Building Your Contact Base: Mets and Haven't Mets

Okay, here’s detailed scientific content for the chapter “Building Your Contact Base: Mets and Haven’t Mets” within the “Lead Generation Mastery” course, following your specifications and drawing information from the provided PDF where appropriate.

Chapter: Building Your Contact Base: Mets and Haven’t Mets

Introduction

This chapter delves into the foundational concept of categorizing your contacts, the bedrock upon which successful lead generation is built. We will explore the two primary classifications: “Mets” and “Haven’t Mets,” and analyze how differentiating these groups allows for targeted, effective communication strategies. Understanding the distinct characteristics of each group, along with their potential for generating repeat, referral, and new business, is crucial for optimizing your database and maximizing ROI. This chapter will also explore the concepts of Network groups, Allied resources, advocates❓❓ and Core advocates. These groups can have an exponential effect on your lead generation.

1. The Theoretical Framework: Social Network Theory and relationship marketing❓❓

The categorization of contacts into “Mets” and “Haven’t Mets” aligns with core principles of Social Network Theory and Relationship Marketing.

• Social Network Theory: This sociological theory examines the structure of relationships between individuals or entities. In our context, it highlights the significance of existing relationships (Mets) versus potential relationships (Haven’t Mets) in achieving specific goals, such as lead generation. The strength of ties (strong, weak, latent) directly impacts the flow of information and influence.

  • Equation: S_ij = f(t_ij, e_ij, m_ij), Where:

    • S_ij represents the strength of the tie between individual i and j.
    • t_ij is the time spent interacting.
    • e_ij is the emotional intensity of the relationship.
    • m_ij is the degree of mutual confiding.

• Relationship Marketing: This marketing strategy emphasizes building long-term relationships with customers rather than focusing solely on short-term transactions. Mets represent the foundation for relationship marketing, offering opportunities for repeat business, referrals, and brand advocacy. Haven’t Mets require a different approach, focused on building trust and awareness before establishing a transactional relationship.

2. Defining “Mets” and “Haven’t Mets”: A Scientific Approach

The distinction between Mets and Haven’t Mets is not merely a semantic exercise. It reflects a fundamental difference in the psychological state of the individual and the established level of trust and familiarity.

• 2.1 Mets: Leveraging Existing Social Capital

  • Definition: Mets are individuals with whom you have established a personal connection, whether in person, through online interactions (e.g., social media engagement), or via telephone. This connection, however minimal, constitutes a pre-existing relationship.
  • Psychological Principle: The Mere-Exposure Effect suggests that repeated exposure to a stimulus (in this case, you and your brand) increases liking and familiarity. Mets are already primed by this effect to be more receptive to your marketing efforts.

  • Sub-Categorization: Mets can be further categorized based on the strength of the relationship. As per the provided PDF:

    1. Network Group: Individuals who know you and might do business with you.
    2. Allied Resources: Individuals in real estate-related fields with whom you expect to do business or receive leads regularly (e.g., mortgage brokers, title companies).
    3. Advocates: Past clients who are willing to actively refer you to others.
    4. Core Advocates: Well-connected individuals (e.g., business leaders, community influencers) who consistently provide a stream of qualified leads. Targeting this group using the 80/20 principle (20% of effort yields 80% of results) can create an exponential amount of leads.
       • Neuroscientific Basis: Studies have shown that positive social interactions trigger the release of oxytocin, a neuropeptide associated with trust and bonding. Mets are more likely to associate you with positive social interactions, increasing their receptiveness to your offers.
       • Practical Application:
       • Experiment: Track conversion rates for Mets who receive personalized email marketing versus generic marketing. The hypothesis is that personalized content will yield significantly higher conversion rates due to the pre-existing relationship.
       • Data Collection: A/B test email subject lines, content, and calls to action for both groups.
       • Metrics: Track open rates, click-through rates, and conversion rates.

• 2.2 Haven’t Mets: Overcoming the “Stranger Danger” Effect

  • Definition: Haven’t Mets are individuals with whom you have no prior connection. They represent the general public or a specifically targeted demographic that you aim to reach.
  • Psychological Principle: The Stranger-Danger Effect is a natural human tendency to be wary of unfamiliar individuals. Overcoming this requires building trust and establishing credibility through targeted marketing and valuable content.
    • The PDF refers to targeting geographic or demographic farms as targeted Haven’t Mets.
  • Marketing Strategy:
    • Content Marketing: Provide valuable, informative content that addresses the needs and interests of your target audience.
    • Brand Awareness Campaigns: Increase visibility and recognition through social media, online advertising, and community involvement.
    • Lead Magnets: Offer free resources (e.g., ebooks, webinars) in exchange for contact information to transition Haven’t Mets into your database.
  • Practical Application:
    • Experiment: Compare the effectiveness of different lead generation channels (e.g., Facebook ads, cold calling) in reaching Haven’t Mets.
    • Data Collection: Track the cost per lead, conversion rates, and customer lifetime value for each channel.
    • Analysis: Determine the most cost-effective channels for acquiring new leads from the Haven’t Mets category.

3. Quantitative Analysis: Database Size and Conversion Rates

The PDF excerpt provides valuable insights into the relationship between database size and transaction volume. We can formalize these insights using mathematical models:

• 3.1 Mets Conversion Model

  • Formula: T_m = N_m * C_m
    • T_m = Number of Transactions from Mets.
    • N_m = Number of Mets in Database.
    • C_m = Average Conversion Rate for Mets (e.g., 12:2 in the PDF example, which translates to approximately 0.167 closed transactions per Met after 8x8 and 33 Touch)

• 3.2 Haven’t Mets Conversion Model

  • Formula: T_h = N_h * C_h
    • T_h = Number of Transactions from Haven’t Mets.
    • N_h = Number of Haven’t Mets in Database.
    • C_h = Average Conversion Rate for Haven’t Mets (e.g., 50:1 in the PDF example, which translates to 0.02 closed transactions per Haven’t Met)

• 3.3 Total Transactions

  • Formula: T_total = T_m + T_h

• Example:

  • Target: 320 Closed Transactions
  • Scenario 1 (Mets Only): Based on the PDF example, N_m = 1920, C_m = 0.167.
    • T_m = 1920 * 0.167 = 320.64 (approx. 320)
  • Scenario 2 (Haven’t Mets Only): Based on the PDF example, N_h = 16000, C_h = 0.02.
    • T_h = 16000 * 0.02 = 320

• 3.4 Scaling Conversion Model

• Formula:

  • N_n = (T_n/T_t)N_t
  • Where:
    • N_n = Required New Contacts
    • N_t = Total Contacts
    • T_n = Target of new Closed Transactions
    • T_t = Total Target Transactions

• Interpretation: These models highlight the trade-off between database size and conversion rate. While Mets have a higher conversion rate, acquiring a large number of Haven’t Mets can still yield significant results, especially when using the scaling model to reach smaller transaction goals.

4. Building and Managing Your Database: Practical Strategies

• 4.1 Data Acquisition Methods:

  • Mets:
    1. Personal Referrals: Request referrals from existing clients and contacts.
    2. Networking Events: Attend industry events, community gatherings, and social functions.
    3. Social Media Engagement: Actively participate in online communities and build relationships with potential clients.
    4. Import existing contacts:
       • Family
       • Friends
       • Neighbors
       • Home
       • School
       • People you do personal business with (e.g., grocer, dentist)
  • Haven’t Mets:
    1. Targeted Advertising: Use online advertising platforms (e.g., Google Ads, Facebook Ads) to reach specific demographics.
    2. Direct Mail Marketing: Send targeted mailers to homeowners in specific neighborhoods.
    3. Cold Calling: Contact potential clients directly via telephone.
    4. Open Houses: Capturing contact information from visitors.

• 4.2 Database Management Systems (DBMS) and Contact Management Systems (CMS):

  • As the PDF mentions, you can use 3x5 index cards, spreadsheets, personal information managers or more sophisticated systems.
  • Choose a system that suits your needs and budget.
  • Implement a standardized data entry protocol to ensure data quality and consistency.
  • Regularly update and cleanse your database to remove outdated or inaccurate information.

• 4.3 Data Segmentation:

  • Segment your database based on demographics, interests, purchase history, and engagement level.
  • Tailor your marketing messages to resonate with specific segments.

5. Ethical Considerations and Data Privacy

Building and managing your contact database requires adherence to ethical guidelines and data privacy regulations (e.g., GDPR, CCPA).

• Obtain explicit consent before adding individuals to your database.
• Provide a clear and easy way for individuals to unsubscribe from your communications.
• Protect the privacy and security of your contact data.

Conclusion

Understanding the fundamental differences between Mets and Haven’t Mets is crucial for developing effective lead generation strategies. By leveraging the power of relationship marketing with Mets and employing targeted outreach to Haven’t Mets, you can build a robust and productive contact database that fuels the growth of your business. Consistently feeding the database, communicating in a systematic way, and servicing all leads that come your way are fundamental to long-term success. By carefully categorizing the database and targeting efforts, we can accelerate lead generation, while creating positive relationships with out “Mets”, allowing for exponential growth.