Wasted Leads, a Plague in the Business Financing Industry, from deBanked.
Many people don’t know this, but a few years ago I dabbled in online lead generation for business lenders and MCA companies. I did online marketing, captured prospects, qualified them using a very simple algorithm, and then directed them to the appropriate companies for a fee. I don’t do this anymore.
One of the first features I added to boost conversion rates of the recipients was auto-phone connect. It worked like this:
- Prospect fills out a web form with their phone number
- Algorithm qualifies it
- Data is sent to appropriate lender/funder via API or email
- My phone system dials the recipient’s live sales line
- Sales rep picks up
- My phone system then dials the applicant’s phone number and if they answer, they’re immediately connected to the sales rep on the other end
The entire process was fully automated. An applicant could fill out a form and be called with a live sales rep on the other end in literally 3 seconds. Basing the idea on studies performed by experts like Dr. James Oldroyd, who believes the odds of reaching a lead declines exponentially after the first five minutes, I thought my system was pretty damn brilliant.