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Why buy leads if you can get referrals? A referral is effectively a lead you don’t pay for which has a higher probability of converting into business.
While advisers should have a plan to maximise the number of referrals they get, unless you have a huge pipeline of business, referrals alone will only take you so far.
But they are a useful tool and if used along with lead generation, the flow of fresh business could multiply with only a small outlay. Even with fairly low conversion rates buying leads is a cheap way to build a pipeline of potential clients.
If you only convert two or three leads out of 20 into business, every time you speak to a consumer looking for mortgage advice there is an opportunity to do business not only from them but from referrals.
And this doesn’t just apply to referrals from the converted leads. If you buy 20 leads you have 20 opportunities to do business multiplied by all the potential opportunities from referrals.
Often you might receive a lead from an interested client but you can’t find them a suitable product. While this might seem like a waste of a lead, by providing good service you can benefit from referred business.
Consumers remember good service and will tell others. It might take a little time to get things moving but if you start now, you will reap the rewards in just a few months with a consistent supply of referrals.
Where lead generation fits in is that it can kick-start this process and with some as low as £5 per lead now is the perfect time to start.
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