What to Do When a Lead Goes Cold (Without Wasting Time)

2. Identifying a Truly Cold Lead: Knowing When to Walk Away (or Not)

Before you start firing off emails and making phone calls, let’s establish some criteria for identifying a truly cold lead. We don’t want to waste our precious time chasing ghosts, do we?

Defining Cold: Objective Criteria

It’s not enough to just *feel* like a lead is cold. We need some objective measures to guide our decisions. Here are a few key indicators:

• Time Elapsed Since Last Interaction: This is a big one. How long has it been since you last heard from the lead? The timeframe will vary depending on your business and sales cycle. For instance, a lead who ghosts you after 30 days might be considered cold, whereas for a longer-term project, you might give them 60 days. Set clear expectations for your team.
• Lack of Response to Multiple Touchpoints: One missed email? Okay, life happens. But if you’ve tried reaching out through multiple channels – email, phone, social media – and haven’t received a response, that’s a red flag. Some sales experts are suggesting a 7-touch method as a starting point.
• Change in Contact Information or Employment Status: Sometimes, leads go cold because they’ve switched jobs, moved to a new area, or their contact information is outdated. Run a quick check on LinkedIn or use a tool like Lusha to verify their details.

Segmenting Leads: Knowing Your High-Value Targets

Not all leads are created equal. Before you decide to re-engage anyone, take a moment to segment your leads based on their potential value.

• Lead Scoring: A quick refresher: lead scoring assigns points to leads based on their demographics, behavior, and engagement. Leads with high scores are clearly a source worth pursuing.

  *Refreshments on lead scoring systems and their benefits- Lead scoring systems help sales and marketing teams rank prospects based on their engagement and likelihood to become customers. By assigning points to various actions and characteristics, businesses can prioritize leads, personalize communications, and improve conversion rates.

• Previous Engagement History and Past Activities: Look back at their past interactions with your website, emails, and social media. Have they downloaded brochures? Attended webinars? Engaged with your social media posts?
• Account Size/Potential Revenue: This is particularly important for commercial real estate agents. A lead interested in a multi-million dollar property is likely worth more effort than someone looking for a small office space.

The bottom line? Prioritize re-engaging those high-potential leads. Focus your energy where you’ll get the best return.

3. Reviving the Dead: Effective Re-Engagement Strategies

Alright, you’ve identified your cold leads. Now, let’s bring them back to life! But remember, the key here is to be strategic and respect their time. No one likes a pushy salesperson.

The First Contact: Personalization is Key

Generic, impersonal emails will get you nowhere. Your first re-engagement attempt should be tailored to the specific lead, showing that you remember who they are and what they were interested in.

• Referencing Previous Interactions: Remind them of your previous conversations, a specific property they liked, or a piece of content they downloaded.
• Use Their Name, Mention a Specific Project, or Website Interaction: “Hi [Name], I noticed you downloaded our guide on ‘Investing in Fixer-Uppers’…”
• Keep it Quick, to the Point, and Easy to Respond To: No long-winded paragraphs! Get to the point quickly and ask a clear, concise question that requires minimal effort to answer.

Varied Communication Channels

Don’t rely solely on email! Explore different avenues to reach your leads.

• Email: Revisited Content: Share useful content that aligns with their past activities. If they’re interested in condos, why not share a blog post on “The Top Ten Things to Consider When Buying a Condo in [Your City]?” Offer a free resource, such as a checklist or market report.
• Phone: Not a Cold Call, But a Follow-Up: Avoid generic cold calls. Instead, refer to a specific interaction or piece of content. Leave brief, personalized voicemails.
• Social Media: Targeted Outreach and Relevant Content: Engage with the lead’s content on social media. Share interesting links and articles related to their interests. Consider a LinkedIn connection request with a personalized message.

Offer Value, Don’t Just Sell

This is crucial! Focus on providing value rather than pushing your services. You want to be seen as a helpful resource, not a pesky salesperson.

• Provide Useful Information, Insights, or Resources: Share market updates, investment opportunities, or tips for preparing their home for sale.
• Address Potential Pain Points or Challenges: “Are you struggling to find the right financing? We’ve partnered with local lenders to offer exclusive rates…”
• Offer Assistance or a Free Consultation: “I’d be happy to schedule a free consultation to discuss your real estate goals.”

4. Assessing the Worth: Quickly Evaluating Lead Potential

You’ve reached out. Now, how do you quickly determine if this lead is worth pursuing further? Time is money, people!

The “Quick Win” Test

Offer a low-commitment opportunity to gauge their interest.

• Offer a Demo, Consultation, Case Study Access, etc.: Something that requires minimal effort on their part but provides clear value. A free home valuation, a property tour, a sneak peek at upcoming listings. Make it irresistible!
• Track Response Rates: Are they clicking on your links? Responding to your calls? Pay attention to their behavior.

Analyzing Response Patterns

What did they engage with *before* they went cold?

• What Type of Content or Offers Generated the Most Interest? Did they respond well to videos, blog posts, or market reports?
• Are They Opening Emails Consistently, Clicking Links? Track your email metrics carefully. Opens and clicks indicate some level of interest, even if they’re not responding directly.
• Is the Lead Responding with Meaningful Insights? A thoughtful response suggests they’re actively considering their options. Vague or generic responses might signal a lower level of interest.

Re-Qualification Frameworks

Sometimes, a quick questionnaire can help you re-assess their needs and priorities.

• Utilize a Formal Questionnaire: Quick surveys to gather updated information. Tools like SurveyMonkey or Google Forms can make this easy.
• Questions About Their Current Needs and Priorities: Are they still looking to buy or sell? Have their timelines changed? Have their priorities shifted?

5. Time Management: Knowing When to Cut Your Losses

This is where the rubber meets the road. Not every lead can be revived. Learning to let go is essential for your sanity and your bottom line.

Setting Time Limits

Establish a clear timeline for re-engagement.

• Establish a Clear Timeline for Re-Engagement Attempts: How many attempts per channel? How frequently should you reach out before throwing in the towel? For example, you might try three emails, two phone calls, and one social media message over a two-week period.
• Examples: Stick to defined parameters, ensuring a process that you can follow and improve over time. The frequency depends on the urgency.

Focusing on High-Potential Leads

Prioritize your efforts based on potential ROI.

• Concentrate Resources on Leads Demonstrating Promising Engagement: The higher the lead score, the more time you dedicate. It’s pretty simple.
• Prioritize Based on Scoring Models and Past Value/Engagement: Remember those high-value leads we identified earlier? Give them the extra attention they deserve.

Automated Processes

Let technology do some of the heavy lifting.

• Implement Marketing Automation for Passive Re-Engagement: Automated drip campaigns, email sequences, and targeted content. Services such as Mailchimp, HubSpot, or Active Campaign can help.

  *Drip campaigns- Marketing automation for passive re-engagement, designed to drip, step by step, with the intent of reaching and converting cold leads.

• Automated Workflows to Identify Cold Leads and Trigger Re-Engagement: Set up triggers that respond to certain behaviors. For example, if a lead hasn’t opened an email in 30 days, automatically add them to a re-engagement sequence.

6. Maintaining a Healthy Sales Pipeline: Preventative Measures

The best way to deal with cold leads is to prevent them from going cold in the first place. Here are a few proactive strategies.

Proactive Engagement

Stay in touch, even when there’s nothing new to report.

• Consistent Follow-Up Throughout the Sales Process: Regular communication, even if there are no immediate updates. Check in to see how they’re doing, share relevant articles, or simply wish them a happy holiday.

Content Marketing Strategy

Turn your website into a lead-generation engine.

• Develop Content That Addresses Key Customer Pain Points: Create blog posts, videos, and guides that answer their questions and address their concerns.
• Use Website Content in a Way That Generates and Nurtures Leads: Include clear calls to action on your website, offer downloadable resources, and use lead capture forms strategically.

Feedback & Iteration

Constantly analyze and refine your approach.

• Analyze What Works and What Doesn’t in Your Re-Engagement Efforts?: Track your metrics, solicit feedback from your team, and make adjustments as needed.
• Refine Your Approach Based on Data and Results: What strategies are generating the most leads? Which ones are falling flat? Use this data to improve your process.
• Use Data to Refine Your Lead-Scoring Models and Improve Your Marketing Efforts: Continuously optimize your lead scoring based on real-world results.