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As a sales agent you always have to be on the lookout for leads to close sales. Leads come fresh and aged and it’s your call to decide if you want to stock up on the former or latter depending on your budget and sales strategy. Fresh leads are best used by those agents who are very responsive and experienced in their field of business and will be most likely to close sales. Otherwise you will burn through marketing dollars very fast working fresh leads.

Aged leads, on the other hand are perfect to stock up on for your power dialar. They come very reasonably priced, can be bought in large quantities without the fear of overrunning your budget, and are great tools to use in building the confidence of your sales force.  

Here is how Aged Debt Leads can add more power to your Power Dialer:  

1. Make more calls per day – Aged debt leads come cheap. This means you have more prospects at hand to make calls to when you buy these leads in bulk. Your power dialer can be used to its full potential as it places call after call to the aged debt leads fed into your CRM system. Calling more leads means higher probability of talking to more leads and closing more sales.
2. Building the CRM database – Stocking up on aged debt leads is a great way to build your sales database. This data can be classified based on lead profiles and sales call strategy and then used by your power dialer to make calls to prospects in the order of importance to you. For example, based on the age of the leads, location of the leads and so on.
3. Aged debt leads and power dialers make a great training combination – Your business can use aged debt leads to train its sales agents in your sales process. This saves you valuable dollars. If you were to use fresh leads to train agents you would be wasting a lot of marketing dollars on mistakes and inexperience. With cheap aged leads every lead closed during training is a bonus and returns quick value. As the agent becomes more confident in the use of the power dialer, they can then graduate to using the dialer to contact fresh leads.
4. Aged debt leads decrease the power dialer downtime – The higher the number of aged debt leads you procure, the greater the use of your power dialer and the lower the agent downtime. If you are a call center, you would want to maximize the returns on your investment. The best way to do this is invest in aged debt leads instead of loading in random names and numbers of people who are not your prospects.
5. Aged leads are genuine leads – Stocking up on these aged leads for your power dialer is focusing you dialing power on real prospects. Random lists and dials is a sheer waste of time and frustrating to your sales force–contacting people not interested in your product and causing demotivating backlash at your sales agents.

Therefore, if you are looking at maximizing lead conversions and reducing your downtime, the best option is to use a combination of aged debt leads and the power dialer for your business.

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Buying online debt leads from a debt lead provider is one of the best ways for debt companies to engage with customers needing their services. The debt market is highly complex with the presence of various debt lead providers and thousands of debt leads who need assistance. An internet debt lead provider serves as a ready platform to get needy debt leads and financial brokers together and set up favorable deals.

Fresh debt leads are easy to procure, understand and are more likely to get converted to sales. This is because their call for help is only minutes old and they are waiting for your help. It is the aged leads market which many sales persons are apprehensive to enter or have done so in the wrong manner and got dismal results. This is simply because their debt lead provider did not give them the lowdown on the value of aged leads and how they can be a rich source of business.

This is what every sales person who has purchased aged debt leads ought to know about their hidden value:

1. Opportunity to build huge database of debt leads in need desperate help – Aged leads have become days or months old because no one was able to broker the perfect financial deal for them. They are ripe for settlements and need your debt lead services to broker the right financial package for them. They are ready for a solution–a sales goldmine.

2. Valuable source of repeat business – If you are able to broker a good deal for your aged debt lead, consider them a good bet for a referral or maybe even a long-term customer. This is because aged leads consist of mostly persons who are bad at financial management and will need your ongoing advice and guidance. They will contact you for future guidance and maybe even to help out friends and family.

3. They are aged leads because they are slow to take decisions for bailouts – Aged leads also consist of persons who have not been able to make decisions or are unsure of the consequences. As a result, time has passed and these debt leads are still in the same or worse trouble, but the lead is cheaper. They still really need your assistance.

4. Good source of referrals if you successfully bail them out and respect their privacy – If you are able to give a good debt work-out to an aged lead, you are likely to get more leads from them. They will have the confidence to recommend your services to others based on their improved financial situation.

Aged leads are truly a valuable source of debt business and yield top returns on your investment. Just remember, to keep the value of aged leads up, you will need to have a good lead management system and regularly filter and segment them. If you carefully add and nurture your aged leads they will produce long-term benefit.

Aged debt leads can be a great marketing approach for mortgage and debt companies, particularly if they are managed correctly. Typically they work best in a telemarketing or call center environment, but if you are comfortable on the phone and have an aggressive sales attitude, will serve you well.

It can be a bit of a learning curve, but with a few basic tips and techniques it’s well worth the time spent in mastering this marketing opportunity. Whether you have old leads you’re working through again, or you received aged debt leads, these are some tips that will make the process much more productive.

1.    Cold Calling. The first step to working aged leads is simply getting on the phone and starting a conversation. Use mortgage or debt CRM program is the best way to make this process efficient, and track the kind of response rate you are getting. With debt leads, the good news is, most people will be in more debt now than they were weeks to months ago when they first requested help.

You can use this to your advantage, particularly in the case of consumers that are having trouble making ends meet in this down turning economy.

2.    Pipeline Management. The second key is effectively managing your sales pipeline. Getting pipeline management right will help your entire organization better manage marketing, sales, and revenue goals. You may even consider hiring someone to help you manage your pipeline and processing of deals, freeing you up to land the next deal and ensure that the customer you have on the hook gets a smooth experience all the way to their final debt solution. Set up a prioritization system to help you work through the aged leads and keep track of new clients.

Work with your sales team to build a pipeline that will help you move quickly, and make follow ups easier.

3.    Lead Management. We touched on this briefly above, but you really can’t neglect managing your leads. Any business needs to be organized, but it is even more important for a debt management company to have their leads categorized, prioritized, and tracked. If you are relying on an old database to manage your leads, consider upgrading to a web-based debt CRM software package.

Assign specific team members to lead management to help them follow-up on and track the leads, and see which ones are most likely to result in a debt consolidation or management deal.

Aged debt leads open up many possibilities for companies of all sizes, but they are particularly useful for debt management companies. You’ll be able to quickly grow your business if you take the time and make the effort to go through your older leads.

Lead management is part of that success and does not have to be difficult, and the first step is getting everything organized and consistent with your sales process. The time that you spend collecting leads and managing them can be streamlined with effective sales pipeline management. Although this does require extra resources as well as time, in the long run, your lead ROI will bear improve.

Cold calling is just one way to reach out to your aged leads, but don’t forget about the power of email marketing either. This centerpiece of online marketing has never been stronger and the possibilities are endless when utilized correctly.

Turn this down market to your advantage by following these easy steps and you’ll end up recession proofing your business.

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Even though the current mortgage and debt markets are like riding a roller coaster there is no reason for your business to suffer. Whether you are a mortgage broker, or a loan modification business, aged mortgage leads are an incredibly productive way of reach new customers.

Here are just a few of the advantages of using aged mortgage leads in this market:

1.    Homebuyers are struggling to find financing. New homebuyers want to take advantage of historically low housing prices, and this is an ideal time to buy a new home, but most banks are simply unwilling to lend at this time. This has led to a supply and demand imbalance and buyers are desperate to find someone who to help them-naturally making them interested in a good mortgage broker. Aged mortgage leads that focus on purchase mortgage leads can be a goldmine for brokers right now.

2.    Homeowners are in trouble. The mortgage meltdown, followed by the current credit crunch is hitting everyone. But, it’s hitting homeowners even harder. Any borrower that financed a home in the last 3-5 years needs mortgage help more than ever, right now. Loan modification companies can use this market turn to their advantage–offering homeowners the hand up that they so desperately need-guiding them to the multitude of loan modification programs available.

3.    Quality, targeted leads are always helpful. Regardless of age, there is no substitute for targeted Internet leads, particularly in the mortgage market. Even if the lead (homeowner) managed to find a mortgage a few years ago, the chances in the market are such that they are now likely to be struggling with that loan and need new assistance. Once again, there are big opportunities for loan modification companies.

The mortgage market will always go through credit cycles and business transitions, and this current cycle to will pass. As bleak as it may appear, there is always hope for a positive turn and it does appear that many areas of the country are withstanding the crisis better than others. Aged mortgage and debt leads always have a place in the financial services market, but they are particularly useful right now.

If you are not taking advantage of aged mortgage leads, you could be missing out on a great opportunity to grow your business when others are struggling. It’s always hard work to find new clients, but right now the bad economy is working in your favor. The economy is handing you millions of opportunities to those savvy enough to find and offer much needed assistance to consumers.

Already have aged leads? Take the time to review them–start going through them and revisiting potential clients to see if their needs have changed since you last spoke. For companies that are looking at purchasing new leads, this is an ideal time to consider the economics and opportunities of aged leads.
With the right approach, you can make these leads work to your benefit and your company can fight this housing market downturn effectively.

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So, what did I learn about marketing from dating?

Be on Time

Nothing is worse than missing a customer’s expectations. No one likes waiting on a date that arrives 15 or 30 minutes late. Make sure that you don’t make the same mistake in your marketing. Your campaign should make small promises, like when you will pick her up, and make good on everyone–come hell or high water.

Have a Plan

Ever gone out with the person that can never make a decision–what restaurant to go to, what movie to see, where to meet for drinks? No one likes to go out with someone who never has any ideas or a plan.

Avoid this syndrome with you marketing. Lay out your marketing in a very intelligent, logical manner. Your campaign should always be foreshadowing the next step. You should be constantly setting expectations or getting feedback. The plan should make the customer’s experience smooth and delightful.

Don’t Waste Time

I hated getting trapped on that date when it was immediately obvious that things were not going to be compatible. What a huge waste of time and money. Remember this principle in your marketing. Be clear what you are offering. Avoid being tricky, clever, or misleading.

Your customers that respond to your advertising will be more targeted and responsive if you don’t waste their time trying to figure out what they are going to get.

Pay for Everything

Ever been stuck with the bill on a date as your deadbeat slug does the “OMG, I lost my wallet” pat-down? How incredibly obnoxious. Only one step down from the, “I’m sorry sir but your credit card has been rejected.”

No one likes surprises. Avoid up front fees and charges if at all possible. However, if they are a necessity–say for appraisals–make sure you are very clear in the beginning about the fee and specifically why you have to charge it.

Put Them First Always

This last point should go without saying, but it bares a reminder. ALWAYS put your date and your customer FIRST!

I am a big advocate of using the Web to build a really smart network around my business. Simply adding a few quality resources to your daily Web browsing routine can enhance any business.

Since I have a lot of debt lead buyers I think it is important to really understand their business and what they need from their marketing partner. How do I do this? I spend a good portion of my day reading and participating on these websites and forums.

Destroy Debt Forum – This is a great resource for the debt industry. It is very large, current, and well organized with the basics of debt counseling and consolidation, while hitting at some more complex debt scenarios and solutions.

Debt Consolidation Care – These folks probably operate one of the largest debt forums on the web. They are experts at building very active and smart communities on various topics.

Here is a great blog post on several of the best debt forums. As you can see the community is relatively small, but this should give you a great opportunity to network quickly and get some of the best information and value from these community resources.

Like any community or networking activity–you get the best results out of participating. So, check these out these debt forums and get involved.

Having been around the debt industry for a while I know that the mention of the FTC can bring chills to many in the debt industry. There has long been a perception that the FTC has a negative policy attitude towards debt settlement as a consumer service. However, recent statements by J. Thomas Rosch, FTC Commissioner, would suggest otherwise.

Real Benefits to Consumers?

More than ever consumers are finding themselves squeezed by multiple sources of debt that in a better economy they were able to service. Unfortunately, turns of fate–many out of their control–have thrust good consumers into an unlikely spot. Who is to be the trust advocate of the consumer in these confusing and desperate times?

Commissioner Rosch seems to think the Debt Settlement industry has a role to play:

“For example, a debt settlement firm can advocate on the consumer’s behalf, especially in cases where consumers are reluctant, embarrassed, or even afraid to contact their creditors directly,” Commissioner Rosch said to the conference attendees.  “A debt settlement firm also may be able to provide individualized attention to consumers, taking a holistic approach to all of the consumer’s unsecured debt owed to several creditors, rather than just the amount owed to a particular creditor.

“

Managing the complete debt picture and focusing on restoring the consumer’s financial health has always been a critical value proposition of debt management professionals–nice to hear it from the FTC.

Recommendations to Debt Industry

Now of course it is our turn to listen…what should the debt industry be doing better? There is always room for improvement. Incorporating a primary regulator’s suggestions in your debt business strategy can make a lot of sense in reinforcing your “trusted advocate” position with customers.

Commissioner Rosch makes four specific best practices recommendations to the debt industry:

• “limit their performance claims to those they can adequately substantiate”;
• not “misrepresent the benefits of debt settlement”;
• “disclose, clearly and conspicuously, the negative impact that participation in a program may have on a consumer’s credit score, and how long that impact may linger.  This disclosure should not be made only in the written contract, but in the ad itself”; and
• “if a debt settlement firm promises to refund debt settlement service fees to consumers if their debt settlement negotiations are unsuccessful, the firm must honor that promise.”

I would venture that none of these are new to the more reputable firms in the audience. However, if you are missing the mark–bring up your game.

Review of Debt Industry Self-Regulatory Efforts

Now for the bitter medicine. Commissioner Rosch was not so impressed with the debt industry’s current self-regulatory efforts. Arguably, these types of efforts are always tough to get perfect. Balancing participation and enforcement is a delicate tight-rope to walk.

Despite his charge of being imperfect he did acknowledge that each have some attributes of best in class self-regulatory agencies. So, if you are looking to tighten up your compliance efforts and improve your service to consumers in the eyes of the FTC–these organizations might be a good start.

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I have talked in the past about the advantage to training with buying personas. This is a methodical way to segment and practice your sales approach to a variety of recurring buyer patterns.

This methodology also lends itself to preparing a powerful sales toolkit. Customers most often want similar things. Unfortunately, most sales people wait until the customers starts asking questions to scramble and get something together that efficiently helps with those questions.

The solution is simple, build your sales toolkit as customers give you buying cues and reuse those materials.

Complexity

The most common customer need is a solution to cut through the complexity. Mortgages and debt solutions are inherently complex solutions. Most people are intimidated by numbers and contracts. This fear creates barriers to trust and closings.

Make sure your sales toolkit has very simple presentations and explanations of the complex concepts within those deals. Turn contract and financial industry “million dollar” words and jargon into simple words and pictures.

How-To

Certainly you want to be the expert in guiding customers through these complex financial transactions, but don’t underestimate the power of a how-to. People are overwhelmed. Our world is increasingly full of distractions and requirements on or time.

Consequently, if you make it easy for people to know how to do something you are not competing with yourself–you are simply building trust. Believe me now one wants to do their own mortgage or debt consolidation. They just want to be confident they are educated enough not to get screwed.

Preparation

In order to help a customer with a mortgage or debt work-out you need their participation. You need documentation–items they have, but probably haven’t the first clue as to what they are or what they look like.

Make sure you have a simple “homework” or “loan preparation” checklist in your toolkit. This will reduce customer frustration and get you the documentation you need to get the deal done.

Objections

Every sales call is full of objections. I started long ago a practice of keeping a yellow pad by my phone. On that pad I write every objection I hear.

That list of objections should not only be a training script to improve your pivot techniques, but also should turn into sales material for customers. The more objections you short-circuit before they are asked the more you compress the sales cycle.

Success Stories

New prospects most fear the lack of performance. Will this guy or gal be able to solve my problem? Documenting and presenting success stories–stories that prospects can see themselves in–are the silver bullets of sales.

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One of the questions I get asked with the most frequency is why aged mortgage or debt leads? Why not use conventional real-time leads?

Truth be told–if you have the marketing budget and can turn the ROI on a $20-$40 real-time mortgage lead then you should. However, most experienced mortgage lenders and debt companies would tell you that is a challenge. A challenge that probably the top 20% are effectively making into a profitable business model.

So, there is certainly the principle factor of cost that makes aged leads very attractive. But, the savvy lead buyer knows there is another very powerful advantage to aged leads. You are potentially targeting a very motivated borrower.

Underserved

The very nature of an aged Internet lead is one of a bruised customer. They have been underserved by the market. This can occur for a variety of reasons: bad credit, lender capacity, regional coverage, or simply inefficiency by a lead provider.

Your advantage? When these leads show up in your lead queue you have the opportunity to wow them with service and responsiveness.

Exceptional Experience

Showing aged lead customers an exceptional customer experience will grab their attention and improve your conversion. For those myriad of reasons above these customers are going to be enthusiasticly looking for someone that can help them, and intends to offer great customer service.

Referrals

The other bonus to serving these customers effectively is the trust, loyalty, and referrals they have the potential to yield. Having saved these consumers from their financial challenges–they will be happy to refer their friends and family.

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Fresh leads or aged leads? It is a classic lead generation debate. I heard it discussed in some of Twitter chatter from the recent LeadsCon. Most often the discussion is around the speed at which Internet leads reach the lead buyer.

The Debate

It seems most buyers of Internet leads have this intuitive perception that real-time Internet leads are better. In the perfect world they should be, because in the perfect world leads (customer inquiries) are generated and find a home in sub-second timing. The reality?

Internet lead generation is a complex ecosystem of websites, marketing, consumer behavior, affiliates, lead aggregators, lead exchanges, lead brokers, filters, data verification, matching, and inefficient waste. For this reason, there is opportunity in aged leads.

Internet Inquiries are Imperfect

The opportunity in aged leads starts with the imperfection of the Internet inquiry. This classic process of driving consumers to take an action online is very much an art, not a science. As such, you will have imperfections.

Here are just some examples:

• Technical errors and lost inquiries
• Misrouted inquiries
• Confusing or misleading calls to action
• Incomplete actions
• Unexpected capture process

All of these examples can leave a consumer lost in the lead ecosystem–unserved.

Consumer Behavior is Imperfect

Consumer behavior is no less imperfect and leads to just as many unserved leads. Internet users are notoriously unpredictable in their actions and inactions. As a result, they create more imperfections in creating the ideal real-time lead.

Here are some examples of behavioral errors:

• Follow the wrong capture path
• Make mistakes in completing the inquiry
• Abandon the inquiry
• Intentionally enter partially errant data
• Objective in submitting inquiry is misaligned

Again, these simple and unexpected behaviors will again cause consumers to be lost in the lead ecosystem.

Imperfection Creates Opportunity

Of course, many of these imperfections produce an aged lead. They either get misrouted to a buyer that can’t help the customer, the buyer is not diligent in following up on all of the contact information, or the lead generator simple loses the lead in its delivery process until it is too late.

Fortunately, for the aged mortgage or debt lead buyer these are easy challenges to overcome with a solid, diligent sales process. And for a fraction of the cost an enormous marketing ROI opportunity.

The verdict? Be cautious in assuming real-time, fresh leads are perfect and try a few aged leads to see if “there is gold in them thar hills!”

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