Responding to leads quickly
Research consistently shows that the speed of responding to leads significantly impacts the likelihood of qualifying and converting them into customers.
Here are key findings:
- First 5 Minutes Are Critical: Responding to a lead within five minutes makes you 21 times more likely to qualify them compared to waiting 30 minutes, and 100 times more likely to convert them compared to responding after an hour.
- Conversion Rates Drop Rapidly: Every 10-minute delay in response time reduces conversion chances by 400%. After the first hour, the likelihood of conversion drops drastically.
- First Company Advantage: About 78% of buyers choose to purchase from the first company that responds to their enquiry, highlighting the competitive edge of quick response times.
- Impact of Delayed Responses: The average lead response time is around 42–47 hours, with many businesses taking days to respond. This delay often leads to lost opportunities, as up to 30% of leads turn to competitors who respond faster.
- High Expectations from Leads: Modern consumers expect responses within 10 minutes, with delays beyond this timeframe reducing engagement and conversion rates.
These statistics emphasise that rapid lead response times are crucial for maximising sales outcomes and maintaining a competitive edge.
Relevant for mortgage brokers?
If we stick to the above then yes we should only advertise during office hours. The above data and tests are for all sorts of industries not financial services and not mortgages.
Your office hours might match those of the kind of people you want to attract as clients.
So what does real-life data from mortgage broker’s lead gen campaigns tell us?
How the Google Ads schedule effects results
When launching a new ad campaign, we typically run ads 24/7 rather than restricting the advertising schedule. This approach allows us to track every lead that comes through and feed the results back into the Google Ads account. By keeping the campaign open, Google can analyse lead performance, optimise bids, and make more informed decisions to improve overall results.
Then once we have enough data to make informed decisions we’ll look at switching ads off at certain times.
What do most mortgage brokers prefer?
Sometimes, what people want is not what they need.
Sometimes being a ‘yes’ person and agreeing to every broker’s request when managing their marketing can lead to disaster.
Linkedin Poll
You can see the poll on Linkedin here
I wasn’t totally clear in my instructions as to when “Early morning weekdays” would be, I meant before 9am but that could be seen as within working hours.
Instagram Poll
You can see the poll on instagram here
Working hours preferred
The vast majority prefer to get new leads while they are working. It’s easier to deal with it quickly but some really don’t care!
Conversion Rates: Bought leads vs. brand generated leads
When speaking with mortgage brokers who have purchased leads, I often hear:
“We’ll be lucky to convert 10%—realistically, we’re scraping 5%.”
The success of bought leads depends heavily on cost per lead and lead source. In contrast, referrals and walk-ins tend to convert at significantly higher rates, some brokers report 40% to 50% conversion rates or even higher.
What Does AI Say About Conversion Rates?
Curious about the difference between bought leads and brand-generated leads, I asked AI:
“Do you have any data comparing conversion rates?”
Here’s what it found:
- Bought Leads: Conversion rates for externally sourced leads are typically low – 1% to 5% on average, depending on lead quality and the sales process. These leads often lack precise targeting and may not align well with the brand’s ideal customer, making conversions more challenging.
- Brand-Generated Leads: Leads generated directly by a brand tend to convert at higher rates, typically 3% to 10%.
AI also noted that pay-per-lead models often prioritise volume over quality, leading to weaker conversions.
What About Financial Services?
When I specifically asked about financial services, AI suggested that conversion rates for bought leads are often even lower – around 1% to 3% – due to a lack of personalisation and alignment with brand-specific goals. It mentioned that brand-generated leads in this industry might convert at around 10%, though based on real-world data from brokers, this seems quite low.
The Reality Check
While AI provides a general benchmark, real-world results often tell a different story. Many brokers we work with are seeing much higher conversion rates than these estimates. That’s why it’s important to take AI-generated data with a pinch of salt and focus on what works best for your business.
Case studies
Case Study 1
Small UK mortgage broker with 4 advisers and monthly advertising budget of circa £3k per month. Spend can vary from month to month depending on required lead levels due to broker and admin availability.
January is normally the best month of the year to advertise, we also normally use the budget not spent in December within January too.
Graph shows amount spent on Google Ads by month in 2024
Side note! Most brokers start with a £1k per month budget
This client didn’t start at £3k per month, they started with a max £1,500 p/month Google ad budget in 2022, about a year later in 2023 after hiring more admin resource and seeing the consistent ROI they then increased their budget.
Which is the best day of the week
Key Observations
Best Day for High-Quality Leads (Green + Gold):
- Wednesday has the highest percentage of high-quality leads (71.8%) and also a high total volume of leads.
Other Strong Days:
- Tuesday (70.7%) and Thursday (69.6%) are also excellent days for generating high-quality leads.
- These days are strong secondary options after Wednesday.
Weaker Days:
- Weekends (Saturday and Sunday) have lower percentages of high-quality leads compared to weekdays
- Saturday: 53.9% Green + Gold
- Sunday: Slightly better at 58.6% Green + Gold, making it a better weekend option.
Friday Performance:
- Fridays have a moderate percentage of high-quality leads (60.8%) but are weaker compared to Tuesday, Wednesday, and Thursday.
Best Time Windows by Percentage of High-Quality Leads
- Wednesday, 9 AM–12 PM: Highest percentage at 78.6%
- Thursday, 9 AM–12 PM: 72.7%
- Tuesday, 9 AM–12 PM: 72.0%
Consistent Patterns
- The 9 AM–12 PM window consistently performs best across most days
- Weekdays (Tuesday–Thursday) show more reliable high-quality lead generation
- Weekend performance is more variable but still has strong moments
Top Recommendation for this client
Wednesday, 9 AM–12 PM emerges as the absolute best time window for generating high-quality leads, with the highest percentage of Green and Gold leads.
Case Study 2
Small UK mortgage broker with 3 advisers and monthly advertising budget of circa £1k per month. Spend can vary from month to month depending on required lead levels due to broker and admin availability.
High-Quality Lead Days (Green and Gold):
- Sunday has the highest percentage of Gold leads (15.4%), making it a strong day for high-quality leads.
- Saturday also produces some Gold and Green leads but in smaller proportions.
Amber Leads (Potential Future Clients):
- Monday and Tuesday have a higher percentage of Amber leads (26.7% and 24%, respectively), indicating good nurturing opportunities.
No Answer Rates:
- Thursday and Friday have the highest “No Answer” rates (50%), suggesting these days might not be ideal for reaching potential clients.
Red Leads (Low Quality):
- Wednesday has a high percentage of Red leads (40%), suggesting it may not be an efficient day for generating quality leads.
Recommendations:
- Focus Advertising on Sundays and Mondays:
- Sundays show strong potential for high-quality leads (Gold and Green).
- Mondays have a good balance of Amber leads and lower “No Answer” rates compared to midweek.
Avoid Heavy Advertising on Thursdays and Fridays:
- These days have higher “No Answer” rates, which may reduce efficiency.
Test Strategies for Saturdays:
- Saturdays show promise with a moderate percentage of Gold and Green leads, though total lead volume is lower.
Case Study 3
Small UK mortgage broker with 3 advisers and monthly advertising budget of circa £1k per month. Spend can vary from month to month depending on required lead levels due to broker and admin availability.
Converted Leads
Client asked to run ads during office hours only
Had we have accepted the client request to only advertise during working hours they would have missed out on half of their completions.
Working Hours
Weekends
Weekday Evenings
Weekday Mornings
Weekdays Perform Better Than Weekends:
- Most “Green” and “Amber” leads occur on weekdays, especially Tuesday through Thursday.
- Weekends produce fewer high-quality leads, with only occasional “Green” or “Amber” results.
Best Days for High-Quality Leads:
- Wednesday and Thursday stand out as the best days for generating “Green” leads.
- Tuesdays also perform well but slightly lag behind Wednesday and Thursday.
Worst Days for Engagement:
- Weekends (Saturday and Sunday) show the lowest number of “Green” and “Amber” leads.
