Without hesitation, the first and foremost question is whether your firm is prepared (at all levels) to play a totally new game, one where the rules are evolving almost as fast as the lead volume. This is not a rhetorical question and should not be taken lightly.
Above all, the primary rule is that virtual leads must be followed up immediately upon receipt. This is a permanent, non-negotiable priority.
You have to remember that virtual lead consumers are in the early stages of the buying or selling process (3 to 6 months out). The firm is going to have to employ top flight “lead incubation” tools and skills to be successful.
Polite perseverance is the key. If the incubation program is not tenacious and the company doesn’t understand the need for patience while the lead incubates, you’ll be wasting your time and money.
Next, regardless of the source, the minimum requirements for a
successful program are:
• Active, committed support from top management
• A plan that identifies the specific consumer experience the firm wants to achieve, and the process through which it will be delivered.
• A management team that understands and buys into the role and potential of virtual leads, and that can manage the longer-term process.
• An admin system capable of processing, monitoring and following up lead assign-ments, program metrics and customer satisfaction.
• An agent team (a small, dedicated group) that is willing and able to accept virtual leads as a legitimate business source, and that can deliver the instant service level demanded by today’s Internet empowered consumer.
*With these elements solidly in place, you’re ready for the next decision: whether to go in-house or outsource. If the decision is to outsource, how do you choose a vendor?
• Will this vendor be around for a while?
• What’s their track record? Their reputation?
• What other benefits do they bring to the table? Is this a primary activity for the vendor, or simply a spin off? Do they offer training and follow up support?
• Do they maintain a performance metrics system that lets you track success rates and expense? What success rate are they claiming and can you verify it with their clients?
• Are they sensitive to the startup nature of your new business direction?
• What are the hidden costs?
The most critical thing you’ll need to know is your firm’s current cost of customer acquisition. Regrettably, most firms don’t have a clue. Those that do report their acquisition costs are close to 33 percent of commission revenue.
More questions: How are leads captured? What representations do they make to consumers? Do they show a real commitment to customer satisfaction? Do they treat consumers and leads as “things” or an actual business relationship? Is their lead really expecting to hear from you or just “somebody?”
Good leads are those from consumers who are expecting contact from an agent. Great leads are those who have already been contacted by a live person. Remember that each step will dramatically reduce your incubation costs in the long run. The communications and customer satisfaction factors have real value and must be factored in.
If the vendor is on a subscription or “pay for click” basis, it is important to know whether your credit card will be charged automatically and without notice. Some early adopters found this to be a trying experience, especially if a huge influx suddenly maxed out their card.
Selecting an outsourced virtual lead vendor is a challenging process. Be prepared to do your homework and ask the tough questions.
