How To Generate Your Own Debt Settlement Leads
These days, debt settlement leads come in all shapes and sizes
. Through this article, I hope to shed some light on the various marketing avenues you can implement as a debt settlement professional for your own business.
Referrals - Let's start with an easy one. If you've played your cards right, you should have a nice network of friends and family who can help you find clients. However, since today's public receives mixed reviews about debt settlement, don't expect leads to fall in your lap. Tell your network what you do. Explain to them that you help people in financial trouble and NOT people who just want to get out of debt. Referrals are free (and really easy!) sells-- just not consistent. No great debt settlement company relies on referrals alone.
Affiliates - If your company has B2B connections, you might deal with this popular marketing avenue (the most common being the mortgage/loan-mod to debt settlement relationship). Basically, your affiliate will send you clients they think could use your services. These are great because the client's trust placed in your affiliate can instantly transfer to you. Of course, the opposite applies as well. Pick your affiliate well, and you should enjoy this simple data stream.
As payment, you can arrange to pay your affiliate up-front, upon the client's enrollment in a debt settlement program, or when you actually start seeing revenue from the transaction. However you cut it, this is a classic example of how businesses can establish mutually beneficial relationships through their data.
Internet Leads - Historically, these have not been very reliable. When lead demand outpaced lead generation ethics, many debt settlements companies were left with very experiences (mostly irrelevant/made-up data or wrong numbers). Today, however, lead generation companies use Targus scrubs, "reverse phone lookup", and other validation systems, vastly improving lead quality and relevancy. As time goes on, internet leads should be even more relevant, and (here's my prediction) the best way to market to clients.
If you wish to start marketing online, you should start with your website. Make sure it is clean and relevant so you are able to capture lead data when the time comes to push traffic through:
1. PPCs (Pay-per-clicks) [very expensive, but quick results]
2. Banner ads [low cost, but inconsistent traffic]
3. Mass email [can be targeted, but inconsistent traffic]
4. SEO for organic traffic [very time-consuming/expensive, but the ultimate in lead generation]
As you can see, you're entering very intense territory, so really know what you're doing. If you don't, get quotes and estimate how much it would cost you to be competitive online. I'd recommend this if you are looking to be a big fish, but if you're not able to scale to a large level, stick with more traditional marketing methods.
If you get it right, Internet leads can be a huge ROI for a very long time. They provide instant gratification, and acting on client interest right away is crucial to making a sale. I'll write another article later that goes more in depth about Internet leads, so we'll move on for now.
Direct Mail - If your research is accurate, the rewards of direct mail can VASTLY outweigh the risks. If you correctly filter your market to those with a high chance of program eligibility, you'll have a definite hit on your hands-- just make sure you do it before everyone else does! On the other hand, if your research is inadequate, or you're the 12th debt settlement mail piece for that day, you're looking at huge losses in a matter of weeks. Any successful direct mail campaign will be VERY expensive-- which means you MUST spend a lot of time on your mail piece to make sure it will maximize your return. As it stands today, it can be assumed that direct mail is less effective than other marketing methods due to the amount of mail that has already been sent by countless debt settlement companies.
T.V. or Radio - I have the least experience with this method, but I've heard very good things about it. Logically, if someone sees/hears a commercial, stops what they're doing and calls in, it should be a pretty easy sell! The demographic that acts on what they see/hear in a commercial should be pretty specific, so make sure they fit into your qualification guidelines and try it out. On various lead gen sites, they promote fairly high closing ratios, but also very high prices. This can only mean that doing this yourself can cost an arm and a leg. Make sure your financial foundation is solid before pursuing this yourself.
Live Transfer - Essentially, this is where someone/something (whose time is less valuable than yours) blankets a large data list to find interested clients. In your office, you can either use voice broadcasting software or hire a few minimum wage-ers and throw them on a dialer. When it/they finds someone who's interested, the call can then be transferred to you, who captures the sale. Outsourcing this task to India or the Philippines is a possibility, but many Americans are reluctant to have conversations with someone they can't easily understand.
Revenue Sharing - Not extremely popular, but this is where a lead generation company gives you free leads; and you give a portion of your profit in return. If the two companies involved have a history, then this arrangement is very feasible. However, if both are strangers, it is usually too large a risk for the lead generation company to dive in because they must trust that you:
1. will be honest with revenue-sharing.
2. can sell these clients better than another sales company.
In a nutshell, they have to know that a revenue sharing relationship with you will be more profitable than selling the leads to other debt settlement company.
Buying leads - Should you wish to leave advertising to someone else, you can always buy leads from a lead generation company. Usually, they have tried every avenue, and since they specialize in lead sourcing, they've made the lead generation process very efficient. If you want to make sure you get at least "something" with your advertising dollars, buy your leads from a reputable lead company for the best results. If you have any questions/concerns about your company's marketing direction, feel free to contact me through any medium below.
by: eJAMleads
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