How To Pick A Business Loan Lead Provider
You need more business loan leads but how do you pick a good lead provider?
Transcript of the video is below.
When I talk to lenders, they seem very nervous, and they’re unsure, and they don’t know if they’re making the right decision on picking one lead provider over another. Get a FREE how to pick a lender cheat sheet.
I’ve wanted to do this video for a while now on how to pick a good business loan lead provider. If you don’t want to watch the video you can read the transcript below.
My best advice to any lenders out there that are looking to add a lead provider or switch lead providers is to have a set of questions written down before you even get on the phone with a potential lead provider. Get a FREE how to pick a lender cheat sheet.
Have these issues broken down into two categories.
- Category one, things that you must have.
- Category two, things that you would like to have.
Freshness is always an important question to ask, so ask the question, how fresh the leads are and also understand how important freshness is for you and your business.
Here’s (another) a good question to ask, how many times are shared leads sold?
One lead provider might sell shared leads three or four times. Another lead provider might sell shared leads five or six times. So write down how many times shared leads are sold and also how many times exclusive leads or semi-exclusive leads are sold. Some lead providers may sell an exclusive lead twice, but they call it exclusive. So understand how many times leads are sold.
Don’t forget to write down the cost of the leads.
Seems kind of obvious. Ask the question, how much do your leads cost? Write ’em down, so you don’t forget. And that way, you can compare one lead provider with another lead provider very easily.
Some other basic questions that you can ask.
- Who are you dealing with?
- How long have they been in business?
- And do they know what they’re talking about?
- How do they generate their leads? So some lead providers will go out, buy leads off of somebody else and they’re brokering those deals. That may not be the best thing for you, or maybe it is, depending on the price. So just ask what, who, and how do they generate their leads.
- Does the lead provider offer an exchange policy? Sometimes this is a question that’s overlooked. So you don’t think about it sometimes, as a lender, like, hey, I’ll go out, and I’ll buy ten leads, but you don’t think, well, what if, what if one of those leads, I can’t get a hold of? So do they exchange it? It creates some issues after you get involved with a lead provider if you don’t understand what the exchange policy is up front.
- Is there a minimum to get started? Try to ask this question at the beginning of the conversation, because if it’s $2,000, $3,000 and you don’t have $2,000 or $3,000 or are not willing to put $2,000 or $3,000 into a program, maybe that lead provider isn’t for you. To understand how much it costs to get involved.
- Does the lead provider offer filters on their leads? An important question to ask for several different reasons.
- Reason one is, is if you have a whole lot of filters you’re looking for, will that cost more per lead?
- Reason two, can I filter down enough that I can get somebody who’s qualified for my lead program? Two very important reasons why you want to ask that question, so don’t forget to write that question down.
- How complete is each record? It would seem logical that when you buy a lead, that all the information is there. However, some lead providers don’t guarantee that all the information is going to be within the lead, so ask that question.
So that’s it for this video (article), but I did put a free cheat sheet together, and you can download it and use it as a guide to kind of help you pick your next lead provider. Remember don’t be afraid to ask questions!
How to pick a lead provider Cheat Sheet!
This cheat sheet will help you ask the right questions and keep your records organized so you can make the best decision on the perfect lead provider for your business.
Don't Be Shy Let's Talk
If we didn't answer all of your questions, feel free to drop us a line anytime. You never know I may just come up with something brilliant!