The Real Cost of Leads

There are many options to get leads and grow your business. This is a blog about paid leads. Let’s be clear, organic marketing is part of building a healthy brand and generating great leads for your business. Using a paid leads program tries to jump start this process and get you right to the nurturing stage.   

What is organic marketing? Things like word-of-mouth, inbound marketing, drip campaigns, social media, website content and SEO — basically everything that generates traffic to your business over time rather than using paid methods. 

Of course, as a business, you’ll need multiple ways to attract leads and convert users. Organic marketing is one way to do that. Buying leads is just another quiver for your bow.   

The problem is, finding high-quality leads can be a time-consuming and expensive process. Simply buying leads can be a waste of time AND money. To prevent that, let’s look at what constitutes a good lead vs. a bad lead and what to look for in a provider before you fork over your hard-earned money. 

ADVANTAGES OF BUYING GOOD LEADS 

1. Saves Time and Effort: When you purchase leads, you don’t have to spend time searching for potential clients or creating marketing strategies. Buying leads allows you to have a list of prospects readily available, so you can focus on converting leads into clients. 
2. Targeted Prospects: You can purchase leads that are highly targeted to your ideal client profile. For instance, if you specialize in retirement strategies, you can buy leads for households aged 50+, with $300k in investible assets, who have shown interest in retirement planning. 
3. Higher Conversion Rate: When you buy leads, you’re investing in a list of people who have already shown interest in your services. This means that the likelihood of converting these leads into clients is higher compared to generating leads from scratch. 
4. Exclusivity: Getting guaranteed exclusive leads can make a huge difference in converting your leads to clients. Imagine having no competition for your prospects! 

DISADVANTAGES OF BUYING BAD LEADS 

1. Expensive: Purchasing leads can be costly, especially if the leads are exclusive to you. The cost of leads can vary significantly depending on the provider, quality of the leads, and your niche. But the cost of a bad lead is much, much more because it’s a waste of not only your money, but your time, too. Time better off spent nurturing more targeted prospects. 
2. Low-Quality Leads: When purchasing leads, there is no guarantee that the leads are of high quality. Some providers may sell outdated or inaccurate leads, making it difficult to convert them into clients. 
3. Negative Reputation: Buying leads has been associated with a negative reputation in the industry. Especially if you purchase bad leads. If you’re focused on Retirement Strategies but are contacting prospects in their 20s, there is something wrong. Even worse is sending emails to leads that have opted out (hello, SPAM!). So not only could prospects perceive advisors who buy leads as unprofessional or desperate for business, there’s room for stumbling into legal implications, as well. 

WHAT TO LOOK FOR IN A LEAD GENERATION COMPANY 

The company you get leads from may be as important as the leads themselves. Make sure to get the right bang for your buck. Ask how they get their leads. Will the leads be targeted to your demographic? Do you pool prospects with other advisors? What kind of support will you be offered (Just the leads? Or is it part of a larger program?)  

Lastly, what is the contract? Because once it feels like you’ve gotten enough activity to your sales funnel and you’ve found all the potential clients you can, you don’t want to be stuck in a long, drawn-out contract. And you certainly don’t want to pay for leads you can’t get to right away. 

THE DMI ADVANTAGE 

Now what if I told you DMI has a NEW Leads Program with all the positive attributes, and none of the negative ones. How, you ask? 

We use software that allows people interested in planning for their future to gauge where they are in reaching their retirement and insurance goals. Prospects see ads on social media and answer 30-40 questions on key financial details. Then a financial roadmap generates based on the provided data, which DMI’s top partner uses to qualify the leads. Then we deliver them EXCLUSIVELY to you. 

Because the prospect initiates contact themselves, you avoid cold calls and other ruts. The leads will be delivered exclusively to you with a wealth of information to work with so you can nurture them. And that’s one of the best parts of the DMI Advantage Leads Program — the training, support, and best practices you get so your first interactions turn your leads into appointments.

And if you find you get flooded with leads and you want to take a break for a month… great! You’re not locked into a contract. Your longevity with this program is entirely your choice.  

CONCLUSION 

DMI knows financial professionals must constantly look for new prospects to grow their businesses. It’s good to mention that most paid lead programs are not going to be as good as organic lead generation that comes from a business’s own landing pages, social media, webinars, etc. (and we can help you there, too). 

That being said, buying leads can be a viable option for agents who want to save time and effort. However, it’s crucial to ensure that the leads purchased are of high quality, targeted to your ideal client profile, and exclusive to YOU. Always weigh the cost of purchasing leads against the potential return on investment.  

Ultimately, the decision to buy leads will depend on your individual circumstances and business goals. 

Because the real cost of leads is more than money — it’s time, too. And DMI realizes both are valuable. 

Let us show you the new DMI Advantage Leads Program. Sign up today to have us do the heavy lifting and we’ll deliver QUALITY leads EXCLUSIVELY to you — saving you so much time. And probably make you some money while we’re at it.