All leads are not created equal, especially in the mortgage industry. Inefficient lead handling practices waste time, energy and resources. Optimizing lead conversion starts with better intelligence from the outset and continues with ongoing data-driven process improvement. Achieving that vision can be done by enhancing your technology with data-driven tools to address the entire lead lifecycle.
Know More About Lead Behavior
Not knowing enough about the leads that you are buying creates pitfalls from the start. Too often, lead buyers lack insight into the quality and behavior of purchased leads. The key to breaking this cycle lies in behavioral intelligence.
Lead-scoring models traditionally focus on demographics and other static attributes, instead of behaviors that indicate buying intent. Lead buyers should rely on solutions that apply predictive scoring models that incorporate behavioral data indicating likelihood of conversion. Knowing that probability significantly increases the chances sales teams will be successful. For example, Jornaya’s lead analysis technology provides detailed intelligence on customers’ real-time behavior.
With enhanced data sets that provide specific and personalized insights into each lead — and in real-time – lead buyers can understand their potential customers better and improve their performance with each lead. Once those leads are gathered, the next key to success is about the ability to effectively integrate those enhanced data sets into an automated decision making process.
Make Smarter, Data-Driven Lead Management Decisions
Once you’ve gained better lead data insights, you can then apply the science of machine learning to improve results. For example, relying on enhanced, real-time lead data insights establishes a system to continually help sales teams refine their lead handling decision making processes. Instead of wasting time chasing down bad leads, or manually analyzing which leads perform better than the rest, relying on technologies rooted in hard data science streamlines workflows to achieve more robust outcomes during each stage of the lead lifecycle. For example, with ProPair’s DECISIONS platform, sales teams can establish automated, repeatable processes to know how, why and when a specific lead should be contacted or nurtured — and by which loan officer. By using machine learning to automate and optimize every aspect of your lead management decisions — including how to assign, re-assign and prioritize lead activities — sales teams can focus their efforts on the leads most likely to convert.
The right technology can deliver actionable insights to remove internal inefficiencies and help teams achieve and stretch their key performance goals. Achieving these goals starts with having the right technology in place to empower your sales teams to understand how to strategically approach leads with a data-driven mindset.