Most people have no idea how many businesses around the country and the world depend on lead generation. Even if you only look at the digital lead generation market in the United States, there is enough demand to generate more than $3.2 billion each year! When you understand how challenging many businesses find it to generate leads, you can understand why so many of them turn to professional lead generation services.
Many of these services help people find final expense leads. However, there is a vast range of quality when it comes to leads. Some people focus so much on getting leads at all that they neglect making sure that the leads that they get are of high quality.
But how are you supposed to recognize quality in a final expense lead when you see it? By paying attention to the right signs, you will be able to assess the quality of your current leads and clarify the kind of quality you want in the future.
Read on to learn more about the most important things to look for when it comes to the equality of final expense leads!
Track Final Expense Lead Prospecting Conversion Rates
There are many ways to measure the quality of final expense leads, but the clearest one might be to look at conversion rates. After all, no matter how high your leads score on other metrics, if they do not lead to conversions, then you will not get much practical value out of them.
If possible, you will want to establish a baseline for conversion rates for past final expense leads. That way, you will be able to compare your past conversion rates with your present and future rates. That will help you assess if the changes you make lead to real differences in conversion success.
To establish your baseline of conversion rates, try going back through your past leads and determining how many of them led to conversions.
Depending on how much work you are willing to put into this process, you can also put together more detailed data that will help you with your assessments. For example, you might check how many times you got in touch with your leads before abandoning them or achieving the desired conversion.
This kind of information can inform your general sales approach. For example, you might discover that people are following up over and over again with leads. That can waste time if leads have already said no so many times that there is little hope that they will change their minds.
However, this kind of information will also help you assess your final expense lead quality. In many cases, the problem is not that people are using leads the wrong way. Instead, it is that they are using final expense leads that are of low quality.
Applying Your Conversion Rate Knowledge
By getting a baseline on your conversion rates in the past and tracking them into the future, you will be able to place more value on leads that lead to real conversions.
You may find you have a source of leads that does not lead to higher conversion rates. In such cases, it may even be prudent to stop spending resources to acquire leads through that channel.
Check Your Final Expense Lead Acquisition Source
In many cases, you can predict in advance whether or not a given lead is going to be of high or low quality. Although it is not a perfect science, sources of leads tend to provide consistent quality across time.
That means that a source that provides low-quality leads will be more likely to continue to provide such leads in the future. On the other hand, services with a reputation for providing excellent leads may have a higher chance of continuing to provide them.
Look through all of your lead acquisition channels. If possible, look at real numbers like conversion rates.
Then, take note of which lead acquisition channels lead to better and worse leads. With this information, you can assess whether or not you should continue to invest resources in various lead acquisition channels.
You will also be in a better position to assess future possible lead acquisition channels. On top of that, you can achieve these results without examining every lead from every acquisition channel.
If you look at enough leads to get a general picture of the quality of leads that each acquisition channel provides, then you can extrapolate and assume that the other leads from the same channels will be of similar quality. That way, you can assess the quality of many of your leads without having to do so manually.
Speak With Individual Final Expense Leads
Sometimes, you need more information than a few numbers can give. It may be helpful in some cases for you to get in touch with specific leads and interview them about their experience.
This way, you can get a more detailed sense of how likely they are to lead to sales in the future or not. Although it is slower, this kind of interviewing can provide a depth of understanding that mere numbers do not provide.
You may also find it useful to speak with a variety of lead generation service options. By going to them with your questions, you can get a broader sense of how the industry functions. That can provide you with insights that will allow you to understand things about your past and future leads that you could not perceive before.
Understand How to Access the Quality of Final Expense Leads
Taking the time to learn more about how to assess the quality of final expense leads is an investment, so we hope the ideas in this piece have been helpful to you. Many people stick with what has worked before, but it is also important to look for new opportunities. Learning more about final expense leads can help you update your processes and get more out of this opportunity.
To learn more about final expense leads and how to make the most of them to grow your business, reach out and get in touch with us here!