The Importance of Tracking Construction Leads
It's no secret that leads are the lifeblood of a small construction business. Before a project is really a project, it is normally a lead that was generated from one of any number of sources. Boosting business is as simple as finding the answer to one of these two questions: how do I get more construction leads or how do I do more with the construction leads I have?
Measurement is the key. Tracking which leads came from what source and determining that source's total cost can be meticulous, but it's absolutely necessary to plug any leaks in your construction sales pipeline. One of the new features we introduced with JetStream's lead tracking system was the ability to track lead sources; their value, conversion rate, % of won contract value and more. These metrics help to paint a clearer picture of which of your marketing campaigns are working and which are underperforming.
So, you're measuring your lead sources and their effectiveness. What's the next step in making the most of your construction leads? Adjustments. Incremental ones.
Contractors often have a disproportionate response to underperforming construction lead sources. Oftentimes when they find out that a source is costing them more money than its gaining them they take swift and drastic action. The source is often discontinued or radically changed in an effort to fix it and start the flow of profits.
The problem with such an aggressive response is that it makes hypothesis testing and tweaking next to impossible. So your postcard marketing is performing a bit better; was it the graphic redesign? Maybe it was switching from matte to glossy cards. Or perhaps it was because they were sent on a different day of the week..
While minor tweaks to a construction marketing campaign might take longer, they also mean that you'll be able to observe and learn from the results of every change.
Following up with a lead doesn't mean a single phone call or e-mail. Contractors will oftentimes let a lead go by the wayside when the initial contact didn't produce immediate interest or a sale.
The fact is, new home construction and remodeling endeavors are big choices for most people. They have to be budgeted for, discussed and carefully planned; a customer that turns up with money in hand is an extreme rarity.
Follow up relentlessly with your existing leads; after all, you've typically paid a lot for them! If a lead passes on your offer the first time around, wait a few months and poll their interest again. Situations often change and the same lead that declined your offer three months ago might have their interest in a construction project renewed with another call.
To assist in this, we're developing a follow-up timeline feature. You'll be able to schedule a battery of follow-up calls with your leads that occur at times of your choosing; for example, 2 weeks, 4 weeks and 6 weeks from now. JetStream will automatically schedule reminders for the follow-ups and make sure that they aren't scheduled for weekends or holidays. If that same lead's job status is marked as "Won" then the remaining follow-up calls will be automatically deleted.
The industry's current environment requires that contractors make do with fewer construction leads. Follow these simple tips to get the most out of your existing construction leads and boost your business!