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In deference to a few minor criticisms I’ve removed any mention of the LMS company I work for that offers email services. I would point out to you that you should check into email capabilities of your CRM/LMS/LOS system and see and use that feature. Some LMS systems charge you $.04-$.05 per email they send out. Others will not host the email server – you must do so and yet others offer free email services hosted and setup to go out in drip campaigns.
You bought a lead with a bad phone number? Darn – Return it to your vendor and let me close that deal.
I recently begun work on an email template for the company I now work for, we sell Lead Management Software. When I started to look at our processes for setting up new clients I noticed some best practice flaws. Our advice to the client base will involve more information about using the LMS to nuture the leads through the client cycle using multiple emails.
We need to stress the fact that internet leads are filled out on the internet.
Before I started working with my current company I ran a subprime lender call center and marketing team. The leads I purchased for my loan officers were screened by an in-house call center and then transferred live to a loan officer. It did not take long to find that 50% were unreachable during the first 3 days. 50% of the leads I purchased never spoke to my call center representatives via telephone in that “RUSH” period.
I realized that staying ahead of the game was key and I started staggering emails beginning on day 1 and ending on day 90. The Do Not Call list had come out about 2 years back and I implemented an aggressive email program immediately. It was my understanding that anyone filling out a KeyLeadsOnline application or a QuinStreetMedia lead agreed to a 90- day period where any broker/banker could reach out to via email or telephone regardless of the DNC registration.
Most of my peers did not pay attention to the fact that internet leads were filled out online and thus email addresses were probably valid. Think about that – EVERY INTERNET LEAD IS FILLED OUT ONLINE. Why would you return a lead without first attempting contact via an automated email to that potential client?
Purchased internet leads have a bad phone number percentage that ranges from 8% to 22%. Do you just return these leads without trying to salvage a deal? NO, NO, NO. Email that borrower assuming they entered in the phone number incorrectly intentionally.
If you closed 1 loan each month by this added effort you have paid for any associated costs or paid nothing at all. If you use a Lead Management Software/Solution the costs can range from $.05 per email to nothing to target these potential clients automatically.
Email is the simplest, easiest and most effective method for communicating with an internet lead. This site “LeadCritic” was established to discuss the methods, manners and experience of working with leads, regardless of the type. Internet leads are the predominate means of reaching out to potential clients quickly and take advantage of all the methods used to reach these “Clients”. Your competitors are; I guarantee it.
If any of you are going to New York for AdTech, Please stop me in my tracks and say hello.
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5 Comments
[...] Purchased internet leads have a bad phone number percentage that ranges from 8% to 22%. Do you just return these leads without trying to salvage a deal? NO, NO, NO. Email that borrower assuming they entered in the phone number incorrectly intentionally. Read the whole post here. [...]
This is funny Noel!
How times change when someone switches sides.
What are you going to be telling us next… all the duplicates are really people filling out multiple forms?
Also when did this forum become a advertising platform?
“If you use a Lead Management Software/Solution like the company I work for Leads360 it costs you nothing to target these potential clients automatically. “
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Snob – I see no issue with telling those out there not using a LMS that: (1) I work for one of those companies now, (2) the relevant post about emailing can be done using software (LMS) EVEN THE ONE I WORK FOR.
You sound miffed? Maybe you bought too many leads without knowing how to effectively work them? Sounds like you are NOT sending out a bad phone number email to the leads that you find have bad #’s. Are you just returning them without trying to reach the borrower? Since when does informing the client base an email to a lead with a bad# will generate interest in a sufficient level to make it worthwhile. After all you said it best, using our LMS IT COSTS NOTHING to market to these potential customers. I never said don’t return them after the 5 day period that most companies offer for a refund policy. Thanks for your input though, I look forward to more.
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Snob,
I agree. I thought this blog was supposed to be unbiased and free of spam. We know who you work for already.
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Well I agree to some extent on the criticism but I think you are making way to big of a deal of it. You two are minor contributors to this site and very rarely offer any advice but it was taken. I have re-written the post to adhere to your concerns. Best Regards. LG
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Guys we’re all on the same team here trying to accomplish the same goal. Dropping little reminders here and there isn’t hurting anything, don’t make something out of nothing. And on the relevancy of the subject, on Friday I spoke with a major national bank / lender who is NOT utilizing a system to email market to their database of 1,000,000+ clients. Suffice to say, I was astonished when I heard that.
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