If you have ever seen radar or sonar work, or read a Tom Clancy novel you have a great analogy for understanding the first component in developing your Internet Lead Workflows–Call Back Periods.
The purpose of radar or sonar is to locate an object by continually sweeping a general area where you think that object may be. Then as you get a return signal or “contact” you refine your subsequent sweeps to be more precise and maintain contact. That is the concept behind Kaleidico icoSales’ call back periods. A concept that should be implemented in any lead management methodology.
Taking this analogy into the context of lead workflows you have three primary variables:
- Call back intervals
- Lead status
- Mortgage production cycle
The creation of call back periods seems intuitive, but if you try to use reminders and calendars you usually end up with a garbled mess of flags and pop-up reminders that eventually get ignored or turned off. Not to mention you are still left to fetch the contact information and past notes. The best solution is to have those optimal call back periods prescribed and then have the appropriate lead at the appropriate call back interval surged into your lead flow when you are ready to make the next call.
Of course, that begs the next question: How do you change the pattern as contact is made and/or lost again? Simply by tracking the status or actions that are occurring on the lead. As these items change, your call back periods should be adjusting too. For example, if you have a lead in an attempted status, but has not transitioned to contacted then you need to broadened you pattern, perhaps calling it every 2-4 hours until you make contact and determine the optimal time to contact your customer. Then your pattern should refine again, perhaps to every 18-24 hours. Keep in mind these statuses will ebb and flow changing, moving in, moving out, and back into various statuses throughout the process. Make sure your call back periods adjust for these changes automatically or you will drive yourself and your customer mad.
This then brings up the final call back variable–mortgage production cycle. It is a fact of the business. At the beginning of the month you are laser focused on stoking the pipeline with new applications. Then as you transition closer to end of month close out you are similarly focused on getting those packages back and fundings scheduled. What does this have to do with call back periods? Simple, typically you want your call back intervals to tighten on “contacted and no application” at the beginning of the month and your intervals are longer for “application and no scheduled closing.” This means you are focused on and working most frequently on the top priority leads based on your production cycle. Then, of course, these intervals begin to shift as the month progresses.
Begin using call back periods to manage your LO lead workflows and you will immediately begin giving your LOs an edge in getting better and more consistent contact with your prospects. In addition, it will allow you to automatically focus each LOs lead flow on the leads that need the top priority.