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Getting a database right can make or break a business. But all too often, we hear our agents say that their databases aren’t getting the attention they truly need – making sure contact information is correct and categorized so that you can nurture them can be tedious and, as a result, can fall by the wayside.
So why not make it fun and engaging? Why not have your database come to you?
This is where “Reverse BOLD” programs can be incredibly useful for teams and single agents alike as a tool for updating and growing their databases. The Reverse BOLD program stems from the original “BOLD 100,” which encourages participating agents to have 100 conversations in a single day. Reverse BOLDs describe a single-day event where agents get people to call into a contest and trade their contact information for the chance to win a prize.
The Reverse BOLD turns typical lead generation on its head by creating a reason to have people call an agent to be added to their database. Instead of the agent doing all the work, potential clients are seeking them out. In most cases, a potential client calls to enter a contest for a luxury prize by providing an agent their contact information. The best part? The number of contacts can be massive! Consider the 215 new contacts added in a single day to Julie and Ed Huck’s Command database or the 200 inbound calls received in one summer day by the Tony Baroni Team.
As you put together your Reverse BOLD event, here are some tips to ensure results:
The 6 Key Steps to a Successful Reverse BOLD
1. Set a Date
When figuring out when to hold a Reverse BOLD, the most important thing is to pick a date and follow through with it. Consider looking at the calendar to see what holidays or events may be approaching in order to help you pick a theme around the prizes you offer. As Tony Baroni told James Shaw in a recent Pivot: Shift Ahead interview, his team held their first Reverse BOLD around Valentine’s Day by offering a dinner reservation at a nice restaurant. Similarly, Julie and Ed Huck shared at Mega Camp that the prizes they offered for their first Reverse BOLD were focused around Father’s Day. As long as you pick a day and market it, you’ve taken the first step toward holding your first successful Reverse BOLD. Don’t put off picking a day in hopes of perfecting your event before it happens. Each Reverse BOLD you hold provides the opportunity to build on and improve the one before it.
2. Pick a Prize
If you want people to participate in your Reverse BOLD, the biggest motivator is a fantastic prize. Agents who have successfully run Reverse BOLDs believe it’s key to choose a prize that people would like to have but may not buy for themselves. These prizes can be everything from full backyard movie packages to Dyson hair dryers and grills. The possibilities are endless! As you pick your prize – be creative and have fun. The prize should be unique and appealing enough to get people’s attention, so that they’ll be motivated to call you for the chance to win it.
3. Lead Generate Around the Prize
Before the Reverse BOLD – advertise! Make sure that you market the event so people know it’s happening. An agent can raise awareness in a variety of ways, from uploading videos and social media posts about the contest and prizes, publishing details in newsletters, to making personalized text messages, voicemails, and phone calls. Rather than calling people and asking for business, letting them know about the contest you are about to run makes the call about them. It allows you to have a meaningful reason to reach out to people you’ve never done business with before in order to encourage them to participate. Then, once they’ve called in to join the contest, you’ve received permission to keep in touch about business down the road.
4. Provide a Specific Call to Action
Set expectations for how people can participate in the event by providing very simple and specific details around how they should get in touch with you and the information they need to provide. Rest assured, you don’t need a big budget or team to throw a Reverse BOLD successfully. Solo agents can experience a boost from this program. As long as you let people know the specific day and time window they need to reach out to you, you can decide on if you wish to have them call, leave a message, or even text their information to you.
5. Set Up a System to Collect the Database Information
Keep your interaction with potential clients as simple and focused on them as possible. Remember, they are calling because they want to win, so keep your interaction fun and upbeat!
This is where you’ll collect their personal information (name, phone number, email address, mailing address, birthday) in order to grow and improve your database. There will likely be many people who you’ve told about the contest, like kids’ teachers or fellow charity volunteers, that don’t necessarily associate you with real estate. A Reverse BOLD can start building that bridge.
When you speak with your callers, it’s a good idea to explain why you are asking for their personal information. The Tony Baroni Team often gives the following explanation during their contest:
“Sometimes it’s a newsletter, sometimes it’s an email, sometimes it’s a text – but we want to make sure that we have a way to notify you that you may be the recipient of one of these awesome gifts.”
6. Follow Up Afterward
The day of the Reverse BOLD can feel exciting and a little chaotic. In fact, it’s likely more potential customers dialed in to talk to you on a single day than ever before – but don’t let the thrill make you lose your focus. In the days that follow the event, let the participants know what’s next. For instance, tell them when the prize drawing will be and how the winner will be chosen. Once a person is picked, don’t forget to verify who won the prize. After all, you’ve marketed the contest well, so you want to be sure that the right “Joe Smith” picks up his spa getaway.
As always, the rules around contests vary from state to state, so make sure to check in your area about sweepstakes rules to stay within your local law. Reverse BOLDs can pay off in a big way for your business. A great prize can incentivize people to get in touch with you.
From there, it’s up to you to stay top of mind for real estate needs.
If you’re a Keller Williams agent, make sure to assign a SmartPlan to each new contact so they can continue to receive timely communication from your business. You can select from a library of pre-built SmartPlans or create your own ideas: driving 200+ leads into your database with the Reverse BOLD.
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