Among the offerings of LeadPoint are aged leads, which are not sold in real-time. 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. Yet our aged leads are popular with our customers, particularly with individual mortgage loan officers. Why?
As noted in a previous blog, the key benefit of real-time leads is that if called immediately, a buyer reaches a consumer right as they have expressed interest in a service. The MIT study demonstrates that calling a real-time lead within the first hour of its origination statistically results in dramatically higher contact and qualifying rates that ultimately lead to higher closure rates.
If not set up to contact leads right away, some buyers of real-time leads could be wasting money. Ultimately, one is paying a premium for the lead with the understanding that if worked effectively, it has a greater chance of closing. If one is not taking advantage of the urgency of the real-time lead, then the premium is not being utilized.
When a lead is not sold its maximum number of times, the lead remains available to LeadPoint customers in our Lead Store until it reaches its limit or ninety days has expired.
Why do leads not sell their maximum number of times in the real-time market?
Leads do not sell their maximum number of times when supply in the real-time market exceeds demand. One of the reasons for this is the fluctuation of buyer demand. Most buyers purchase leads early in the day so that they can call on the lead throughout the day in order to make contact. While sellers work to drive consumers to complete online applications when demand is highest, inevitably, leads enter the market later in the day or during off-peak demand periods. This is often the case of leads that come in through organic searches when advertising is not driving the consumer into the market.
Why it makes sense to buy aged leads
There are a number of reasons why one should consider buying aged leads, including:
Cost-Effective
The main reason for purchasing aged leads is that one can be getting the same highly motivated consumer, just not in real time. To compensate for the potentially lower conversion rate, one is able to purchase the lead at a fraction of its real-time price. This lower cost makes it much more economical to buy leads in bulk. Thus, one gets access to numerous potential customers, yet is able to keep one’s marketing expenses low. As previously noted, lead generation is a numbers game; the more leads worked (and worked effectively), the more leads closed. Even with a lower close rate, the payout on aged leads is typically strong. This is particularly true if one is persistent at nurturing leads.
Less Rigorous Process
Some individual loan officers are just not well set up to work real-time leads. Working in the real-time market requires a high level of preparation. If one is an individual buyer who is not prepared to take incoming leads regularly, aged leads provide the option of high-quality leads at an excellent price. With the more relaxed approach of aged leads, one doesn’t have to focus as much on immediately calling the new lead the second it comes in. That obviates the need for specialized software, sales tools, and applications needed for speed-dialing real-time leads. Instead, one can focus on nurturing the leads purchased.
Keeps Pipeline Packed
Delivery of real-time leads that meet your needs can fluctuate. An on-demand supply of aged leads can help keep your agents busy during times when there aren’t enough real-time leads.
Training Purposes
Even if one is a large lead buyer with robust processes to close leads, reasons to purchase aged leads exist. If a firm hires a new salesperson, they may want to train the newbie on aged leads in order to evaluate the new loan officer’s performance and get them up to speed on the company’s sales pitch while minimizing expenses.
Greater Filtering Capabilities
With some aged lead offerings, additional filters can be applied that allow one to be even more exacting in finding the consumers that they are best able to serve. With real-time mortgage leads, one is able to filter by state. With aged mortgage leads, buyers are able to filter down to a zip code. This provides greater ability to be more exact with the leads that one is seeking.
LeadPoint recommends that our buyers purchase a combination of both real-time and aged leads. Real-time leads are important because of their higher close rates. Aged leads are useful for their added volume at a terrific price. Together they provide a complete package in building a successful lead conversion strategy and improving your overall ROI. Purchasing leads from LeadPoint’s Lead Store is easy. Call (866)832-8156 to learn more.
