Entries Tagged 'Leads2007' ↓

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 obscurity 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!

Technorati Tags:
lead generation, lead management, leads2007

Paul Knag led an amazing session on defining the lead ecosystem?

How do you define the Lead Ecosystem? What is each player’s roles and responsibilities? What would you like to see from each player? Here are some thoughts from the session:

Lead Generators

• Match Lenders to Consumers
• More economic and effective marketing method
• Be an expert in generating leads
• Assume some conversion risk
• Leads on demand (market order)
• Be like LendingTree? Setting consumer expectations at point of generation
• Make Internet experience extraordinary for borrowers

Lead Management Systems

• Lead Distribution
• Performance Metrics
• Bell & Whistles (email, etc.)
• Reasonable cost
• Connectivity to other technologies
• Analytics
• Automated email capacity improved
• Improved page view speed
• Better lead responses on lead receipt (server responses to lead provider)

Lenders

• Monetize the lead
• Educate consumers
• Be compliant
• Educate lead providers
• Pay their lead providers
• Call the leads
• Ethics and service
• Be realistic in expectations
• Implement/enforce use of tools/system
• Communicate openly data/analytics
• Improve trust

Miscellaneous

• Lead regeneration (credit repair)/lead retention/incubation
• Pricing
• Loan Origination System/Open
• Dialers
• Consultants
• Research
• Association/Governing Body
• Marketing Management System
• Data qualification

What do you think? What do you what from this ecosystem?

Technorati Tags:
Internet leads, lead generation, lead management, leads2007, mortgage lead buying, paul knag

There was a general consensus (I think?) that we as an industry would work on a standard for real-time lead feedback data exchange.

Who wants to be on the lead standardization task force? Comment below.

Technorati Tags:
lead generation, lead management, leads2007

There is a lot of discussion of LOs as “mercenaries” and does the organization have a responsibility to the consumer to manage that ongoing relationship?

There was a lot of discussion that LOs are in a transactional mindset and have incentive structures that focus them only on 30 day relationships. Therefore, if the organization does not take responsibility for the customer experience, then the consumer will be disappointed and you will disadvantage your conversion.

What is the key to developing a better customer experience?

DoublePositive pulls out some interesting points from this session.

Technorati Tags:
doublepositive, leads2007, customer experience

We just completed the “Improving the Customer Experience” session at Leads2007 and I found a very interesting observation…

Rarely was the term “customer” or “client” used in the discussion. In contrast, the term “lead” was the focus. Do we really care about the customer experience? Is it important to the growth of our industry? Or is it just about “crushing” the “lead” and the process the customer and their experience?

Technorati Tags:
lead generation, lead management, leads2007

Obviously, we have navigated back into 1990s mortgage credit crunch waters. This, you would think, has become somewhat predictable to the mortgage business. However, the originations environment change significantly during the last boom:

• Wall Street got closer to direct originations and purchased platforms,
• Products became much more exotic and specialized (driven by investor portfolio needs as much as consumer needs),
• Internet originations became a viable business model, and
• Lead generation entered the market to capture the 60%+ consumers using the Internet to seek a mortgage

The last one is particularly interesting since it is a player in the mortgage market that has never experienced this dramatic downturn. So, how will their process change? What will be different?

Paul Knag, formerly of American Home Mortgage and one of the casualties of grand scale mortgage implosion has some ideas. What do you think?

Technorati Tags:
lead generation, leads2007, mortgage lead buying, paul knag, mortgage implosion

I hope everyone is arriving safely, getting settled into your rooms, and getting excited for the pre-event mixer at the Big City Tavern. If you haven’t already sign-up to Bill Rice’s Twitter account–I will be using that to broadcast any last minute details to the group and updates throughout the next couple of days.

If you need a ride tonight, be down in the lobby around 6:30 pm. There should be plenty of extra seats in various cars.

Technorati Tags:
leads2007, twitter

Is there a better way to generate mortgage leads? Maybe the Web 2.0 way? Lead Critic explores what a new mortgage lead generation business plan might look like.

Technorati Tags:
Internet leads, lead critic, lead generation, leads2007, social media, social networks, Web 2.0

1. Lead Return Format
2. Data Interchange between Product, Pricing, and Eligibility Services
3. Data Interchange between Loan Origination Systems
4. Market Orders
5. Lead Transmission Format

Thoughts?

Technorati Tags:
Internet leads, lead management