Many lead generation companies fall into the trap of focusing purely on lead volume and click-through rates. They fail to implement a more effective strategy, that of pre-qualification.
Qualifying your leads is an essential advertising addition, as the generation of many cheap leads puts pressure upon a sales-stream. This is an issue that is seen particularly within smaller businesses.
Through two pre-qualification strategies, we can show you (1) how to improve the quality of your leads and (2) how to balance this with volume. This ensures that you can dedicate your budget to leads that are more likely to convert.
First Strategy: Lead Form Length
If we use the example of homeowner loans below, initially putting the word ‘homeowners’ within the ad copy would deter a large percentage of enquiries. This would result in a decreased CTR, but would simultaneously help you to identify the best-quality leads.
We can achieve a similar effect with lead forms by adjusting the length according to your business targets. For example:
Addition of more fields: Increased lead quality, decreased lead volume, ideal for smaller team with less capacity
Fewer fields: Increased lead volume, decreased lead quality, ideal for larger sales team with more capacity
You can therefore vary your form length to balance quantity with quality. However, this is something that should be examined in tandem with sales team sizes and capacity.
You could consider testing the addition of further form fields to help pre-qualify more traffic, or implementing an a/b test, looking at traffic-to-sale conversions, to see which drives the best results.
Second Strategy: Customer Journey
Whilst the use of differing form lengths is an effective way of balancing lead quality with quantity, another option could be to vary form length based on backend availability on the sales side.
This would be implemented through two customer journeys. The ad would go to the same landing page, with a form change depending on the backend sales team capacity.
This an effective way of balancing resources: it ensures that lead quality is still maintained, even if a sales team is experiencing lower capacity.
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