The process of buying online leads should be simple and straightforward. In today’s hyper-competitive market, it’s an investment of your time and money, which should grow your book of business. In theory, it does just that; in practice, it will depend on your strategy and process for purchasing and working leads. In this installment from the ALM team, we will focus on the best practices for purchasing leads.
To offer a fresh perspective on the process, we’re sharing three expert tips from the team at the Allstate Lead Marketplace, the Internet’s most robust, convenient and efficient lead-shop for home and auto prospects. They’ll be discussing simple ways to optimize your lead buying spend, so that you can maximize ROI while also enjoying the overall experience of buying leads on an online platform.
Before you spend any money on leads, start developing a picture of your ideal customer. Approach this from a sales-centric point of view, thinking about the people you’ve had the most historical success with in terms of writing policies. If you’re a new agent and still figuring your target-market out, talk to experienced agents in your area to garner some of their insights.
Keep in mind that any half-decent lead vendor should allow you to set filters and target consumers who match certain criteria: age, area, driving record and/or credit score. Your goal as an agent is to know who those customers are and verify which lead vendors will allow you to accurately target them.
One of the main things you should ask your vendor is how often they resell leads. The higher the resell rate, the lower your chances are of being the agent who calls at the right time. Moreover, vendors that sell their leads to six or more agents from the same agency create an ecosystem of unnecessary competition, which is further complicated by aggregators that sell the same leads across vendors.
Remember this guiding principle: the first to call is usually the first to close. Thus, the lower the resell rate, the better the odds you are the first to call. Interestingly, the Allstate Lead Marketplace has actually circumvented this problem altogether by offering a Live Call Transfer Service that sends high-intent customer calls direct to agents’ phone, eliminating the chances of getting bad leads altogether by delivering 100% prospect contactability.
Tracking and analyzing your key metrics for your lead helps you observe patterns, which helps you identify your ideal customers and monitor the performance of the vendor. Traditionally, keeping score on a spreadsheet can be an arduous, manual process that gets messy, especially when you get busy.
By utilizing a vendor that integrates with your CRM and actively generates reports for you by listing the number of quotes submitted and policies written, it takes all the legwork out of reporting. This allows you to focus on streamlining your sales process and making necessary adjustments when holes are spotted. At the end of the day, you want simplified reporting and real-time conversion statistics to measure your ROI. Allstate Lead Marketplace integrates with Quoteburst, Blitz, Velocify, and Contactability.
Converting prospects will always be the most challenging aspect of sales, but it can also be the most rewarding, especially if you start off with a list of high-intent leads. As we mentioned, this shouldn’t be rocket-science or an overly complicated process; it just means working with the right people — and vendors.
Once you’ve fine-tuned the process of buying quality leads, your next step is knowing how to turn those high-intent prospects into policyholders. In our next installment, we’ll look at the best conversion practices for agents wanting to build meaningful business relationships with their clients, which starts by offering the right product to the right people.