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05-16-2014, 12:42 PM #1
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- Apr 2014
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Problems with Live Transfer Leads
Is anyone experiencing the following situation with any live transfer lead companies:
You speak to the lead and they seem to be very nice and interested. On follow up, they either don't pick up the phone, or within a few days of initial contact they tell you they have health problems and are selling the business. This seems to be occurring too frequently to be a coincidence. Your input is appreciated.
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05-16-2014, 12:50 PM #2
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- Apr 2014
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- New York
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That'll happen
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05-16-2014, 12:56 PM #3
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- Apr 2014
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- 64
It's seems like every lead from a particular company goes bad.
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05-16-2014, 03:08 PM #4
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- Sep 2012
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That's why I don't buy live transfers...
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05-16-2014, 05:23 PM #5
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- Oct 2013
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- Designer
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That's a pretty loaded question. The short answer could be a couple of reasons, the main reason appearing that they're not exclusive, which happens 2 ways;
The transfer company is calling on aged lead lists, of owners that had a past funding interest. Those lists can be bought from a variety of companies, anyone can pick one up. The transfer company calls them and has them transferred to you and they have a sincere interest at the time, but by the time you follow up, they were called by 5 other funders, and maybe they heard a better offer, or liked the agents voice better, or they both played softball in the same college town, or the owner was doing his accounting at the time and had paperwork ready, etc., and he decides to go with that funder, and now
he's just blowing you off.
The other non-exclusive way is they call a regular b2b data list, get leads, and transfer them. Then they call the same leads back (did you get the money you were looking for, No? Ok here's another option) and transfer them again to another funder.
The other reason is that these are business owners that are mentally done with being owners in their current situation, that are really looking to sell; they'll entertain conversations about financing, but barring a really substantial funding offer with amazing terms (5% loan for 3 yrs, at 700% of their monthly sales) they prefer to liquidate the business. You get leads like this from Craigslist (when you're new to successful marketing on classified sites).
Another probable reason is your technique, or lack of, evidenced by the phrase "on follow up". How good is your follow up and how good a job did you do with the lead on the initial contact? If the lead was as hot as you said, how did you lose him, where did you mess up to make the merchant not see value in working with you, despite the fact that you are offering exactly what he had a need for? Why didn't you bring it home...why is he now blowing you off? Did you make the conversation about the client or about yourself? Did you listen to what his needs and desires were and re-iterate this info back to him in your own words, so he knew you understood where he was coming from?
I've seen the same lead campaign go to 5 companies on equal footing, and I've seen 4 companies say the leads were crap and one company completely rip it up on funding, and they're still doing it while the others are still making excuses, and just sitting in their average little comfort zones. (I'm not talking about you Bruce, I'm just saying in general).
www.UCCRadar.com
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05-17-2014, 07:13 AM #6
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- Sep 2012
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- New York, NY
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- 1,780
Here's my problem with live transfer leads. Firstly, live transfer companies use telemarketers (usually from South America or the Philippines) who are compensated by the amount of leads they can generate. These low wage employees must produce or they are terminated. The goal of the telemarketer is to find a merchant with a minimal amount of interest in financing and push that to the client as a lead. Whether or not the merchant is actually in the market for immediate financing is of secondary importance. So a great majority of the live transfer leads are just tire kickers with no real interest in a merchant cash advance. They were just coerced into getting a free quote for financing so the telemarketer could make his daily quota and save his seat.
Secondly, the live transfer companies also re-sell these same leads to several other parties. They are not exclusive, and even if they say they are, there is no way to prove otherwise. You have to pray that the lead companies are honest and there's no honor among thieves. Let's face it, these guys are trying to make money and there is a big market for cash advance leads. So even though you may have a great first conversation with your lead, the lead will become cold and stop responding to your calls because he's already been inundated by 10 other broker calls between your 1st and 2nd conversation and it pissed him off so he stopped taking calls or he went with a smoother talking competitor. It's really dog eat dog out there in the live transfer business and unless you have exceptional sales skills and can do a one call close, you're going to be spinning your wheels. Otherwise, you have to pay a premium to make sure your live transfer leads remain "exclusive" to you. Some of the larger funders pay big bucks for armies of overseas telemarketers and this fairly guarantees that their leads stay exclusive (at least for a few weeks lol). The economics of the live transfer and MCA lead companies are not aligned with the client. The lead provider needs to maximize his revenue per lead and this means smaller clients will find themselves in a dogfight over a lead with other brokers.
So Bruce, I would say that most of your issues with live transfer leads come from the way the system is rigged. That's why I don't use them. There IS value in purchasing aged live transfer lists. Once all the sales calls have died down and the lead has had time to recover from broker shock, another voice can come in several months later and win the client. Plus they are much cheaper than live transfers so you'll get a healthy ROI. If you want to continue using live transfers, make sure you ask for copies of the initial conversation (the big companies can email the mp3 clip to you along with lead details) so you can get a refund if it sounds like the merchant was not properly pre-qualified. And also be sure to include the following line in your first conversation: "Now Bob, I don't want to alarm you, but you're about to get swamped by 50 other phone calls from brokers offering you the moon, so can you please give me the private number to your batphone so I can follow up with you?"Last edited by MCNetwork; 05-17-2014 at 08:14 AM.
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05-21-2014, 11:02 AM #7
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- Jan 2014
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- 283
I will agree with MCN that one problem is the leads are being resold to multiple shops. Another is that you tend to get the smaller merchants ($150,000 or less yearly gross) answering and not the larger ones. Don't get me wrong, I am fine with funding $10,000 deals all day, but to really make it worth your time there have to be some larger opportunities mixed in.
The main issue is that reps aren't prequalifying properly or building value. They pick up live transfers as if they are actual incoming calls and rushing through so they can get to the next one. A lot of these Merchants have not heard of our products before so making them feel comfortable and building some kind of rapport is key. Also trying to create some sense of urgency as far as sending in their submission is important. Just my $0.02..Last edited by JSL23; 05-21-2014 at 11:04 AM.
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05-21-2014, 04:04 PM #8
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- Feb 2014
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- Chicago, IL
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- 58
I think this ultimately is the crux of the issue. Live transfer campaigns are typically of the "push" variety rather than the "pull" variety. This essentially means that the merchant hasn't contacted the center on their own free will (or insensitived will) the lead source isn't pulling the merchants to them. Rather, they are pushing merchants to centers by power dialing and qualifying.
Can you close a pre-qualified transfer? Absolutely. That said, you'll run into problems with drop off, because the caller that's typically transferred wasn't the active seeker of your service, but rather some one who might meet the criteria of a potential client.
Secondly, as JSL23 pointed out, exclusivity plays another giant portion in your ability to maintain contact with said transfer.
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05-22-2014, 09:38 AM #9
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- Oct 2013
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- New York, NY
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I think you all make great points. It's definitely something I haven't paid enough attention to so thank you for educating me.
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09-20-2014, 12:03 AM #10
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- Aug 2014
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- United States
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PayPerCall Radio and TV leads are the way to go of you have the budget, I have clients demand Live Tranfsers, and I try and talk them into the PayPerCall becuase no risk to you in terms of "hoping" the thousands of dollars you spent will produce...you already know it will, and agree MCA, in terms of lenders killing it on same leads another lender didnt do well, they ALWAYS blame the lead..then i pull up recordings and ts the worst presos ive heard..smh.
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09-20-2014, 10:29 AM #11
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- Jul 2014
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One important point a lot of brokers miss when purchasing leads is that a 'lead' is just an invitation to a conversation. You're not purchasing lay down deals. Purchasing leads is designed to be a time saver, that's it, and that's all. If you can't present your product in under a minute to a prospect with a smooth transition to proper open-ended questions to uncover need, you are wasting money and time.
If you are getting excuses from people like 'My cat is sick.' and 'I'm selling my business.', it is likely you need to do some inward reflection and discover what you did or didn't do to build rapport and find the merchant's true needs for capital.
Stop blaming the leads you're given and start selling. If you can't sell, stop buying leads and start cold calling until you are a good enough salesperson to convert warm prospects.
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09-20-2014, 10:30 AM #12
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- Jul 2014
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..
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09-22-2014, 01:44 PM #13
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09-22-2014, 03:42 PM #14
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09-22-2014, 06:17 PM #15
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- Jul 2014
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- 128
Problems with Live Transfer Leads
Fund is so on the spot!
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09-22-2014, 10:35 PM #16
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- Sep 2012
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- New York, NY
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