Everyone wants quality leads now for a low cost
Most people get fast leads that come cheap, but they may not be good quality. They then give up and say Facebook Ads are rubbish.
The problem is everyone wants cheap leads, great quality and they want them yesterday, which doesn’t really exist when it comes to online lead generation.
We were chatting recently about this and came up with this idea of a triangle, where you can only have two out of these three things at once (Quality, Speed, Cost).
You could back in the day
You could when the internet first started have all three. If you found a source like Google before it really lifted off in the early days of the internet. Back then you could get fast leads that were really good quality, at a really good price.
Nowadays every fast, every quick and good quality source of leads has now been exploited to death. Everyone knows that Google is a great source of great quality leads which has increased the cost per click (as it’s an auction).
We have found with some financial services products, companies run things as a loss leader. Which again, pumps up that cost because they’re happy to make a loss on the initial lead. They’ll then think, Okay, well, we know we’re going to get this business again, through our retention procedure in about two to five years time. They look at the lifetime value of the customer, which again, just keeps bumping up that cost to go after one client.
So you can’t really nowadays have all three at once from a standing start (quality, speed, cost).
Essentially you can have quality and it can be cheap, but it’s not gonna be fast. That’s in terms of, you have to put a lot of your own time into SEO and/or social media.
Typically, with SEO, we say you will see some kind of benefit after six months. Then the benefits starts to sort of really kick off to 12 months, and then it’s really what do you get 18 months, two years you really see the real fruits of your labour.
SEO can be quicker if there are brokers, advisors, or anyone in financial services that have been around for like 10 years and you’ve still got the same domain. You could move a lot quicker and get a lot quicker traction than someone that buys a domain tomorrow.
So you either need to either be patient, play the long game or pay for quality.
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