“We’re seeing a 662% increase in total lead converted to closed deals so it’s driven significant revenue for us. Phone Ready Leads® are mathematical. There’s no fail rate for it.” -Logan Creque, Vice President of Sales at Elm Street Technology
Elm Street Technology offers a portfolio of real estate marketing and technology services that together provide a solution fully fused into one platform to deliver a single source for new leads, client relationship management, and client retention tools for agents, teams, and brokerages.
When Elm Street Technology acquired Outbound Engine, the team faced a huge gap of institutional knowledge and their top of funnel conversion metrics dropped significantly. They lost their sales operations team that had taken 5 years to establish, so building out a data operations team was out of the question because they needed to produce results more quickly.
They piloted a few vendors that claimed to connect reps directly to decision makers, but continued to see lack of results and thousands of dollars in MRR lost each month. Vice President of Sales, Logan Creque says, “We took high velocity dialers and our top reps who were averaging a 22-30% dial to connect ratio and put them on a parallel dialer and averaged an 11% connection rate. We tested many different use cases with these tools to try and get them to work but no vendor could tell us why it wasn’t working. Our outbound efforts were like a black box.”
When Logan came across Phone Ready Leads® on LinkedIn, it made sense to test it out in order to try bridging their top of funnel gap. The pilot secured proof of concept and helped Logan develop his case, which he calls the “CFO Model”, that explains the ROI directly tied to mathematics, rather than emotional or behavioral impact, making the budget easy to get approved.
Not only did the dial-to-connect rate increase, but Phone Ready Leads® created a better flow and structure for the reps to follow that was much more effective than before. This resulted in an increase to the actual conversion rate on conversations.
“The biggest impact of down funnel conversion is that we saw improvements beyond connect rate. If one prospect isn’t a good enough prospect to bring down the funnel, our reps know there’s another one on deck so it removes desperation and removes sub-optimal results, as a result of Phone Ready Leads®.”
With Phone Ready Leads®, the Elm Street Technology team started getting a 35% connect rate, and up to 50%. “We are doubling our contact rate, which means if we’re doubling it, with an increase in output, we’re doubling revenue.”
- Current cold lead conversion rate without PRLs = 0.07%
- ~11K leads routed / 51 deals closed = 0.46% conversion rate
- Increase in lead to closed deal = 662% (6.62x) conversion rate
- Generated an annual revenue = ~$162K
Logan concludes, “As a sales leader, if you have a strong, proven process for selling, Phone Ready Leads® is an absolute no-brainer. The only sales leader who wouldn’t move forward with a program like this is if they truly don’t believe their processes work or if they don’t have effective sellers on the phone. We’re seeing a 662% increase in total lead converted to closed deals so it’s driven significant revenue for us. Phone Ready Leads® are mathematical. There’s no fail rate for it.”
Want to see how Phone Ready Leads® can help you accelerate your sales in technology like Logan? Get a consultation here!