What is a Lead? Mapping a Lead in your CRM?

On the topic of leads, let's start off this Monday with a topic that I have been going over. I had plans on what to do with this topic and information that has been gathered from many ISO Companies and it has been expanded when setting up CRMs. Any CRM.

The word "Lead" and "Prospect" are swapped in MCA Vetting and the CRM is usually outlined differently than what your lead sales process. A "prospect" is likely to want your product whereas a "lead" is the same thing - prospective consumer of a product or service.

All because a Business has a UCC does not mean they are a prospect. UCCs are cold leads. Aged or recent, over 40% of the UCC leads from 2015 (on my personal listing used by Brokers) have phone numbers that have been disconnected or out of business. These are UCCs that have advances from advance companies. If you do call UCCs - if say 7 out of every 100 "hot leads" Fund... how many numbers and man power have to be called for each of your guys to get 100 hot leads and fund at least 10? Say half of those 10 have commissions = $6k average ($40k deal) Usually it's brokered by one LLC and commissions paid to a rep or ISO. After splits etc. Are UCCs even worth it - bare boned?

When buying a lead or calling a lead- whether it has a UCC or has been approached, in a loan/advance before, it is "Cold". Brick cold calling, originating all over again cold. The only type of lead that isn't "cold" is an inbound email request or warm live transfer. AND for us- it's for information and understanding if the number the merchant WANTS adds up how confident you SOUND in telling them YES and that you CAN fulfill their request aka they are a prospect for capital.

The way we ask for leads and record the process of the leads makes a big difference in what information you need in a lead for it to BE A PROSPECT, how much you are paying for such "leads", and how you handle them to make them work. :)

I would classify "leads" as being either cold, warm or hot. "Cold" and "warm" leads are usually aged lists of merchants who have taken out advances or inquired about working capital in the past. A "hot" lead is usually an inbound inquiry (phone call, email, text, internet form fill) from a business that meets your general funding criteria. Once you've spoken to the lead and verified that he's looking for working capital and is interested in obtaining a quote from you, then he becomes a "prospect." Prospects are added to your sales pipeline; leads are not.

A sales "lead" is a prospective customer or client. Anyone who provided name, email, phone...or showed an interest in ( including ucc) in the past/present/future on your product and services.

A prospective customer is not a "sales prospect" because further qualification is needed to determine

a) can they possibly qualify ( top salespeople quantify this to not waste their time)
b) Intent
c) Interest


Leads are generated thru many methods( cold, warm, internet, referrals,ucc, calling lists, yellow pages) and then they are moved thru a sales cycle from very cold to warm to hot...closed or Funded or Denied ..Followed up or trashed forever.

Most people want to pick up the sales cycle right when its "hot" ...a day before close.

Pipelines are cultivated by top salespeople to take the lead from cold to closed and maintain interest and gain trust.

When you are midway thru the sales cycle you can create "urgency" to move to close; moving in before that makes people come across as a pushy salesperson. Sales skills and awarenes are gained thru experience ( good and bad)

Looking for the "hot" instant leads is what causes most sales peoples demise. While its great to try to create these instant campaigns it is not realistic and if it was so easily done, high commissioned salespeople would not exist.

Salespeople get paid top dollar because they pull people thru the close. If you do not, you are just an order taker and anyone can complete the task,( therefore you do not deserve top commission.)

Creating a deal flow or a system for salespeople, whether it's thru outbound or inbound calls is a task that most can never complete. Not just because of the technical aspect of it...but the mental aspects and the discipline and skill required.

When you become great at sales and marketing you look at everyone like they are a "lead"....they are either a sale, a possible broker for your organization or a possible referral. And almost everyone is a lead because almost everyone needs money.

OR....stick to the script ( which has the opening then urgency, reverse close, drop with the half twist ) built in.

All really great points. Leads that verify that they are Not looking for working capital, and would Not like to obtain a quote from you are great future opportunities. For the most part, what they really mean is that they are not looking for working capital Right Now and they would not like to obtain a quote Right Now.

Asking what project they were funded for in the past can uncover a lot of great information to identify if this is a potential prospect for a 30-Day Pipeline in the future. Also asking about what other projects coming up within the next 30-90 days you can assist with will give you a great timeframe of when to next follow up. They are not ready for an app yet, but they are definitely ready to receive an email from you with your information for them to save for when the opportunity or need arises.

As small businesses, they always have projects. The opportunity or need for more working capital will always continue to arise as their business progresses, and with accurate timeframing and consistent follow up a rep can become the Trusted Advisor for the next round(s) of funding.

-FundingStrategist
https://fundingstrat.com