December 1

Lead Validation: Why Most Online Leads are an Expensive Waste of Time & What to do Instead


Lead Validation: Why Most Online Leads are an Expensive Waste of Time & What to do Instead

In my previous blog post, I talked about why generating leads is one of the most important things for many mortgage and insurance brokers, what are sales-qualified leads, and why they are crucial for your business. 

In this blog post, I am going to talk more in-depth about what lead validation is and why it is so important for your business.

Lead Validation can help any business improve their marketing and sales efforts. Many businesses face the problem of incomplete, incorrect, or spam form submissions. This is where lead validation comes in to fill in the gap to filter new leads before passing them onto marketing automation and direct sales efforts. 

What Is Lead Validation and Qualification?

Lead validation is the process of verifying the contact information of the leads you generate. Without it, you run the risk of wasting a lot of time and effort on dead end leads & miscalculating the ROI of your advertising campaigns, which could lead to sinking advertising spends into bad campaigns.

What If You Do Not Validate Your Leads?

Not all phone calls or form submissions are strong leads. In fact, according to a recent study by Straight North, analyzing over 350,000 marketing inquiries, barely half of them were legitimate sales leads. Inquiries may include: 

  • Spam form submissions
  • Customer service inquiries
  • Form submissions with missing or incomplete information
  • Phone misdials or auto-dialers

Why Is It Important?

Here’s why lead validation is so important for your business:

  • You receive a much better marketing ROI, by only receiving legitimate leads. 
  • Your sales team is way more efficient; by not spending time chasing fake leads.
  • You collect clean and accurate data which provide accurate closing rates
  • You are compliant with regulations such as CASL 

How FinanceVine Can Help Your Business Grow?

The FinanceVine Platform utilizes a suite of technology for lead capture, verification, consent, and assignment:

LeadConduit is a lead optimization platform that facilitates real-time actions on leads; data integration, validation, enhancements, filtering, and routing.

TrustedForm is a lead certification product that helps us comply with regulations like TCPA and CASL by documenting consumer consent. 

SuppressionList is used for checking leads against exclusion lists in real-time. This helps us discard duplicates, fraudulent, or other undesirable leads.

To sum up, FinanceVine’s leads include:

TrustedForm Certification that proves the lead filled out the form voluntarily. This includes a log of the IP address, date, time, browser, and even a video recording of the action being taken. 

Validation that the phone number is in service with reverse phone data appended when available & the email is a legitimate address that will not bounce.

Suppression List, which excludes clear fakes, and duplicates within the past 90 days - so that you don’t get the same lead twice and so that a lead isn’t shared with another broker in that time period if they re-apply. 

BlackList Alliance filtering, which removes any leads with a phone number of a known litigator - these are people who fill out online forms trying to catch mistakes they can sue for. 

What’s Next?

This blog post was all about Lead Validation and Qualification. Next week, we are going to talk about the next phase of the process, which is Sales Automation.

Here at FinanceVine, we are experts in generating ROI-positive results in the financial services space through online lead generation.

Schedule a call with us and discover how we can help your business.

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About the Author

I started out as the Internet marketing director for an Automotive Group. I learned about Facebook & Google advertising running campaigns for auto loans. I transitioned to full-time entrepreneurship in 2014, and have been at it ever since.

James Vannelli

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