Other considerations for investing in lead generation
- Quality vs. Quantity: While generating a steady stream of leads is essential, focusing on quality over quantity is paramount. Investing in targeted marketing campaigns and lead nurturing tactics ensures you attract high-quality leads that are more likely to convert into clients.
- Long-Term Value: Lead generation isn’t just about immediate results; it’s about building long-term relationships with potential clients. Even if a lead doesn’t convert right away, maintaining consistent communication and providing value can lead to future opportunities and referrals.
Lead generation is the cornerstone of success for any business. By understanding its importance and leveraging the right strategies, you can position yourself as a leader in your industry and achieve unparalleled growth. This applies to any business marketing goods or services, for-profit or non-profit.
Sources:
Average Cost per Lead:
- According to 2021 industry research, the real estate industry’s average cost per lead was $116. Source: Wordstream – NEW Advertising Benchmarks for Real Estate in 2021
ROI Potential:
- The 133% increase in revenue for businesses that prioritize lead-generation strategies is based on research conducted by Marketo, a leading marketing automation platform. Source: Marketo – Lead Generation Metrics: How to Benchmark Your Revenue Engine