[LoneStarValorFunding]

Hello,

I'm the owner of LoneStar Valor Funding located here in San Antonio, Texas and I'm an Army Veteran. We are still fairly new and working on ramping leads. I have 2 other people on staff with 1 being a Spanish speaker from Guatemala. We have looking at possible was to get more leads and produce more business, does any have some good advice on this? We have been using google ads and Facebook ads with minimal success. Thanks in advance and appreciate all feedback.

[diditevenfund]

Is the #1 barrier in this space now (lead gen). Google can be great, but requires a high spend and a very good process for making sure it is done right. Same goes for Facebook, many people offer running ads, only a few actually know what they are doing. Like Google, FB requires a lot of split testing, analyzing data trends, and using custom audiences vs advertising to the same interest triggers everyone else bombards (FB).

Cost of getting a funded deal + renewal/retention % = will make or break any brokerage

[PopCrumbs]

Hello,

I'm the owner of LoneStar Valor Funding located here in San Antonio, Texas and I'm an Army Veteran. We are still fairly new and working on ramping leads. I have 2 other people on staff with 1 being a Spanish speaker from Guatemala. We have looking at possible was to get more leads and produce more business, does any have some good advice on this? We have been using google ads and Facebook ads with minimal success. Thanks in advance and appreciate all feedback.

There's a million responses to this. Leads are not some magical creature that when you posses them you will make money and be rich. The lead is the key to the door but if the house is a mess, dirty, broken, smelly, etc.... its never going to sell.

From the sounds of it you're running a sales script/process that you feel is good and chances are its not, go on data, figure out how to tweak parts and measure the results. My first question is are you using a CRM to automate your lead follow up? if the answer is no thats right there is one of your problems.

Google ads and Facebook are two different types of people too, you need to triage each lead source differently, work your script, process on each to get optimal success.

This whole industry bounces from one lead source to another chasing a high like some coke head on sunset blvd in the 1980's, the key is figuring out how to intake each lead source, and handle them in the way that gets that source to yield the best results, then move to the next.

[diditevenfund]

Merchants will check your online reputation as well. Seeing no reviews or any real signs of being a trusted partner to them will result in going dark during process, etc. Most will blame the leads vs do a mirror check.

[JasonBishop]

Merchants will check your online reputation as well. Seeing no reviews or any real signs of being a trusted partner to them will result in going dark during process, etc. Most will blame the leads vs do a mirror check.

Facts.A company with zero reviews or gets slaughtered on reviews with 3 Star averages won't be able to maximize on any lead stream.

[Franklin]

Hello,

I'm the owner of LoneStar Valor Funding located here in San Antonio, Texas and I'm an Army Veteran. We are still fairly new and working on ramping leads. I have 2 other people on staff with 1 being a Spanish speaker from Guatemala. We have looking at possible was to get more leads and produce more business, does any have some good advice on this? We have been using google ads and Facebook ads with minimal success. Thanks in advance and appreciate all feedback.

First thank you for service, LoneStar


Your question isn't very specific so it's hard to give you super specific advice that you'll see immediate results from.

The advice mentioned above is all valid and helpful, but you seem to have some clear weaknesses, or at least questions, in your processes.


As your background is military, I'd ask if you have any previous sales experience, and previous prospecting experience? Not the same thing, but both equally important and necessary skills, either to use yourself, or to train your team.


As you are new, your questions and issues are not atypical, and par for what every newbie goes through.

You emphasize spanish speaker... are you targeting the spanish market?
I would also ask, how is his accent, and his confidence in the english language, because they both need to be on point if he's doing sales. If he's just opening for you, keep conversations short.

It depends on what the issues are with your current leads, which you haven't stated, and whether the leads are even the "real" issue.



Google Leads
Merchants have a problem they need a solution to right now. Over half will consist of start-ups, low rev merchants or defaults.

Are you finding out what their serious issue is, what their goals are, and are you presenting a fast, simple effective solution to reach that goal?

Do you have enough lenders to offer different solutions to these merchants?
Do you hit the merchants as soon as they come in, and do you follow up continuously until you're able to communicate with them?

What is your sense of urgency with these merchants? (it always needs to be high). Are you asking the merchant what he wants to do, or are you gently but firmly directing him?



Facebook Leads
While these are inbound leads, they have a little more in common with interruption marketing, as the merchant was browsing, relaxing, and then they saw your ad. And there's no guarantee it’s a merchant, as 60-70% of people from facebook ads also usually do not qualify, unless you really know what you are doing.

These leads generally require more nurturing. You also need to pin them down earlier as to when they are looking to move, because you want to give your time to merchants who allow you to drag them to the finish line.


You should have a working pitch that you/your team uses each time. You don't wing it when you are a newbie, you need to have a working process that you are following. Right now it's trial and error for you. Keep track of the things that have worked, and make it part of a repeatable process.

It's ideal to work for a company first that does this, but you may have moved past that point already, with your current capital outlays and commitments.



If you want to talk further, feel free to reach out to me.




www.UccRadar.com – Large sales volume merchants filling out your application.

[JasonBishop]

Franklin, they say you are the alter ego of Dumb Leads. In your world like spiderman has black suit spiderman. Whats going on?

[Franklin]

Franklin, they say you are the alter ego of Dumb Leads. In your world like spiderman has black suit spiderman. Whats going on?

Lol. Don would be more like an annoying younger brother.

[Yankeeman07]

Hello,

I'm the owner of LoneStar Valor Funding located here in San Antonio, Texas and I'm an Army Veteran. We are still fairly new and working on ramping leads. I have 2 other people on staff with 1 being a Spanish speaker from Guatemala. We have looking at possible was to get more leads and produce more business, does any have some good advice on this? We have been using google ads and Facebook ads with minimal success. Thanks in advance and appreciate all feedback.

I sent you a Private Message

[LoneStarValorFunding]

Thank you everyone for the comments and feedback. I'm going to try to answer everyone questions the best way I can. First, I do have sales and prospecting experience but honestly, I could probably be better on the prospecting side myself. Also, I'm not looking for some magic bullet or anything and understand things take time. My question really came about when signing up with vendors they are making sound like brokers are getting all these leads. I do have a CRM that is built with a bunch of automation to engage leads and have seen success with it.

[PopCrumbs]

Thank you everyone for the comments and feedback. I'm going to try to answer everyone questions the best way I can. First, I do have sales and prospecting experience but honestly, I could probably be better on the prospecting side myself. Also, I'm not looking for some magic bullet or anything and understand things take time. My question really came about when signing up with vendors they are making sound like brokers are getting all these leads. I do have a CRM that is built with a bunch of automation to engage leads and have seen success with it.

If youre getting fresh leads from Facebook/Google i'd expect these numbers

60-70% contact rate
about 50-60% of them will be qualified to get an app
40-60% should come back
1/3 should see an offer
1/3 should close

So
If you buy 100 leads you should talk to 60 of them, 30 of them will be qualified, 15 of them will send in paperwork, 5 will get an offer, 1.66 will close

Obviously if you can contact 70% over 60% youll be better off, but if you're only talking to 30% of them, thats on your process and technology. Usually a lot of people have this issue to start, low contact rate, or they dont even know what rate their contact is at. Your CRM should help you, do you know what your contact rate is at?

[Franklin]

If youre getting fresh leads from Facebook/Google i'd expect these numbers

60-70% contact rate
about 50-60% of them will be qualified to get an app
40-60% should come back
1/3 should see an offer
1/3 should close

So
If you buy 100 leads you should talk to 60 of them, 30 of them will be qualified, 15 of them will send in paperwork, 5 will get an offer, 1.66 will close

Obviously if you can contact 70% over 60% youll be better off, but if you're only talking to 30% of them, thats on your process and technology. Usually a lot of people have this issue to start, low contact rate, or they dont even know what rate their contact is at. Your CRM should help you, do you know what your contact rate is at?

Good numbers.


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Thanks for the analytics PopCrumbs. Any reason why out of 100 leads, you're not seeing the industry average of at least a 4% closing ratio?





www.UccRadar.com – Large sales volume merchants filling out your application.

[PopCrumbs]

Good numbers.


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Thanks for the analytics PopCrumbs. Any reason why out of 100 leads, you're not seeing the industry average of at least a 4% closing ratio?





www.UccRadar.com – Large sales volume merchants filling out your application.

Because i don't lie to sell leads?

4% is the high end of "average", id say impossible with social media leads, and only if youre really good at it with search based leads.

Was that the average in the 2018 debanked state of the industry report?

[Franklin]

Because i don't lie to sell leads?

4% is the high end of "average", id say impossible with social media leads, and only if youre really good at it with search based leads.

Was that the average in the 2018 debanked state of the industry report?

It's actually the general industry average across the board, over all lead-gen mediums, including cold calling (the actual number is 3.92%).

Google Adwords is in the 4%-5% range, the issue is the cost per acquisition per funded deal.




www.UccRadar.com – Large sales volume merchants filling out your application.