What We Learned in Lead Generation - March Mid-Month Update
Welcome to the mid-month update of everything behind the scenes going on at FinanceVine, in our quest to generate the highest quality mortgage, insurance, and real estate leads in Canada.
Mortgage Refinance & Home Equity Consolidation
In February’s update, I wrote about how we are working on consolidating our refinance and home equity mortgage individual funnels into one unified version.
We’re happy to report that, despite the few setbacks on the current refinance campaign that I mentioned in the last update, things are moving along nicely on this project.
After analyzing the forms, we realized that they were very, very similar. So we’ve put together a form outline that consolidates the most relevant questions from each form and the most important qualifying conditions (at least 20% equity in property, residential property, and so forth).
We were able to get the form down to 10 qualifying questions + contact information, which is great because a form that is too long is more likely to be abandoned, and a form that is too short, does not require enough commitment to dissuade the most poorly qualified leads from submitting it.
With the new form, we will be able to segment homeowners interested in modifying their existing mortgage(s) into 5 groups based on their interest or needs:
- Debt consolidation
- Cash for renovation
- Cash for investments
- Age 55+ (reverse mortgage possibility)
- Reduce rate / change terms
Now, each of these 5 segments, if they meet qualification criteria, will get a specific quiz result that lets them know (in general and without getting into too much detail) the types of mortgage products that may potentially fit their situation.
And then that is the hook for them to get in touch with a broker, who can use their expertise to explain these different options in more detail and help them choose which one to apply for.
We’re hoping to have this launched before the end of March. Here is an outline of what it looks like:
SMS Verification Update
This has been an exciting and frustrating project.
It's exciting, because verifying phone numbers using an SMS CODE is without a doubt, the best way to maximize lead quality and minimize time wasted trying to contact fake or wrong numbers.
It's frustrating, because we’ve received some pretty great results in initial tests, but unfortunately, have run into a number of different issues that have continued to delay the full adoption of this method of contact info verification.
The latest issue is getting our sms messages undelivered by the big Canadian telecom cartel (Bell, Rogers, etc.) for not adhering exactly to their vague standards.
The reason is because our version 1 method was to set up our own system, where we’d text the number provided and ask them to press “1” to be transferred to their assigned broker.
We wanted to make the process as smooth and easy to understand as possible, which is why we opted for this system. Unfortunately, we need to ensure our messages are 100% delivered, so with the current issues with the carriers, we need to swap tech and use the “official method” which is sending a 4-10 digit code, and then have the lead enter that code onto a webpage.
So we are moving to Twilio Verify as rapidly as possible, so we can get this verification system back online, gradually test to work out the final bugs, and hopefully have full adoption sometime in April, so we don’t have to rely on the less accurate method of reverse phone lookup identity matching to scrub our lead lists of spam / bad leads.
Big Gains on Google Display Network
In addition to Facebook, Instagram and Google Search, we are now starting to see some pretty massive progress on Google Display Network, as we’re currently running at a pace of 300 leads per month on our leading campaign, with more room to scale, and hopefully the ability to replicate those results for all of our mortgage and insurance campaigns.
This is fantastic news as it means more lead flow stability and more lead volume to help fulfill our ever increasing demand for leads.
The end of month update for March will be out the first week of April, and we’re hoping to have some more conclusive answers regarding the integration of our new refinance and home equity form, plus, Twilio Verify.In the meantime, if you are not already a client and would like to be, schedule an intro call here.