Why are Construction Companies Losing Leads?
With today’s’ ever-changing digital horizon, many companies realize the importance of digital presence and how this presence can impact their functional leads.
However not every industry is adapting to the change. Real estate firms and construction companies are just a small segment of sectors that haven’t fully embraced the digital approach.It is no wonder that construction companies are losing digital leads.
Leads are vital to an organization, and many companies are losing leads without realizing that it’s happening.
It is fortunate however that most construction companies use the same approach to marketing. (This is usually because they use the same marketing agencies that use the one-fits-all formula for lead generation.) This leads to similar pain points and mistakes that can be easily detected and adjusted.
FIND YOUR PAIN POINTS AND USE THEM TO SUCCEED
1. You Are Too Slow. (Not responding fast enough)
A study conducted by MIT indicates that the response time to a lead can increase the likelihood of conversion by 21 times.
Particularly when comparing a response that was given in 5 minutes vs. 30 minutes would increase the likelihood of moving a lead into a sales process by 21 times.
2. Research and Filter Your Traffic (Are You Investigating?)
Do you understand your conversion rates? For some companies, a 2% conversion rate may be good news. However, this leaves 98% of untapped traffic. Traffic indicates interest, and in the case of many construction companies, it’s interest that remains unconverted.
Understanding why a significant portion of traffic is not converting is similar to knowing why a visitor came into your store and didn’t buy anything when the outside sign attracted their attention.
There are many tools available for construction companies, similar to Leadberry and Sumo that would analyze traffic and visitor behavior to increase the conversion potential and rate of each visitor.
3. FIlter and Segment
Unsegmented marketing is similar to trying to sell a beef stake to a room full of people, 70% of whom are vegetarian, without knowing who is who.
Segmenting your market would give you access to information that would filter prospects and leave only the qualifying leads to follow. The data collected during filtering can also help when closing the sale.
4. Do You Ask For Too Much?
Have you tried to fill out your form? How long does it take to fill out the form? Is it confusing? Sometimes, the loss of a lead can be attributed to a poorly thought-out registration form.
The general rule of a thumb is the fewer fields to fill out the better. However, there are some exceptions to the rule.
The exceptions are referred to as a value exchange proposition.
Value exchange proposition happens when you offer to exchange something of value for information.
Innovating your lead generation process requires cooperation from multiple areas and departments. With time, however, these changes would start showing a visible difference.