What the Heck are Aged Leads and How Can I Use Them?

August 20, 2019

One of the top questions I get asked in response to my sales training is, “What the heck are aged leads?” It’s probably because I mention them all of the time and after 15 years in the business they just make so much sense to me as part of my sales process.

So, in this article I’m going to dig into this question and teach you the value of understanding and using aged leads in your sales and marketing system.

Let’s start with what aged leads are and how they come to be.

What are Aged Leads?

Aged Leads are the result of real-time Internet leads that are generated by marketing companies (Lending Tree, NetQuote, AllWebLeads, etc.) that don’t have enough immediate lead buyers to satisfy the promise they made to the consumer – 3-5 instant insurance, mortgage, or solar installation quotes.

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If they can’t sell that lead to 3-5 insurance agents, mortgage brokers, or solar installers within 24-48 hours they can’t sell them as “real-time” leads. These leads then become “aged leads” and a couple of problems occur for the marketing companies but opportunities for you.

First, the problems for the marketing company:

  • They didn’t sell the lead the maximum number of times they can, which lowers revenue and makes the ROI on their advertising lower or a loss.
  • They didn’t actually deliver the experience they promised the consumer – 3-5 instant quotes.
  • The value of these leads drop precipitously every day these leads age beyond “real-time.”

Now let’s talk about the opportunities this creates for aged lead buyers:

  • These leads can be purchased for a fraction of the cost that it was sold for just days earlier – from around $15/lead to only $1-2/lead
  • The consumer is still probably looking for options, but at $1-2/lead that’s not really even important to make your ROI on the purchase of the leads. More on that in a bit.
  • These leads are pre-qualified as having an intent to get a quote for your problem and we know that they prefer and are responsive to digital marketing in searching for your product.
  • Finally, they have requested to be called and emailed quotes for your specific product.

Aged leads are kind of Internet leads best kept secret because real-time lead providers want to charge top dollar for their real-time leads.

I think you would agree that aged leads are a pretty big opportunity and probably a lot more consistent, productive, and scalable source of prospects over your other lead sources. Let’s learn more about how to integrate them into our business.

What are Aged Leads Good For?

Because aged leads are so affordable there are a lot of great ways to use them to grow your insurance, mortgage, or solar business. Here are just a few ways to immediately use your new aged lead data.

  • Building a new book of business – aged leads are one of the most affordable ways to quickly build a large database of qualified and interested consumers.
  • Scaling your sales process – once you have a sales and marketing system that is giving you proven results, aged leads is again the most affordable way to fill your sales pipeline with more qualified prospects.
  • Training – this is a way to use underutilized aged leads. Too often brokers give new or inexperienced agents and loan officers expensive, premium leads. Aged leads are a great way to give them lots of qualified opportunities without wasting a ton of money to figure out if they can produce closed deals.
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How Do You Convert Aged Leads into Closed Deals?

When you start working aged leads it’s important to go in with realistic expectations. Here are a couple of things that you need to remember as you start working on them.

  • Aged leads are just that – aged. Therefore, there will inherently be some bad contact data. We did a whole video on aged lead quality.
  • Aged leads are a business builder, not a silver bullet. You need to commit to creating a system that allows you to consistently market to these leads over months, not just days.
  • Aged lead conversions is a game of large numbers. Conversions will be lower, but for the price you can afford to really scale up to get results.
  • Aged leads work best when you consistently feed new ones into your system to build a large database for your sales and marketing system.

Example Insurance, Mortgage, and Solar Lead Strategies

Depending on your business and the products you offer, aged leads can have some different ways of filling into your sales process.

Insurance Aged Leads

I think the insurance business has some of the best inherent characteristics for aged leads. Insurance is one of those products that consumers are, or should be, always in the market for.

As life changes – families grow, jobs and benefits change, income grows or shrinks, or credit improves or worsens – your insurance needs will change. Consequently, whether a lead is a day old or 90 days old, if they went online and filled out a web form once to get a quote they’re probably willing to get an updated quote.

Mortgage Aged Leads

Mortgage leads, which is the industry I came from, needs a little more strategy behind your system. There are a couple of important windows for converting a mortgage deal because it is an infrequent transaction.

First, within the first 30 days or so there is so much complexity, messiness, and inexperience in the transaction and the industry there is a good opportunity to steal the deal.

In the 60-90 day window you can get deals from consumers who weren’t initially qualified, got frustrated, or just got lost in the process.

Then in the 90+ window there are a lot of opportunities for folks that weren’t quite ready to buy a home and a loan officer “made it work” and they got into a mortgage that should be refinanced into a better mortgage.

Solar Installation Aged Leads

This is another good opportunity for aged leads, Solar is a hot market, but the way consumers buy is very different from other home improvement segments.

In this category they are buying more for the “moral” good, technical fascination, and lastly the economic value. In addition, the solar technology and options are constantly changing and improving. As a result, solar consumers are often initially inquiring more to get information and ask questions, not immediately purchase a solar installation.

Because the solar purchase is a longer buying cycle it almost makes more sense to buy aged leads over real-time leads. Let them get the research out of their system or just know that your lead nurturing (education) campaign can move them to a future purchase.

What Questions Do You Have?

Hopefully this has given you a lot more insight into what aged leads are, how they are created, and the mindset of the consumer. From this knowledge you can get the best results from strategically using aged leads in your sales process.

I’m sure you still have questions. Drop them down in the comments section. I’ll answer them in as much detail as possible.

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SHOW TRANSCRIPT
HIDE TRANSCRIPT

hey aged lead store fans. This is bill rice again with some more sales training and today I actually want to take a little bit of a step back cause I know a lot of you have watched us, um, for our sales training specifically how we talk about cold calling a drip email campaigns. You’ve got a lot of value out of that, but in the background you’ve heard us mention age leads and specifically age lead stores since that’s our brand, but you might not really understand what that is or more probably you have a lot of questions as to what exactly our age leads you conceptually kind of have heard of them, know of them, might even have some friends that are using them but you don’t really know what they are. So I’m going to cover that and also make sure you stay until the end of the video. I’m also going to do some specific applications of how you can use age Leeds with insurance, mortgage and solar installation businesses to grow your business. So stay tuned. We’re going to cover all of that in this section.

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I mentioned, I will really want to take a kind of a step back here and talk to you a little more in depth about what exactly age leads are and then potentially how you would use this source of consumer data in your overall building of your business. Um, and so before we even get started, I know that as I go through this, um, I’ve been in this business for more than 15 years, so a lot of these concepts are just sort of super intuitive to me. I understand how it works, I know how the business works now and so I might not actually hit your specific question, um, just because I’m so familiar with it. So I would love for you to take a second right now before I get started. I’ll give you a few seconds, go down into the comments and Youtube and ask me your, your number one or two questions about specifically age leads.

And it can be as simple as what are they or some nuance about what they are. As I get going through this, you’ll probably generate some more questions in your mind about the specifics of how they’re actually created. Um, and then the number two thing that I would love for you to comment about, um, and leave me some questions is how to integrate it into your business. Um, all of your setup different, you have slightly different contexts. Maybe you work for, you know, a larger company or broker or agency or you may just be doing it on your, on your own as a mortgage broker, an independent solar installer. This has all kinds of different contexts. So as it pertains to actually integrate it into your sales process or maybe even about sales systems, I’d love to have those questions as well because it’s one thing to understand them, it’s another thing to actually buy them and use them, uh, in an effective way.

So I’m sure you’ve got all kinds of questions about implementation. So again, pile those into the comments here and I will actively, especially over the next few weeks, um, go in there and answer absolutely as many questions and much detail as I possibly can. Okay. So let’s dive into the content. So first and foremost, age leads are somewhat, uh, kind of defined by their name. Okay. But more specifically, age leads are the result of real time Internet leads that are generated by professional marketing companies, um, aging over time. So, uh, real time leads by definition, um, orally, real time, within a short span of time, usually 24 hours, maybe 48 or a couple of days. Um, but in a very short time period, if you are buying real time Internet leads and I know a lot of you are or you’ve familiar with people who are buying them, um, the fundamental assumption that you have in the agreement that you have with whoever that, um, lead provider is, is that if they give you a realtime lead that you’re paying, you know, 15, 25 bucks for a, your expectation is that that consumer filled out that form, um, or made that phone call within a very short timeframe of you buying the leap.

So that actually generates a problem, right? So when those leads are generated, there’s a, an amount of sort of volume and demand coming in on this side of the equation. But the lead provider might not have enough people on this side, enough brokers, agents or installers on this side to actually give the consumer what they promised. And generally in these situations, the, the Internet marketing company, the realtime lead provider is promising the consumer. If you fill out my web form, um, I’m actually going to give you, I’m going to help you a comparison shops. So I’m going to give you anywhere from three to five different quotes. Well, if I don’t have three to five different preparers or, um, providers on this side to give you those quotes that I’m short, um, and when I’m short, that means that lead is going to sit there and age.

And at some point, even if they had more providers, more mortgage brokers, were insurance agents, more installers, um, they wouldn’t be able to sell that to them as a real time lead. So this creates this sort of category of aged leads. Okay. So that’s kind of what an age lead is. But I’m going to step one step behind that just for clarity. Cause again, I know a lot of you are probably brand new to this concept of Internet leads. So how do the real time Internet lead providers get their consumers? Well, generally they are professional marketers, um, which most of you aren’t. Um, and that’s really the, the real value proposition. Um, using their techniques of digital marketing. Um, they can bring in that demand, uh, efficiently more efficiently than you can. And it can actually give you a real person at the end. Whereas if you were to do that, you’d probably spend a lot of money.

But, but they’re using the typical digital marketing techniques. They’re using search engine optimization, uh, paperclick and ad words and bing ads and Facebook ads. Um, and they’re using, uh, email marketing to kind of bring these folks to respond to their email marketing. So the professional digital marketers, and that’s how they’re generating the realtime lead. But again, sometimes they don’t have enough customers or those customers are not ready to buy those real time leads. And so there’s, um, additional what we actually call legs of the lead left, uh, to fulfill what they promised to the consumer, which was a comparison of quotes anywhere from three to five. So this category of age leads that Internet realtime lead, uh, starts to age over time and it creates an age leap. So folks like age lead store actually partner up with these lead providers to sell that additional, um, the additional sort of commitments, uh, to that consumer as an aged lead.

So that’s fundamentally what an age lead is. So let’s go to our kind of number two point and that is what is the benefit of an age to lead or even an internet leads specifically over some other types of consumer data that you might have used in the past. Um, so fundamentally Internet leads have some really special characteristics that make them, uh, quite attractive to building your business and, um, to, to adding them to your sales process. So, uh, first and foremost, they have a very high intent. So again, fundamentally, uh, when the Internet Marketing Company, uh, generated that lead, um, they actually captured a consumer’s attention. And that consumer said, yes, I am interested in understanding my options for refinancing my mortgage or potentially understanding whether or not I could get a better rate on my auto insurance or whether or not I need life, our health, uh, insurance or I need medical, uh, uh, medicare or Medicaid, um, supplements or potentially, uh, I’m curious about solar installation and what it could mean and offset in my monthly energy bill.

So when that person arrived at that website by filling out that form, they said, yes, I’m truly interested in getting a quote from a sales person. So these have high intent. Um, and they have, as I mentioned, they said, I want someone to contact me. And you know, this is the other, I think really big benefit to this category of consumer data. Um, you know, by virtue of that process that there are somewhat technically savvy, right, the understand the internet and understand how to fill out a web form, uh, they’re receptive to that type of Internet marketing. Um, and as a result, that’s probably a good target customer for you. Um, even if you’re not able to contact them. Initially just for an ongoing marketing system to work and be effective, uh, with that consumer because again, they understand kind of that method and that’s their preferred method of shopping, right?

And so all of those things sort of combined to create a high degree of value with um, Internet leads and even aged leads that have aged over a period time because again, there’s definitely intent there. They have, uh, asked you to contact them. Um, and then the number three thing is that you just know that they understand how to use the internet and will, uh, engage with you if you have a good marketing system over the course of your sales process. Okay. I do want to be honest and transparent with you. Um, one of the things that is really important for you to understand is to have the right level of expectations for h leads. So there’s a couple of things that happened once the age lead, uh, sort of develops and has aged 30 or 60 or 90 days depending on what you’re buying.

You have to really put yourself in the mindset of the consumer and understand what has happened in their sales journey, right? And in their buying journey. So one thing that could happen in the next 30 days is that that consumer is actually get has been taken care of, right? They’d been able to get their installation or the information they need. They’ve been able to get their refinance or purchase their home. They’ve been able to get uh, their new auto or life or health policy. So there’s a potential that that intent has been satisfied, right? So there’s a relatively high percentage of these leads that um, the intent, the initial intent has already been satisfied. The other thing that potentially has happened is as the, the lead ages now we did a whole video on this, just the data itself inherently because of consumer behaviors, they will change their phone numbers, they will change their emails.

And so some of the data will not be accurate. We do our best, our level best to ensure that quality and we have some advance innovative technology to keep that information as current as possible. But that is a real part of the expectation. You’ve got to understand that there is a percentage of these, um, that we won’t be able to contact or we won’t be able to contact with all the forms of context. So we may have to update a phone number, we may have to update an email or something like that as we go through our sales process. So having said that, it tells you that these particular leads, and even actually real time Internet leads suffer some of the same problems. Um, they need a system around them. They need some system that allows you to automate a lot of this contact outreach and ongoing lead nurturing in order to make this a large, a suspense, substantial part of your business and an ongoing base.

So you’re, you’re nurturing these much more like customer service than necessarily kind of that initial sales. So it’s important for you to have a system in place to really get the enormous ROI that you can potentially get on these things. Because again, you buy a realtime bleed for 15 or $25 and you’re only converting probably those, even at best case 2%. There’s a lot of them. You, you even in that 24 hour period just goes unresponsive or you can’t contact or even have some bad information. Um, and um, so, so that even needs a system, but age leads particularly, but the advantage stage leads, there’s, you’re only paying a dollar or pennies on a dollar for them. Um, and so it’s really easy to kind of get over that hump for, um, for a good ROI. The other thing that actually is a huge advantage to age leads in my experience is that in the real time lead experience, because there are multiple people coming into that consumer all at once, that can be enormously, um, create a lot of anxiety and overwhelming for the consumer because they’re getting all that attention sort of immediately.

So giving them, you know, 15, 30, 60 days to kind of cool off, um, from that process sometimes is a huge advantage. The other thing that happens is as that lead ages, potentially their subsequent sales that are there now, there are also just the, um, a lot of times, even if the intent is satisfied, so a sale was made, um, those salespeople are so poor at their ongoing, uh, process of serving that customer that they just kind of walk away and abandon them. They don’t talk to them again. So if you jump in right after that sale and you service them as if they were your customer, a lot of times these leads just, these consumers start to assume a and sort of subconsciously think that your, the actual service provider, not the person that sold them the leads. This is really effective, uh, in the mortgage industry because so many mortgages are just kind of bought and sold.

And so the servicing is often much different. Uh, the company is much different than the actual person who sold it to them. Um, and so this is really effective for mortgage because you just become kind of their trusted source and so a lot of times there’s an opportunity down the line to make a subsequent sale. Okay. All those things having been said is why that I always tell people that are buying age leads to think of the investment, um, specifically as a business builder, not necessarily a silver bullet. Now granted if you are running shorter your quota for the month, and we did a whole video on this, I’ll put a link up here. We did a whole video on kind of how to um, manage getting to your quota. A lot of times people miss their quota cause they just simply don’t have enough activity or enough leads.

And so a lot of times if you’re middle of month and you’re falling short on your quota and you know you’re not gonna hit it, age leads can be a little bit of a silver bullet because if you buy 500 leads and you’re working really hard, make the phone calls and that sort of thing, uh, you could probably close that gap. But that’s really not the best way to use age leads. The best way to use aged leads is actually to get, figure out what your budget is in order to build your database and invest in building a book of business. And then every month by whatever that budget is in age leads it, add them in to your book of business and work them in your system. And so every month you are slowly investing in a large and growing book of business because inside of there are consumers that, you know, again, by virtue of Internet leads, they had intent, they’re familiar with the Internet and they’re probably going to be responsive to your approach.

So this is a great way to actually build a sustainable business over time. Okay. So hopefully you have stuck with me to the end because I’m going to talk specifically and strategically about how I would integrate age leads in to some of these, uh, individual verticals. So I know most of you are, a lot of our audience is insurance agents, so let me talk to them first. So insurance is kind of like the perfect market for aged leads because the insurance business is, is such that consumers are essentially always in the market for insurance. They’re always looking for, uh, potentially a better rate on their auto insurance. Um, the potentially have kind of the wrong life insurance or not life insurance or they’ve got, um, kind of a lot of questions or confusion around health insurance and whether or not they need supplements and those sorts of things.

So at any given time, I think you would agree with me, any consumer that you talked to, um, there’s probably some insurance opportunity in there because you can usually either get them a better rate because maybe you’re more knowledgeable than the last person or their over insured or under insured and you fit it better. Um, or potentially, uh, just maybe their credits improved and that sort of thing. You can give them better rates. A lot of times, most people that you can talk to you, you can probably create some compelling reason, uh, to update their particular insurance situation. So in the case of age leads, I think there’s really no reason to buy realtime over age leads because they’re kind of always in the market. So a real time lead doesn’t really give you much more advantage because a lot of times that real time insurance Lee is just looking for information or quick quote, right?

Uh, but by you buying age lead, um, you can, all you gotta do is sort of create the demand. Um, and since I’ve used the process before, a lot of times they’ll just kind of assume that through that process you’re engaging them as well. So I think age leads for insurance just makes a ton of sense. Why pay 15 bucks for something when you can pay a dollar or less and build your book of business and, and almost, um, the same, uh, volume and pace, uh, at a substantial savings, much easier to get our ROI. So I create a nice system of educating them about different types of insurance and what they should be doing about their insurance. And I can guarantee you, uh, with those outbound calls, cold calls, maybe some email, specifically direct mail I think is a really solid strategy in here. Um, you will get a response of customer because they’re kind of always in the market.

Okay. So the mortgage business, this is one that I actually came out of. Um, mortgage business, uh, needs sort of a little more strategic approach to it. Um, in my experience, um, in that the, the kind of mortgage buying journey as much different than insurance. So it’s something that they don’t do necessarily frequently, but there are some facets and Co and characteristics of the mortgage business that makes this a age leads very effective. Well. So the first thing is that one, um, people often use these websites to request quotes. Um, mortgage industry, much like insurance is very aggressive. Um, and so a lot of times they get overwhelmed and that creates an opportunity for you with age leads. So one, they often get, um, overwhelmed with high pressure sales in a moment when they’re trying to purchase a home or refinance and they just need to be educated cause it’s, it’s complex, it’s scary, it’s a lot of money.

And so that initial sales process that comes from real time internet leads can be really overwhelming. So a lot of consumers will just simply shut down for a moment and take a break. Right? And so coming in there at 15 or 30 days a lot of times has a big opportunity. And coming in there in a gentle sort of educating way, um, is a great way to do that. I’ve done a couple of different videos on this. It just, and this works for insurance as well, just coming in and say, Hey, I know that you applied online. I wanted to see if you were taking care of or you had any questions and just an opening like that, whether on the phone or through email. Super, super effective, right? So that’s one set of opportunities. The other set of opportunities that works well, um, for significantly older age leads and of course cheaper and being able to build more people into your database, uh, is just simply the fact, uh, that during that process, a lot of times, uh, loan officers are either not experienced enough, have a really poor process, but the customer experience and satisfaction in the moment that they’re getting, um, their actual mortgage, uh, is, you know, bad to say it nicely.

Uh, for most people. So even in that, again, 30 day time span, um, while they’re actually working in the mortgage, there may be an opportunity for you to seal it away. It just because they’re having a bad service experience or they’ve got hooked up with a loan officer that’s just not experienced enough to actually deal with their more complex situation and serve their need. Right? So that’s a second opportunity is just bad customer experience. You get to go in there and sort of steal that away, uh, because you’re more experienced or you can help with more complex mortgage situations. The third opportunity is just simply, and this is particularly in refinance, uh, because of market conditions. We’re actually, again in the lowest interest rate environment ever. It’s just keeps like going down and it goes up a little bit and goes back down. So again, super low interest rates right now.

Um, so there’s an opportunity for just rate and term refinances, um, or uh, in places like, um, well kinda all over the country now where equity has been exploding, there’s opportunities to now take out cash, uh, is a cash out refinance, uh, again with super low rates. So there may be an opportunity, maybe they actually purchased a six months or a year ago, uh, but now they’re ready to just kind of take some of that equity back out in a cash out refi or this is probably the most common scenario. Um, initially when people purchase a home or get into a home, a lot of times they’re probably trying to do that a little bit early, right? They didn’t have all the down payment that they should’ve had, or maybe their credit isn’t perfect or maybe they’re not really kind of secure in their job or their income.

But over the six months to a year, a income’s gotten better. They’ve got a better job, their credit improves, potentially they have more cash in the bank. And so a lot of times there’s an opportunity to refinance and give them a better mortgage product. So again, uh, buying into this age category of leads, uh, can, can give you that opportunity because I can guarantee you the loan officer that did the deal is not keeping up with them. Um, and in a position to educate them that hey, you might be able to get into a better loan. Now, last but not least, uh, is solar installation. So this is subcategory of home improvement, but it is so, so hot. Um, everybody is kind of, there’s a lot of demand in the consumer market, uh, to understand solar and installation. The technology’s getting better, a little bit cheaper.

Um, it’s easier to install, it’s more attractive. There’s all kinds of reasons, um, that people should be considering, uh, solar as a part of, um, how they serve their energy needs. But this is a fairly interesting and unique market. It kind of falls into that place of emerging technology where most of the consumer demand, even though it’s super high, a lot of it’s in a phase of kind of understanding what it is. It’s a new concept. They don’t understand how it works. They don’t understand what the installation looks like. They don’t know how many panels they need, they don’t know what the offset is, they don’t know what the dollar value is. And then add on to that. Uh, there’s a lot of research around this. Kinda the number one reason for this buyer to actually, um, come in and become a lead or to make this inquiry is because they have kind of a, a moral or an emotional want, uh, to, to do better with energy, right, to, to be, um, a better consumer of energy.

And so they actually just want to be kind of a better human, uh, on this planet. And so in that case, costs actually becomes less of a factor. And so there’s some interesting dynamics in there. All that’s to say that generally the, the leads that are coming in initially are not high intent buyers. They’re trying to do that initial education and not until they’ve done that education, that research, that math around what the offset to their energy bill will be. Um, understanding kind of how many panels and, and what they actually need. Not until all of that is satisfied is the lead actually a high intent buyer. And so as a result, again, this is a great category, maybe that 30 to 60 day old lead is actually a better lead because they’ve taken the time to research and sort of a self, uh, kind of get themselves excited about purchasing this solar installation.

So that may be actually a little bit of a warmed up lead for you. And if nothing else, you can kind of get into process of helping to educate them. So again, solar is a great category for age leads. I hope that this has been helpful and given you a lot more information about what age leads actually are, how they’re generated, and then potentially how to use them as part of your sales process and part of your business. Building a, again, I want to open up the opportunity for you in the comment section. You have any questions about anything I’ve said or want to go into more detail. Um, I would love to hear those questions and I will actively respond to them as much detail as a possibly can to help you grow your business. That’s always our goal here at aged lead store.

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About Bill Rice

Bill Rice is the Founder & CEO of Kaleidico, a digital agency. Bill specializes in providing law firms, attorneys, banks, and emerging technology clients with lead generation strategies enabled with content marketing, SEO, PPC, and email marketing.