This seems a peculiar question from a guy that is constantly advocating efficiency and avoiding lead cramming. However, the market is causing some unique opportunities in the market–opportunities that may lead you to consider overbuying leads in the short-term.
There is an enormous amount of mortgage and debt leads being generated online. Everyone is trying to figure out how to get their mortgage and consumer debt into a comfort zone. This is filling lead generation platforms and providers with a storehouse of customer inquiries. So, you might think that leaves these providers in “fat city.” Think again. Here is the secret (not anymore) opportunity…
First, a quick look at what is going on:
- News full of financial crisis doom and gloom
- Historically low mortgage and interest rates
- Everyone is consuming this news and surveying their own financial health–online
Ergo, tons of Internet leads. However, mortgage broker and banking contraction has significantly shrunk the lead buying market. This causes a challenge for consumers and lead providers.
So, the opportunities becomes a bit self evident:
- Competition on Internet leads is declining. No more getting the angry consumer that has already been barraged with four calls.
- Aggressive pricing on real-time leads. If your business can expand a lead providers supply base and coverage you are a very valuable partner.
- Aged or aftermarket leads. Every moment a consumer inquiry ages in a lead providers queue, it loses value. Meanwhile, the consumer remains unserved meaning little or no competition on the lead.
The one tip that is a little less self-evident is a strategy to over buy leads. We established that we can get a pretty good deal on Internet leads and you are likely to have a pretty motivated client on the other end. Therefore, if you are efficient and the ROI is right buy more than you can handle. But, do it smartly with these tips:
- Hit every new lead with an email and a little homework. Get them ready to talk specifics about their mortgage, financial condition–tell them what documents and numbers to have for your call.
- For heavens sake use a lead management system. This will automate your email marketing and help you cover more leads faster.
- Build out a lead nurturing campaign. You need to be educating and touching these clients, with phone calls and emails, over an extended period of time.
- Over buy for future revenues. A lot of these clients will not be qualified or eligible, but a large percentage of them will be over time. Learn the power of database marketing. Get them in you database and stay top of mind–you will be amazed at the number that will convert over the next 6 months to a year.
I am sure there are many online lead generation opportunities to build a strong mortgage or debt business in 2009…What are some more?
(photo credit: sheldonschwartz)
