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Bad habits limit new lead generation

Lead generation may be the bread and butter of broking, but bad habits can mean brokers aren’t getting the best return for the time and money invested in lead generation. James Veigli, founder of Broker Profits Vault, shares his lead generation tips with Australian Broker TV.

Video transcript below:

Stephanie Zillman, Australian Broker TV
Stephanie Zillman:
 Lead generation may be the bread and butter of broking, but bad habits can mean brokers aren’t getting the best return for the time and money invested in lead generation.

James Veigli, Founder, Broker Profits Vault
James Veigli:  The biggest mistake or probably the most dangerous number in business is one. You know one source of leads, relying on one single source.  So you want to use lots of different approaches, lots of different medias and keep doing it consistently.
 
Stephanie Zillman: James Veigli, Founder of Broker Profits Vault says in designing a lead generation strategy there is no need to reinvent the wheel.
 
James Veigli:  Your existing database is your gold mine, so making sure you are consistently in front of your existing database and that doesn’t necessarily mean sending a newsletter once a month.  That means actually being in front of them and asking for repeat business.  It’s no good just sort of putting yourself out there, you want to be able to generate repeat business and leads and referrals from that existing asset.
 
Stephanie Zillman: Referrals needn’t be overlooked either and this remains an integral lead generation strategy.
 
James Veigli: Another thing brokers forget is joint ventures.  So approaching people where you can add some value to their client base in exchange for them promoting you in a third party endorsement.
 
Stephanie Zillman: Casting the net too wide can be equally as unhelpful.  Veigli says keeping your strategy on target is key.
 
James Veigli: Using broad based medium or broad based advertising, untargeted is a big waste of time and money, because let’s say I am a mortgage broker and I want to find property investors.  I want to go direct to where property investors are, whereas if I put an ad in the local paper it’s going to be very hit miss.  I could have a renter, I could have someone unemployed, I could potentially get a property investor but it’s totally untargeted.
 
Stephanie Zillman: A lead generation strategy without a strong social media element is also incomplete and Veigli says this is a key way to attract new investors.
 
James Veigli:  The second largest search engine now is actually facebook.  So you want to be there and that’s probably the place where you want to be trying to get your brand out there, get your name out there and generate leads using viral strategies or even facebook ads.  There is lots of other platforms, but they kind of pale in comparison to facebook.
 
Stephanie Zillman: Yes Veigli also warns brokers not to jump on the social media bandwagon without having a firmly articulated strategy.
 
James Veigli: I guess the problem with social media is that if you don’t know exactly what you are doing, sort of you do this half approach, then it is actually counter productive in a lot of ways.  So social media can be great to get exposure, go viral, get lots and lots of leads, but if you don’t actually know what you are doing, it can be this time sucking pit where people waste a lot of time and they waste a lot of money and they don’t get anything out of it.  
 
Stephanie Zillman: This is Stephanie Zillman reporting for Australian Broker TV.