There’s a great quote by entrepreneur Dr. Ivan Misner that says, “Networking is more about ‘farming’ than it is about ‘hunting.’ It’s about cultivating relationships.”
When big data first started being utilized for lead generation it was more accurate to place its use into the category of hunting. Tapping into certain specific data points, a sales individual could call upon the ‘big-data’ prospect and hunt for the lead. However, now with the wealth of data available and the use of Artificial Intelligence to filter the lead it is now more accurate to place the leads into the farming category. Following the data ‘bread-crumbs’ it is now, more than ever, possible to track your customers journey.
It makes me think of one of the first (and one of the best) realtors I encountered as a child. He was a family friend and for sake of this example I’ll call him Larry. Larry was a master networker. He went to every chamber of commerce mixer, store opening, school game and local event. He knew every customers birthday and anniversary. He knew when your kids were graduating and would show up with a congratulatory gift. He managed to be invited to house warming parties and engagement parties. Larry was the first example I had ever seen of someone who farmed and followed all of his customers on their journey. He was so connected that people would go to him for referrals of every kind from babysitters to painters. In the days before big-data, Larry used his networking skills to his advantage. He respected his customers and he loved what he did for a living.
Now, with the abundance of data available today it’s possible to use Larry’s networking approach. A paradigm shift is occurring that makes it possible for high tech to provide high touch. Utilizing the data available a sales professional can now closely follow their prospect through their journey and provide the same level of service that Larry did with an eighth of the effort. With the introduction of Artificial Intelligence applied to analyze data the obstacles have been removed. As Global Sales Officer, Jeffrey K. Schomburger says, “What’s interesting is the fundamentals of selling haven’t changed. We just have faster, more detailed, more data-rich ways to answer those questions.”
It used to be that only big companies like Facebook or Amazon could afford to employ big data into their marketing strategies. With the availability and growing competitiveness of data companies, this is no longer the case. Every company that wants to either attract new business or fertilize their existing business must build a strategy that includes big data analytics into their business plan. Learning to adapt to the changes will help any organization thrive. Big data is here to stay and will only increase in value and accuracy. As I’ve heard it said many times, ‘there is no way to stop the waves, but you can learn to surf.’
Learning to nurture your current customers, following them along their journey and providing the services they will need at the time they need them will guarantee a winning strategy.
There’s never going to be a day where the human element that is necessary in customer adoption and retention will be removed. Technology has always been and will continue to be a tool that with refinement can improve your customer experience. Big data is one such tool and as the data is refined and its delivery improved it’s now more than ever possible to provide the high touch that was only reserved to those who sacrificed all of their time. Taking advantage of the information available to you, you can follow your customer through their journey and make contact at the appropriate time. You can now be like Larry, and have time left over for your own family.
From predictive modeling and complicated algorithms to deep learning and artificial intelligence, Likely.AI is a new-age lead generation tool which is changing lead quality expectations by identifying consumers’ likely real estate decisions before their decisions have been made. To learn more, you can contact Likely.AI here.