Buying leads is always a challenge to get perfect. Unlike your own marketing you are not certain what is changing in the mix on the front-end. Changes in methodology, placement, targeting, and creative can have significant effects on your sales results. However, you can monitor these subtle changes and maximize your results with a few simple metrics. Then tie these metrics to your lead buying.
Making smart choices on the aged mortgage or debt leads you purchase is directly related to how well you track your sales metrics. Things will continually change in the marketing mix of aged leads. Having good lead metrics will let you quickly spot the studs and duds in that mix. Here is a great framework for getting the most out of aged lead buying:
Track Contact Rates
Contact rates are your early beacons of quality. If you have a lead that is responsive you have a good lead. There are a myriad of ways for a bad sales call, sales person, lack of product, or pricing to kill a final deal with that customer. However, if you make contact to a responsive customer then marketing is doing their job.
Track Withdraw Rates
This is probably as important as tracking contact rates. Granted these are aged leads, so you are not paying for 70% contact and conversion rates, but you should establish a baseline. This baseline of withdraws (non-responsive and people you can’t help for whatever reason) should be set early so you can measure against a benchmark.
The withdraw benchmark should be a combination of a normal (equilibrium) level of typical withdraw rate and a maximum acceptable level for target ROI. With these metrics you will immediately know as you begin working your aged leads if you need to make an adjustment to filters or alert your lead broker that something has changed in their lead mix.
Measure Cost Per Funding
This is where the rubber meets the road. Are you making money with your aged lead buying? Margins are constantly changing in mortgage and debt products so make sure that your marketing is still allowing you to hit your margin levels. This is why many people are currently switching from real-time leads to aged leads. As margin decline it forces you to seek out more affordable marketing, like aged leads.
Calculate Return on Investment
This is really the bottom line–is your business making money? Regularly assess the ROI of each of your marketing sources. If you are buying from multiple lead sources this should be the fundamental measurement.
Share Data with Your Lead Provider
This point can’t be emphasized enough, if you are buying leads from a lead broker share your results. This is going to allow them to acquire better lead data, share sales tips that are working, and make adjustments in their quality control and data enhancement processes.
—
Next Wave Marketing Strategies brings over 5 years of integrity, innovation, and client satisfaction to the aged debt leads market. We offer industry leading quality control, data cleansing, and a generous return policy to empower you to build your business in the fastest, most cost effective manner. Learn more about aged debt leads.
{ 0 comments… add one now }