(Image: shows 408 leads for our client in Dallas, Texas for $2.61 a piece.)
In business and online marketing, the essentials are: The person, company, or business that can spend the most to acquire a customer, wins.
This is so true when you're in competition and bidding against competitors in the advertising auction on Facebook or Google. Meaning other companies, like yours, are trying to target the same audience, with the same message, and it's up to Facebook's and Google's algorithm to decide who's going to get shown first, to the most likely candidates to buy your service.
However, when you're leveraging InMarket Data, you're not competing in the auction. It's 'custom' audience if you will. Meaning you're the only one targeting that person, at the right time, in the right place, and providing an offer that makes them want to find out more because it's already at the top of their mind.
InMarket Data sources are highly proprietary and are not duplicated to the same industry for the same client... it's basically exclusive access to people in your community that want to know more, they just don't know to ask you, yet.
2. Qualifying Filtration for Quality Assurance
In order to not have to qualify every single prospect yourself, you need a system to do that for you.
We go by the rules of "Willing and Able" - are they able to get a loan, are they willing to talk to someone about it.
Within our campaigns, we send leads to fill out their information, like a survey. There are multiple survey softwares. We use SurveyGizmo because of the stats of 100% of the people that start the survey, finish. Pretty solid stats.
But you need to use a software that can qualify and disqualify based on set rules.
For instance: say someone submits "Poor Credit" in the survey as an estimate on their credit score... you need to know if they're willing to pay for credit repair - if they aren't, why let them through? Disqualified.
If you minimum criteria for a new home buyer is that they have a minimum of 620 credit score, looking to borrow at least the national loan average of $225,000, AND they're not working with a realtor yet (so you can leverage that deal for more deals from agents), then you need to set those rules.
These companies that are outperforming their competition and stealing your referral partners are only spending time talking to the ones that meet their minimum qualification parameters.
3. Automated Follow Up Sequences (& Systems)
Now that those all-stars have their targeting data, and minimum parameters set... they need to turn up the volume… They increase their ad-spend because they know the more they spend, the more they'll get. Makes sense right?
Well when you're getting a $2-4 lead, and you're spending $2000 on advertising in a month... that's 500-1000 leads a month. Whoa.
Yeah, you can't handle all of that, and it's even time-consuming for a team of 4-6 LO's to handle all of that.
Sales psychology says each lead needs on average 5-12 touches before a conversation will happen. 500 leads, mean you need to follow up a total of 2500-6000 times in a month which is like... 200 follow-ups a day. NOOOO THANK YOU.
That's where their automations come into play.
We have a proprietary follow up software that takes on the lead after they submit their information, and calls, texts, and emails every lead until they respond. Once they respond, our clients just pick up the conversation right there and work their magic.
Not to mention systems that are strategically build for mortgage conversions, like ours, get about 40-70% of those 500 leads to respond directly to the lender... the average for LendingTree and Realtor.com is around 10-15%.
Like Brent above receiving 55% direct response from 140 leads from the past 2 weeks. Or Allison below receiving 64% direct response from her first week of campaigns.
Systems like these are vital to allowing you to ramp up the volume, without sacrificing your time. Until you're actually in conversation with customers, but those are the calls you want to take because well, $$$$.
4. Referral Loyalty Programs
Here's where it gets fun. Referral business is the easiest business there is... am I right?
I have never not closed a referral. They know who you are, what you do, and product/service you provide, and what problem that solves. They have already realized their problem, and you as the solution, and the trust factor is there because they trust the person that referred them to you.
But how do you get more of those? Predictably? Consistently? Every single month?
It starts with #1 of this document and goes all the way until you reach the end of #3. You build a pipeline of predictable and consistent deals to be closed, then create a Loyalty Program and have your referral agent apply to be part of it.
I'll scratch your back if you scratch mine.
If you have a campaign targeting active searches in your community for a home or home loan, delivering consistent and predictable quality leads, that is filling your pipeline with a consistent and predictable amount of deals... As a realtor, I'd stick around too, and give you every deal I had from my efforts... only makes sense. You know how we discussed
Marketing as an investment earlier? This is why... you're not just investing in the front end immediate return. You're investing in the marketing of your services, the branding of your company, the reputation among your partners, and your name in your community.
If you're not leveraging your marketing efforts to make more money in other areas, you're doing it wrong, and that's why your competition is stealing your customers, partners, income, and reputation. Not to mention, if you've done advertising before, but didn't do it successfully, that's the difference between a small ROI, and a very, very large ROI.
The companies getting the large ROI, are the ones that are able to spend more than you to acquire the customers that you aren't getting. I really hope all of this information helps in some form or fashion. Like I said, I'm not here to pitch you, but if you'd like to - we do strategy calls for those that need things to change in their business or life.
Based on where you are, where you're trying to go, what's holding you back, we can provide some insight on where to take action in order to take steps towards your income goals - even if you don't become a client.
Regardless, you spend some time with us, we provide value in return. Just the integrity of our business.
Click the link below to find a time that works mutually for you and our strategists, and we'd be happy to see how we can help.
Your Mortgage Lead Hacker, Cody Baker