Archive for the ‘Mortgage’ Category

Lead Conversion Best Practices

Monday, October 10th, 2011

We have discussed lead conversion best practices in the past, but given their importance they bare repeating.  There are 4 key practices that every lead buyer should faithfully follow in order to improve their conversion rates.

    #1: Be the first to Contact the Consumer
    #2: Be Diligent and Methodical with Your Follow-Up
    #3: Earn the Consumer’s Trust
    #4: Recycle Older Leads

Today we will cover points 1 & 2 and follow up with 3 & 4 in a subsequent post.

Practice #1:  Be the First to Contact the Consumer

While this may seem obvious, you might be surprised by how much of an impact it has.  If your lead provider does not deliver real-time leads, you are already at a disadvantage.  LeadPoint has a call center where we interact with consumers that we have matched with buyers in our network.  Invariably, the number one consumer complaint is that the consumer was not contacted by all of the buyers with whom they were matched.

Thus, not only are buyers not calling on the leads as soon as they are received, many buyers’ sales representatives are not even calling on the leads at all.  Time-to-contact is the key component to success with data leads.  While it is not likely that you will get the deal on the initial call, you need to attempt to be the very first company that the consumer speaks with.

Consumers want to entertain other offers, but being the first to speak to the consumer will help you succeed in Practice #3 (Earn the Consumer’s Trust) and you will become the benchmark against which all other conversations will be measured.  However, being the first to contact is only one piece of the pie. 

Exclusive Leads: You Should Still Call The Consumer Immediately

Even if you purchase an exclusive lead from LeadPoint you may not be the only company competing for the consumers’ business. After submitting their inquiry with a LeadPoint partner, consumers may continue to pursue other inquieries over the Internet.

Practice #2:  Be Diligent and Methodical with your Follow-Up

Upon receiving the lead, you should do all of the following:

Immediately contact the consumer at all available phone numbers. 

“Preferred” call times (a field that some leads include) are great for follow up, but if you adhere to them for the initial contact then you will be left in the dust.

If you don’t have the means to set up an auto-generated email response to the lead, then have a standard introductory letter that you fire off to the consumer manually, immediately upon receiving the lead.

If the consumer is not contacted on the initial call, then call a minimum of 3 more times per day during the first day (4 calls total), and during the subsequent 3 days thereafter until the consumer is contacted.  Leave a message, however, only on the last call of the day.

Perform the above processes consistently and religiously!

Bonus Tip – Call on weekends!

Consumers are more likely to answer their phone.  They are likely to have all the necessary documentation in front of them.  And they generally have more freedom to speak than they might while at work.

To be continued….

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It is nice to get recognized and to have a seller partner recognized too!

Wednesday, April 14th, 2010

We at LeadPoint work extremely hard to create a marketplace that successfully delivers quality leads to our buyers.  The basis for this is that happy buyers increase their orders which in turn reward the marketing sources who submit the leads into the market.

You are able to tell that your work is paying off as revenues for your company grow as a result of buyers increasing their lead purchases and sellers increasing the volume of leads they submit into the market.  It is also nice, however, to be recognized from time to time by a neutral third party.  This was the case of a recent article by Michael Ferree in his popular lead gen blog LeadCritic.  In an article called “Quality Companies do Rise to the Top,” Michael writes:

“I surveyed 4 significant lead buyers (in the mortgage space) which constantly mentioned receiving excellent quality leads from LeadPoint, QuinStreet, MortgageLoan.com  and Adchemy. I know first hand that these companies employ leaders in the space that care about the consumers’ experience, lead quality and the lead buyer. If you are in the mortgage space you should take a look at these companies for leads.”

While it was great for LeadPoint to be individually singled out, it was also exciting that one of our top lead providers, MortgageLoan.com, was recognized as well.

Up until recently, lead buyers have traditionally only been able to purchase a market blend of leads through the LeadPoint exchange.  With a market blend, if a buyer creates an order for 2,000 leads, he/she might receive 250 from Source A, 100 from Source B, 25 from Source C and so on.  LeadPoint carefully measures the quality of each lead and the quality of each of our sellers to ensure that the overall performance of the market blend meets our high standards.

Based on interest from both buyers and sellers, we have added functionality that offers greater transparency providing buyers with the ability to purchase leads directly from specific lead sources.  MortgageLoan.com is one of these sources.  They submit leads into our market blend, but we also enable buyers to purchase leads directly from MortgageLoan.com from within their LeadPoint account.  Thus, of the four sources that Michael mentioned, two of them involved LeadPoint.

Offering the ability of purchasing leads directly from specific sources is an important innovation of the LeadPoint marketplace.  It supports LeadPoint’s goal of providing greater transparency and of being a single destination for all of one’s lead buying needs.

As a single market that offers numerous lead sources, we greatly simplify the lead buyers’ efforts to test new lead sources and optimize orders based on the sources that work best for them.  Having strong partners like MortgageLoan.com who are developing strong brand recognition for their quality is important in this endeavor and we look forward to more of our strong sellers getting the recognition they deserve as they develop their own brand identity within our marketplace.

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Aged Leads from the Lead Store

Thursday, September 17th, 2009

Based on Dr. James Oldroyd MIT study showing a precipitous drop in the likelihood of being able to contact and qualify a lead if not called within its first hour of origination, it would not seem to make sense to purchase aged leads (i.e., leads that are not sold in real-time).

However, from LeadPoint customer surveys (primarily within mortgage); we have found that one of our company’s most popular offerings are the aged leads from our Lead Store.  This is particularly true with individual mortgage loan officers.

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