Leads2007, Making the Internet Lead Market Better

Wow! That is my reaction. I am amazed at what can happen when you get 50 smart people in a room and commit to making your industry better.

Having had a couple of days to recover and a weekend to process the incredible discussions, I thought I would try to capstone an amazing event with a few parting thoughts.

It was clear to anyone that participated and even those who listened via the Internet or the “tell-a-friend” network there were four major themes for success, each of which seem to be translating into initiatives:

Consumer Experience

I am continually amazed at how long it has taked the Internet lead generation and the lead buying community (mortgage, education, services, real estate, etc.) to focus on the consumer experience. For nearly a decade (the approximate age of Internet lead generation), we have been taking customer inquiries on the Internet and sending them into the sales and marketing meat grinder. Allowing the relentless reselling of their information, exploiting their credit inquiries with credit triggers, and pounding their phone numbers with auto dialers.

Much of our discussions at Leads2007 began to turn to the consumer. Understanding that they are the compelling part of this market. They are the key to growth and profitability of this business model.

I thought the most important focal point to this entire discussion was summed up in this statement by a participant: “When you buy a lead (consumer inquiry) you have an obligation, a responsibility to that consumer–treat it as such.”

You may not value your $15-$60 investment in that consumer’s information, but at least fulfill you obligation with a timely response, professional conduct, and all your resources to satisfy their inquiry.

Transparency

There has often been an adversarial relationship between lead suppliers and buyers. It is a natural and age-old conflict been marketing and sales. Unfortunately, this conflist has often been tortured by the offenses of the less scrupulous of the lead selling and buying community. You know, the fly-by night lead suppliers that pop up with a domain name and landing page and flew off with your $1000 deposit and returned not a single lead. And the loan officer that hops from shop to shop and lead provider to lead provider stealing (and sometimes reselling) a 100 leads a pop.

The best defense to these scams that here the industry and the consumer is to shine the light in the dark corners of anonymity or obsurity and watch them scatter.

Transparency–offering greater accountability on ourselves is the solution.

Best Practices

We often think of Internet originations as containing some secret formula that only we have discovered. Let me tell you, from my position observing numerous lead providers and lenders, we have all arrived at very similar practices.

Consequently, if we want innovation we need to increase the market. Make it more compelling for the consumer, a defensible business model for the lead suppliers, and the standard for mortgage, education, services, and more. This equation translates to increased profitability and capital. And it is as simple as lowering the risk to doing business in this format.

Openly sharing best practices in lead providers, technology providers, marketing methods, and sales techniques is the key. Opening this market as the first choice for consumers and businesses is the road to riches.

Collaboration

Guess what? None of this works without building a healthy “Internet Lead Ecosystem.” Paul Knag led a powerful session on defining and cultivating this healthy system. It easily was the capstone session to Leads2007.

Understanding our roles and responsibilities in this market and contributing to strengthen our partners as well as ourselves will continue to push us forward.

TODOs

These major themes drove this group to commit to three major initiatives:

• Internet Leads Best Practices Whitepaper
• Collaborative Organization or Association
• Lead Feedback Standard

If you would like to participate in any of these initiatives comment below or contact bill [dot] rice [at] kaleidico.

Thank You

Before I wrap up this post I need to thank all of the great folks that helped make this first of many year a success:

Our Sponsors

Kaleidico
Leads360
LendingTree
LowerMyBills
QuinStreet

Our Bloggers

Atul Patel
Better Closer
DoublePositive
LeadCritic
LenderFlex
Paul Knag

Our Session Leaders

John Challis, LeadPoint
Todd Webster, JuicyLeads
Jeff Gombala, LenderFlex
Paul Knag, American Home Mortgage (prior to the implosion)
Noel Collins, Equity Direct Mortgage
Garrett Brief, Affiliate Media Network
Brenda Robertson, Career Education Corp.
Keith Burwell, Kaleidico

Our Behind the Scenes Sweat

Keith Burwell
Greg Cieslik
Noel Collins
Mike Ferree
Joseph Lobsinger
Nick Martini
Lisa Salzwimmer
Doug VanDeMotter

See you at Leads2007!

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