Today I’d like to illuminate some key points of the sales funnel philosophy, which emphasizes the importance of creating a strong pipeline of clients to work with.
Specifically, I want to share the approach of using “seeds, nets, and spears” to attract business. You probably realize I’m not speaking about these items in a literal sense, so allow me to elaborate. Each of these things refers to a different method for acquiring and moving business through your sales pipeline.
To begin, “seeds” are clients and opportunities that can be grown into future business. Because, obviously, you’ve got to plant something in order for it to grow. Referral business and business from your sphere of influence constitute prime examples of “seed” clients. This provides a great base for your business, but focusing solely on “seeds” can cause some major issues. It will likely be a long time before any of these clients have a real estate need, so it’s best to divide your attention between different kinds of clients.
The second way of capturing business is with “nets.” Casting a “net” for your business is when you put out a wide message in order to capture and draw in as wide a range of clients as possible. The advantage of using a “net” is that you’ll likely reach people who are ready to enter the market immediately. However, using this method can be expensive, as putting out marketing materials does not come cheaply. Buying leads and sending out advertisements can quickly add up.
Finally, the last way to acquire clients for your business pipeline is with “spears.” Sometimes gaining leads will require you to take on the role of a hunter. In other words, you’ll need to proactively search for clients active in the real estate market. Getting clients with “spears” means going to them instead of bringing them to you. Contacting sellers with expired listings and for sale by owner sellers are both examples of this strategy. However, this can be a painful approach. It can lead to a lot of rejection. But if you are confident in presenting your message, you will find success.
Overall, I tend to find that agents may be good at pursuing one of these methods but have a weak performance with the other two. Focusing on all three, though, is the key to creating a balanced and steady business.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.