Designing Targeted 8x8 Follow-Up Plans

Chapter 3: Designing Targeted 8x8 Follow-Up Plans

This chapter delves into the science behind creating effective 8x8 contact strategies tailored to specific lead❓ segments. The 8x8 strategy, involving eight touches over eight weeks, is a powerful tool for nurturing leads. However, its true potential is unlocked when meticulously designed to resonate with the unique needs and characteristics of each target group.

1. The Science of Targeted Communication

Effective communication hinges on understanding the target audience. Principles from psychology and communication science inform the development of targeted 8x8 plans.

1.1. The Elaboration Likelihood Model (ELM)

The ELM posits that persuasion occurs through two routes: central and peripheral.

Central Route: Involves careful consideration of information and arguments. This route is effective when the audience is motivated and able to process the information. For example, prospective sellers may be highly motivated to understand market statistics and commission structures. Content geared towards this group should therefore provide detailed information and data-driven insights.
Peripheral Route: Involves reliance on cues such as source credibility, attractiveness, or emotional appeals. This route is used when the audience is less motivated or unable to process information thoroughly. For instance, prospective buyers met at open houses might be less engaged initially. Therefore, initial contacts might focus on establishing rapport and providing easy-to-digest information.
1.2. Cognitive Dissonance Theory

This theory suggests that individuals strive for consistency between their beliefs, attitudes, and behaviors. In the context of lead nurturing, targeted communication can reduce cognitive dissonance. For example, a FSBO (For Sale By Owner) might experience dissonance between their desire to save on commission and the challenges they face in selling their home. An 8x8 plan targeting FSBOs can address this dissonance by providing valuable insights and solutions to their specific problems, gently guiding them towards considering professional assistance.

1.3. Social Proof

People are influenced by the actions and beliefs of others, especially in uncertain situations. Showcasing testimonials, success stories, and market data relevant to the specific target group can leverage the power of social proof. An expired listing 8x8 plan can demonstrate your team’s success in selling similar properties that were previously unsuccessful.

2. Segmenting Your Audience: A Data-Driven Approach

Effective targeting requires a clear understanding of your lead segments. This involves collecting and analyzing data to identify common characteristics, needs, and pain points.

2.1. Data Collection and Analysis

Data can be gathered from various sources, including:

CRM (Customer Relationship Management) systems: Track interactions, demographics, and lead sources.
Website analytics: Monitor website traffic, bounce rates, and content engagement.
Social media: Gather insights into interests, preferences, and online behavior.
Surveys and feedback forms: Directly solicit information from leads.

Statistical Analysis:

Descriptive Statistics: Calculate measures like mean, median, and mode to understand central tendencies in lead demographics and behavior.
Segmentation Analysis: Utilize techniques like cluster analysis to group leads based on shared characteristics. For instance, you might use variables like property type, price range, and timeline to segment prospective buyers.
Correlation Analysis: Examine the relationships between variables. For example, you might find a strong correlation between engagement with specific content and conversion rates. This can inform the content strategy of your 8x8 plans.
Regression Analysis: Predict future outcomes based on historical data. For example, you could use regression analysis to predict the likelihood of a lead converting based on their engagement with the 8x8 plan.

Equation Example: Simple Linear Regression
y = a + bx
Where:
y = dependent variable (e.g., probability of conversion)
x = independent variable (e.g., number of touches)
a = intercept
b = slope

2.2. Common Lead Segments and Their Characteristics

Based on the provided document, common lead segments include:

FSBOs (For Sale By Owners): Motivated to save on commission, but often lack marketing expertise and negotiation skills.
Expired/Withdrawn Listings: Previously attempted to sell their homes, but were unsuccessful. They may be frustrated and require a different approach.
Prospective Buyers: Actively seeking to purchase a property, but may be uncertain about the market or the buying process.
Geographic/Demographic Farms: Residents in a specific area or demographic group. Their needs are often related to local market conditions and community events.
Sphere of Influence: Personal network, likely more responsive to personalized and referral-based approaches.

3. Designing Targeted 8x8 Plans: A Step-by-Step Approach

The design of a targeted 8x8 plan should follow a structured approach, incorporating the scientific principles discussed above.

3.1. Defining the Objective

Clearly define the objective of each 8x8 plan. What specific action do you want the lead to take? Examples include:

Scheduling a consultation (for prospective buyers)
Requesting a market analysis (for FSBOs and expired listings)
Visiting your website (for geographic farms)

3.2. Crafting the Message

The message should be tailored to the specific needs and pain points of the target segment.

For FSBOs: Focus on the challenges of selling independently, such as pricing, marketing, and negotiation. Provide valuable resources and insights that address these challenges. The sample plan in the document exemplifies this with “How to Avoid the Five Deadly Mistakes When Selling Your Home” cards.
For Expired Listings: Acknowledge their previous unsuccessful attempt to sell. Highlight your team’s expertise in selling similar properties and address potential reasons for the previous failure. The expedited timeline (days instead of weeks) reflects the urgency of this segment.
For Prospective Buyers: Provide market updates, tips on finding the right property, and information about the benefits of working with a buyer’s agent.

3.3. Selecting the Communication Channels

Choose communication channels that are most likely to resonate with the target segment.

Phone calls: Effective for building rapport and addressing specific questions. However, timing and context are crucial. As the document notes, phrase calls with consideration, such as “Did I catch you at a bad time?”
Mail-outs: Provide tangible information and reinforce your brand. Consider personalized postcards, market reports, or valuable resources.
Emails: Cost-effective for delivering information and driving traffic to your website. Ensure emails are personalized and relevant to the recipient’s interests.
Text messages: Use sparingly for timely updates and reminders.

3.4. Sequencing the Touches

The sequence of touches should be carefully planned to maximize impact. Consider the following principles:

Start with high-value content: Provide immediate value to capture attention and build credibility.
Gradually increase engagement: Move from informational content to direct calls-to-action.
Maintain consistency: Ensure that each touch reinforces the overall message.
Vary the communication channels: Use a mix of phone calls, mail-outs, and emails to avoid monotony.

3.5. Measuring and Optimizing

Track the performance of each 8x8 plan to identify areas for improvement. Key metrics include:

Open rates (for emails)
Click-through rates (for emails and website links)
Conversion rates (e.g., consultations scheduled, market analyses requested)
Lead response time

A/B Testing: Experiment with different messaging, communication channels, and sequences to optimize performance. For example, test two different subject lines for an email or two different call-to-actions in a mail-out.

4. Practical Examples and Experiments

Experiment 1: FSBO Conversion Rate Optimization
Objective: Increase the conversion rate of FSBO leads to scheduled listing consultations.

Hypothesis: Personalizing the “How to Avoid the Five Deadly Mistakes” cards with the FSBO’s property address will increase engagement and lead to more consultations.

Method:
Create two 8x8 plans targeting FSBOs.
Plan A (Control Group): Use the standard “How to Avoid the Five Deadly Mistakes” cards.
Plan B (Experimental Group): Personalize the cards with the FSBO’s property address and a relevant image of their home.
Track the number of consultations scheduled from each group.

Expected Outcome: The personalized cards (Plan B) are expected to generate a higher consultation rate due to increased relevance and personalization.

Experiment 2: Expired Listing Call Timing Optimization
Objective: Determine the optimal time of day to call expired listing leads.

Hypothesis: Calling expired listing leads in the late afternoon (5:00 PM - 6:00 PM) will result in higher contact rates and more meaningful conversations.

Method:
Divide expired listing leads into three groups.
Group A: Call between 9:00 AM - 10:00 AM.
Group B: Call between 1:00 PM - 2:00 PM.
Group C: Call between 5:00 PM - 6:00 PM.
Track the contact rate (percentage of calls answered) and the number of appointments scheduled from each group.

Expected Outcome: The late afternoon calls (Group C) are expected to have a higher contact rate as homeowners are more likely to be available after work hours.

5. Conclusion

Designing targeted 8x8 follow-up plans is a scientific process that requires a deep understanding of the target audience, the principles of communication, and data-driven optimization. By following the steps outlined in this chapter and continuously measuring and refining your approach, you can significantly improve the effectiveness of your lead nurturing efforts and convert more leads into loyal clients. Remember to input notes into your CMS system to provide for an informed conversation on subsequent contacts.