Opening Your Eyes to the Invisible Market: How to Increase New Home & Remodeling Lead Opportunities by 90%
In his book Winning in the Invisible Market, Robert A Potter floats this idea that 90% of your potential new leads are invisible to you. That’s right. Most builders are only tapping 10% of potential new leads.
First some definitions from the book (I’ve changed them slightly for a B2C approach):
Visible Market– The portion of the market comprised of people actively and openly seeking a builder. By the time these people enter your field of vision by taking proactive steps to hire you -request a bid, schedule a showing with a Realtor, call, email or stop by- it is likely they’re already talking to a competitor.
Invisible Market- The majority of the market, which consists of people not actively looking for a builder. Prospects in the invisible market may be at an earlier decision stage, may have already addressed a problem or may not have the motivation or resources to address the problem.
Invisible Active Market– The portion of the market where people are quietly choosing builders on a sole-source basis. The size of this market varies in different industries, but it is almost always larger than companies suspect.
Now some known facts about our industry:
- 90%+ of people start their search for a home or remodeling project online
- The sales cycle of the typical new home and remodeling prospect includes a few months to sometimes years of research
- Women are the primary decision makers when it comes to buying/building a new home or remodeling her current
Consider this chart from Marti Barletta of the TrendSight Group. According to Barletta there are 5 stages of a woman’s purchasing process.
- Kick-off (she decides her currently home isn’t working any longer)
- Research (she goes online)
- Purchase (Mr. Buyer steps up to prove he’s a big shot but she still has primary influence on the decision)
- Ownership (you build or remodel)
- Word-of-mouth (her network of friends, co-workers and family that leads to your next referral lead)
I’ve highlighted research for a reason. This is where I’d argue is our Invisible & Invisible Active Market. It’s where she’s getting ideas on where she can build, designs available and what things cost.
When she arrives at your website it’s the equivalent of your virtual model home or showroom. If she doesn’t like what she sees, you’re done. So not only do we have to have the information she’s looking for, we have to engage her in a manner acceptable to her.
When we do this correctly, we can consistently create sales ready prospects that will choose us based on a “sole-source” basis or when they do move towards the Visible Market, we have the insider’s edge.
Ready to Find Out More?
If you think Potter is on to something and want to get more specific ideas on how this works for home builders and remodelers, secure your spot in my upcoming webinar below.
What: Opening Your Eyes to the Invisible Market: How to Increase New Home & Remodeling Lead Opportunities by 90%
Where: Webinar- your computer or tablet
When: Wednesday January 25th at 11 PST, 12 MST, 1 CST, 2 EST
Secure your spot: https://www2.gotomeeting.com/register/582417986
Cost: Free but limited to 100 people.