For many businesses that rely on lead generation, maximizing return on leads can be the difference between profitability and bankruptcy. Especially in tough economic times, it is more preferable to spend time on revenue-generating activities than on time wasters like dealing with bad leads. Fortunately there are ways to improve your lead handling approach, a major part of which is your selection of lead providers.

Price

It’s easy to compare leads providers based solely on price. If Company ABC charges $25 and Company XYZ charges $35 then ABC is better, right?

Well, not exactly. The price of leads does hit your bottom line as a business expense, but that expense will be offset by the revenues you ultimately generate from those leads. Thus, the real measure is how profitable those leads are. For Bankruptcy Attorneys, then, the real measurement of leads providers is the quality of their leads.

Quality

In most industries, higher quality can demand higher prices. (Witness the difference between buying a Rolls Royce and a Kia, or hiring Julia Roberts vs. that kid from your high school theater class.) With lead generation, the quality of a lead involves several factors:

1. Is the individual an actual real person? — We’ve all chuckled at the Bart Simpson phone pranks, but getting leads from “Hugh Jass” and “Amanda Hugandkiss” is not funny when you’re having to pay for them. Unfortunately, a small percentage of these leads is to be expected in the lead generation business. The question is this: Does your leads provider make you waste time debating each one individually, or do they offer you a standard bad leads credit on your monthly bill?
2. Can the individual be reached? — Sometimes, the individual filling out a lead form mistypes their contact information or omits an area code, yielding an unusable phone number or email address. Alternately, they might have entered all their information perfectly but for whatever reason are not available to be reached. We covered ways to track down hard to reach leads in a prior post. Every one of these leads that can be tracked down can be transformed into a quality lead.
3. Is the individual interested in the product/service in question? — Think about a typical car buyer… They shop around for a while, narrowing down the make and model of car, until finally deciding what they want. Only then do they transition from “shopping” to “buying.” Similarly, individuals filling out your lead generation form may only be in the “shopping” stage. Depending on your industry, these leads may not be cost effective at all.
4. Is the individual ready to “pull the trigger?” — You could have a great lead, good contact info, and they’re interested in the product/service you provide. What good is the lead if they already found another provider? Even worse, what good is the lead if your own leads provider sold the lead to one of your competitors first?!? (For that matter, what good is your leads provider?)

It’s easy to see how something as simple as buying leads can quickly become complex. When looking for a quality lead provider, the bottom line should always be quality of leads. That means you should look for:

• Some sort of “bad leads credit” on your monthly bill
• A higher percentage of leads that are ready to buy
• A leads provider that hasn’t already sold your leads to somebody else

Using these criteria to judge your lead provider and working this program can help make your leads, and your business, more profitable.

Receiving a lead from a potential client is like hearing the starting gun in a footrace.  From the moment the lead comes in you are in a race to convert that lead into a customer.  But how do you make the transition from lead to client?  We’ve compiled this list of 5 critical steps to help you win the lead conversion race.

1. Respond as quickly as possible. When you receive a new lead, it’s imperative that you talk to the potential client as quickly as possible.  When users submit website information request they are in a decision-making mindset.  If you reach them soon after they submit their information your chances of converting them into a client are much greater.  Wait too long and the client may change their mind or find someone else who can answer their questions.Your first contact attempt should always be by phone.   If that attempt fails, follow up by email and try another phone call either later that day or early the next.  If you’re still unable to get in touch with the client, try mailing a letter, sending a text message to their cell number or sending an instant message to their email.  Be creative and make your communication as personalized as possible.
2. Listen. Once you establish contact with the potential client, don’t tell them about how great your services are — ask them open ended questions and listen to their needs.  Questions like “What can I do to help you?” or “Tell me about your situation” are great for getting clients to open up.  Be sympathetic and establish a connection with your client.  If you can make the client comfortable they are more likely to use your services.
3. Do Your Homework. Be ready to answer any and all questions your potential client may have.  If you’re not already, become an expert in all aspects of your business and your community.   If a client thinks you don’t know what you’re talking about, they will not want to use your services.
4. Offer an Incentive. Ease the transition from potential client to customer by offering something for free.  A free initial consultation or free first visit is a great way to get a client through your door and into your customer database.  Another great method is to offer free weekly/monthly seminars.  You can see more potential clients in a shorter amount of time.
5. Know when to Move On. Not every potential client will be a good customer.  Fine tune your lead screening process so that you can quickly identify the most promising clients and weed out the rest.  Don’t waste time trying to convert clients that aren’t a good match for your services — instead use that time to focus on converting the best prospects.

If you are an attorney who needs Legal Leads, please visit LegalRow.com to find out about joining our Attorney Network.