If you want to increase the number of credit repair clients you have, there are some organic and free methods that I would recommend before you buy credit repair leads such as getting referrals. But for the sake of this article, let’s assume you are already utilizing these methods or that you don’t have the time to do so. Here we will explore some of the more popular ways to pay for credit repair leads and some of the pitfalls.
The Downside of Buying Credit Repair Leads
I’ll be honest with you upfront by sharing that I’ve always resisted buying credit repair leads. Here’s why.
Typically you don’t get qualified credit repair leads. A lot of lead generation techniques require consumers to fill out a form online to get something else like a mortgage loan quote. Then the lead is sold to you when it’s discovered the lead doesn’t have the credit score to qualify. In many cases, the person did not specifically say they were interested in talking with you. To further this point, many times the person wasn’t even that serious about a mortgage, to begin with. They saw a Facebook ad and figured, “what the heck, let me see if I can qualify.”
Even if the lead generator does a good job of qualifying them you still have no credibility and there is no trust in you yet. What I mean here is that the lead has never seen you, doesn’t know your name or anything about your company. To them, you are whatever they’ve previously perceived about credit repair companies. A lot of times their perception is not good.
Depending on how the lead was generated you’ll be playing a lot of phone tag. I just don’t have the time to play phone tag. Plus, it does nothing for my attitude. I’m just being honest.
What Does All This Mean?
It means that you’re going to go through a ton of leads to get to a sale. Most of these people will not call you back if you leave a message. Or they will not be truly serious if you do speak to them. Your closing ratio will be low. I talked with one company recently who shared that their existing clients had a closing ratio of 10 to 1 with their credit repair leads. Currently, we have a closing ratio of a little over 2 to 1 with free, organic credit repair leads. Why would I pay them $25 per lead or $250 and have to make 10 phone calls when I can make a sale with 2 free credit repair leads?
It also means that you had better be damned good on the phone. You need to build trust and credibility right away and throughout the call. And you had better know how to explain your offering in such a way that it solves the problem of the person you’re speaking to. If you would like some tips on this check out this article, How to Sell Credit Repair to Customer Prospects.
What to Look for in a Credit Repair Lead Generation System
There are ways you can mitigate these problems with the right lead generation company or program. My recommendation is that however you decide to generate credit repair leads, that the process qualifies the lead as much as possible. That could be a series of questions to determine how serious they are to improve their credit score.
Also, this process should market you in addition to marketing what you do to improve credit scores. In that way, the person you’ll be talking to already has seen your picture and knows a bit about you. This can ultimately be a positive if you will be the one talking to them. In some cases, people are impressed that they get to talk to the guy or gal in the ad.
Live Phone Call Transfers
Some companies like eLocal sell you leads that are transferred from their call center to you. I guess this sounds like a better lead. The person is on the phone right now. They presumably have expressed an interest in credit repair. But our credit repair business model just can’t work with calls coming in on the fly like that. We can’t drop everything to take that call. We’re just too busy. Even if this would work for you, remember to ask about how they got that person on the phone, to begin with. What are they accomplishing on their phone call before the transfer? And how smooth is the transfer? Will the lead feel a bit uncomfortable? It just seems a bit awkward to me.
4 Attributes of a Good Credit Repair Lead Generation System
Let me now give you the type of system that we just began using. It does 4 things that I like and that I feel are incredibly important. Especially if I’m paying to talk with credit repair leads.
- It markets credit repair. It’s not marketing something else like a mortgage quote. In this way, we can logically determine that the lead knows they have a low credit score and that they need to do something about it.
- This system qualifies the heck out of the lead. It asks them a series of questions to determine if they are serious about improving their credit score.
- This method sells us and our company. Therefore, it provides us with exclusive credit repair leads. When we get on the phone with them, we already have a bit of credibility with the lead and some degree of trust has been built.
- The lead must book a phone appointment with us. This is another qualifying step in the process of acquiring the lead. And it works best for our business model so that we can do other things when appointments are not scheduled.
Design a Credit Repair Lead System That Works for YOU
You need to decide what type of credit repair lead generation system will work best for you. As stated above, you should always put effort into generating free, organic leads from the internet and from referrals.
But if advertising is the way you'd like to go, there are many lead generation companies to research. Schedule some calls and learn what they can do for you.
Buying leads should be a last resort...
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