English
Building Your Contact Database: Mets & Haven't Mets
# <a data-bs-toggle="modal" data-bs-target="#questionModal-354616" role="button" aria-label="Open Question" class="keyword-wrapper question-trigger"><span class="keyword-container">lead generation</span><span class="flag-trigger">❓</span></a> Mastery: Building Your Database for Success
## Chapter: Building Your Contact Database: Mets & Haven't Mets
### Introduction
This chapter delves into the critical first step in building a powerful lead generation engine: creating a robust contact database. We will explore the fundamental classifications of contacts – "Mets" and "Haven't Mets" – and analyze their significance in driving your <a data-bs-toggle="modal" data-bs-target="#questionModal-354602" role="button" aria-label="Open Question" class="keyword-wrapper question-trigger"><span class="keyword-container">business</span><span class="flag-trigger">❓</span></a> growth. Understanding these categories <a data-bs-toggle="modal" data-bs-target="#questionModal-354631" role="button" aria-label="Open Question" class="keyword-wrapper question-trigger"><span class="keyword-container">allows</span><span class="flag-trigger">❓</span></a> you to tailor your prospecting and marketing strategies for optimal results.
### 1. The Science Behind Contact Classification: Mets vs. Haven't Mets
The categorization of contacts into "Mets" and "Haven't Mets" is rooted in social network theory and the concept of *social capital*. Social capital refers to the resources available to an individual through their social connections. These resources can include information, influence, and emotional support. The strength of a social tie is often measured by factors like:
* **Frequency of Contact:** How often you interact with the person.
* **Emotional Intensity:** The level of emotional closeness you share.
* **Reciprocity:** The degree to which the relationship is mutually beneficial.
* **Homophily:** The extent to which you share similar characteristics or interests.
**1.1 Mets: Leveraging Existing Social Capital**
"Mets" represent individuals with whom you already have some degree of social capital. This existing connection, no matter how weak, offers a significant advantage over contacting someone with whom you have *no* pre-existing relationship. Mets are further categorized based on the strength and nature of your connection:
* **Network Group:** Individuals who know you, whether personally or professionally. These represent weak ties with potential for strengthening.
* **Allied Resources:** Professionals in related fields (e.g., mortgage brokers, contractors) with whom you aim to cultivate reciprocal business relationships. These represent strategic ties.
* **Advocates:** Past clients or satisfied contacts who actively promote your services. These represent strong ties and high potential for referral business.
* **Core Advocates:** High-influence individuals who consistently generate a stream of valuable leads. These represent the strongest ties and the highest return on relationship investment.
**1.2 Haven't Mets: Building Social Capital from Scratch**
"Haven't Mets" represent individuals with whom you have no prior relationship. Contacting this group requires building social capital from the ground up. Two subgroups exist:
* **<a data-bs-toggle="modal" data-bs-target="#questionModal-98101" role="button" aria-label="Open Question" class="keyword-wrapper question-trigger"><span class="keyword-container"><a data-bs-toggle="modal" data-bs-target="#questionModal-354614" role="button" aria-label="Open Question" class="keyword-wrapper question-trigger"><span class="keyword-container">general public</span><span class="flag-trigger">❓</span></a></span><span class="flag-trigger">❓</span></a>:** A broad, undefined audience. Marketing to the general public typically yields the lowest conversion rates due to the lack of pre-existing trust or rapport.
* **Target Group:** A carefully defined segment of the general public, selected based on specific demographic, geographic, or psychographic criteria. Targeting improves conversion rates by allowing you to tailor your messaging and offers to specific needs and interests.
**1.3 Mathematical Representation of Connection Strength**
While difficult to quantify precisely, we can represent connection strength ( *CS* ) with a simple weighted sum model:
*CS* = *w1* *F* + *w2* *E* + *w3* *R* + *w4* *H*
Where:
* *F* = Frequency of Contact (scaled from 0 to 1)
* *E* = Emotional Intensity (scaled from 0 to 1)
* *R* = Reciprocity (scaled from 0 to 1)
* *H* = Homophily (scaled from 0 to 1)
* *w1, w2, w3, w4* = Weights representing the relative importance of each factor (the sum of weights should equal 1).
A higher *CS* value indicates a stronger connection and, generally, a higher likelihood of conversion or referral.
### 2. Practical Application: Building and Classifying Your Database
**2.1 Experiment: The "50 Person Challenge"**
Conduct a simple experiment:
1. **List 50 people you know (your Mets).** Focus on family, friends, neighbors, and people you interact with regularly in your daily life (e.g., your doctor, hair stylist).
2. **For each person, estimate their *CS* value** based on the formula above. Assign weights based on your personal assessment of importance (e.g., for a close family member, you might prioritize *E*).
3. **Categorize each person** into Network Group, Allied Resource, Advocate, or Core Advocate based on their *current* relationship with you.
4. **Identify at least one action you can take to strengthen the connection** with each person and move them closer to becoming an Advocate or Core Advocate. This could include a phone call, a personalized email, or an invitation to a relevant event.
**2.2 Expanding Your Haven't Mets Network**
1. **Identify a target market** you want to reach (e.g., first-time homebuyers, downsizing seniors, owners of luxury properties).
2. **Define the specific characteristics** of your ideal client within that target market (e.g., age, income, location, lifestyle interests).
3. **Develop a tailored marketing message** that addresses their specific needs and concerns.
4. **Choose appropriate channels** for reaching your target market (e.g., online advertising, direct mail, community events).
5. **Track your results** carefully to measure the effectiveness of your outreach efforts and refine your targeting strategies.
**2.3 Data Hygiene: Maintaining Database Quality**
The quality of your database is as important as its size. Implement a regular data hygiene process:
* **Regularly update contact information:** People move, change jobs, and update their phone numbers and email addresses.
* **Remove duplicates:** Eliminate redundant entries to avoid wasted marketing efforts.
* **Segment your database:** Group contacts based on relevant criteria (e.g., location, interests, past interactions) to personalize your communication.
### 3. Lead Conversion: Mets vs. Haven't Mets
The source material mentions 12:2 Conversion rate of Mets and 50:1 of Haven't Mets.
These Conversion rates are due to the following theories:
* **The Principle of Reciprocity:** People are more likely to respond favorably to someone who has previously done something for them. This principle is stronger with Mets because you've likely already engaged in some form of reciprocal exchange.
* **The Mere-Exposure Effect:** Repeated exposure to a stimulus (in this case, your name and brand) can increase liking and trust. This effect is amplified with Mets because they're already familiar with you.
* **Social Proof:** People are more likely to adopt a behavior or opinion if they see others doing the same. Recommendations from trusted Mets can be incredibly powerful.
**3.1 Mathematical Model of Conversion Rate**
A simplified model for lead conversion rate ( *CR* ) could be:
*CR* = *B* \* *CS* \* *MR*
Where:
* *B* = <a data-bs-toggle="modal" data-bs-target="#questionModal-354608" role="button" aria-label="Open Question" class="keyword-wrapper question-trigger"><span class="keyword-container"><a data-bs-toggle="modal" data-bs-target="#questionModal-98110" role="button" aria-label="Open Question" class="keyword-wrapper question-trigger"><span class="keyword-container"><a data-bs-toggle="modal" data-bs-target="#questionModal-98099" role="button" aria-label="Open Question" class="keyword-wrapper question-trigger"><span class="keyword-container"><a data-bs-toggle="modal" data-bs-target="#questionModal-354635" role="button" aria-label="Open Question" class="keyword-wrapper question-trigger"><span class="keyword-container">base conversion rate</span><span class="flag-trigger">❓</span></a></span><span class="flag-trigger">❓</span></a></span><span class="flag-trigger">❓</span></a></span><span class="flag-trigger">❓</span></a> (represents the inherent attractiveness of your offer, scaled from 0 to 1)
* *CS* = Connection Strength (as defined earlier)
* *MR* = Marketing Reach (the number of people exposed to your marketing message)
This model highlights that conversion rate is not solely determined by marketing reach. A strong offer and a strong connection with the target audience (high *B* and *CS*) are essential for maximizing results. For Haven't Mets *CS* starts low and increases with each engagement.
### Conclusion
Building a successful real estate business hinges on creating and nurturing a robust contact database. By strategically classifying your contacts into Mets and Haven't Mets and understanding the principles that drive lead conversion, you can optimize your prospecting and marketing efforts for maximum impact. Remember that continuously feeding your database and systematically communicating with your contacts are essential for sustained growth and success. The key is to continually enhance relationships within your Mets while selectively converting Haven't Mets to Mets to broaden that strong base.
Chapter Summary
Scientific Summary: Building Your Contact Database: mets❓❓ & Haven’t Mets
This chapter, “Building Your Contact Database: Mets & Haven’t Mets,” emphasizes the critical role of a well-constructed and actively managed contact database as the engine for lead generation❓ and business growth in real estate. It introduces a fundamental classification system to organize contacts and guide strategic communication❓ efforts. The core concept revolves around differentiating between “Mets” (individuals already known) and “Haven’t Mets” (individuals not yet known), and understanding the distinct potential each group holds for generating different types of real estate business.
Key Scientific Points & Conclusions:
- Database as a Business Asset: The chapter establishes the contact database not merely as a list, but as a dynamic record of business successes and future potential, analogous to the value of a practice’s patient list for doctors or lawyers. Its size and quality are directly proportional to the agent’s long-term business success.
- Mets vs. Haven’t Mets Classification: This is a crucial framework.
- Mets: This group represents individuals already within the agent’s network. These contacts are categorized from the general “Network Group” to “Allied Resources” (real estate-related professionals), “Advocates” (past clients and loyal supporters), and “Core Advocates” (influential individuals who consistently refer business). Mets are most likely to generate repeat business, referrals, and new business.
- Haven’t Mets: These are individuals not yet within the agent’s direct network and are categorized as the “General Public” or a “Target Group” (e.g., geographic farm, demographic group). The primary business potential with Haven’t Mets is generating new business.
- Conversion Ratios & Database Size: The chapter touches on conversion rate❓❓ differences between Mets and Haven’t Mets, referencing the Millionaire Real Estate Agent model. Mets require less extensive marketing❓ to convert to clients as compared to Haven’t Mets. Scaling these ratios according to individual sales goals will help the real estate agent to better gauge the quantity and quality of leads to work to achieve their personal targets.
- Database Growth Strategy: The chapter advocates for continuous database expansion, referencing IGNITE’s suggestion to add 10 new contacts daily to systematically build the database over time.
Implications:
- Targeted Communication Strategies: Understanding the Mets/Haven’t Mets distinction enables agents to tailor their communication strategies. Mets warrant relationship-building and nurturing activities to cultivate referrals and repeat business. Haven’t Mets require initial engagement and marketing to build awareness and establish a connection.
- Resource Allocation: The framework aids in resource allocation. Agents can prioritize efforts towards their existing network (Mets) for quicker returns while simultaneously investing in strategies to convert Haven’t Mets.
- Long-Term Business Sustainability: Consistent database building and management, coupled with appropriate communication strategies, are essential for sustainable lead generation and a thriving real estate business. Building and maintaining an active and comprehensive database is a process that may take up to 5 years to realize a return and should be maintained in perpetuity.
- Power of the 80/20 Principle: The chapter highlights the 80/20 Principle to emphasize the disproportionate impact of ‘Core Advocates,’ suggesting agents identify and nurture these key individuals to leverage their referral power and generate substantial business.
In essence, the “Mets & Haven’t Mets” chapter provides a scientifically grounded framework for organizing, analyzing, and leveraging a contact database to maximize lead generation and achieve sustainable business success in the competitive real estate market.
