How many leads you should be buying for your mortgage or debt shop is a critical first question. Too many and you lose effectiveness, too few and you lose motivation. So, what is the right number of aged mortgage or debt leads to buy?
Really the answer to that question is more complex than you might first think. Here are a few key factors that will effect the lead buying formula:
1. Lead source. This is probably one of the biggest factors. Different sources have different conversion rates and level of effort that should be applied to convert. The better the conversion and lower the effort you are applying to convert them will reduce the number of leads you need to hit your sales numbers.
2. Sales performance. Lead distribution should be based on sales performance. If you are closely measuring and managing this performance you will know exactly how many leads each sales person can handle, and hit top sales production.
3. Lead Management. If you are working any reasonable size sales pipeline you need help. The average lead buying mortgage or debt shop is managing between 50-100 active leads at any given time. This makes some form of lead management software critical to success.
A good foundation of metrics will serve you better than any specific number. However, there are some good rules of thumb like recently mentioned on the LeadCritic blog. There suggestion is 3-4 per day and a maximum pipeline of 40 leads.
For aged mortgage leads or debt leads, I recommend this be a bit higher–5-10 per day and a pipeline of 50-100. This will account for a potentially lower contact and conversion rate, while reaching the same or better ROI.
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