YES, Broker software is amazing BUT, let’s be honest, most tracking ONLY starts when that Lead becomes a genuine Opportunity. So how can you truly know:
- Which of your marketing strategies is working best?
- Who, of all your referrers, are the most active?
- How many leads you need to settle $36 million (or $100 million) this financial year?
If you’re a Broker 3+ years in business, this SHOULD MATTER TO YOU !!
HOW MANY LEADS DO YOU NEED THIS QUARTER?
For the Broker Business (above) 60% of all their leads they convert to Interview Stage. 65% of Interviews then convert to lodged Applications of which virtually 100% get Conditionally Approved but only 70% will convert to settlement during the quarter.
If this Business’ average loan size is $500,000 and they want to settle an average $5m/month ($15m for the quarter) then, working backwards they will require 110 leads for the quarter (36.5 average monthly).
- $5,000,000 / $500,000 translates to 10 loan settlements a month
- 10 / 70% = 14.3 Applications lodged for the month
- 14.3 / 65% = 22 Interviews conducted for the month
- 22 / 60% = 36.5 Leads required
WHERE WILL YOUR LEADS COME FROM?
The only way to know this is to track where your leads are coming from today.
- What is working?
- What’s not working?
- What is the GAP between ACTUAL and TARGET Lead numbers?
- Where are the opportunities?
- If incremental business if growth is part of your strategy this year?
The Broker Business (above) generated 114 leads for the quarter.
- Existing Client Referrals represented 23% of total leads, or 26 leads in total for the quarter
- Next highest lead source was Instagram at 17% or 19 leads for the quarter
- EQUAL THIRD PLACE was existing clients seeking new lending AND leads from the Broker’s personal network accounted for 11% share of leads each (for a combined 25 leads for the quarter).
- Their GOAL is 110 leads for the quarter to achieve $5 million worth of settlements.
HOORAY, FOR THIS QUARTER, THEY MADE IT!!! But the clock re-sets next quarter to ensure they achieve their 12-month Settlement Goal.
If you would like a copy of our FREE Lead & Conversion Tracker, shoot us an email to: therese@therese.co
