If you’ve ever dealt with a lead generation company before you’ve no doubt heard the term ‘qualified’ thrown out a lot. It’s with good reason. There’s a huge difference between a qualified MCA lead and one that is unqualified. It’s said that with a qualified lead, all you really have to do is make the call.
There’s a big misconception that leads do not need to be nurtured. Even qualified leads involve much more than ‘making a call’ to the merchant if you want to enter into an agreement with them. Don’t be misunderstood – a qualified lead gets you in the door quicker. Imagine then, the benefits of a double qualified lead.
One of the biggest issues business owners have with purchasing leads is knowing if they’re going to be legitimate. In the merchant cash advance industry for example, you want the name and number of a business that might need capital. Could every company ‘need’ capital? Probably, but some have no interest in a merchant cash advance. MCA lenders want to know they’re getting info beyond tearing out a list of businesses from the yellow pages.
A qualified lead is just that – the contact data for businesses that have sought info about MCA. They may have found our website through an Internet search. The business owner might have seen a flier. Maybe a local business gave out word of mouth advertising. Either way this is a quality MCA lead for one reason – they’ve shown interest in a merchant cash advance.
The contact information that we provide leads to more conversions mostly because the business owners have expressed the desire to learn more about the merchant cash advance niche. Does this mean that every lead is going to be a sale? Of course not, but at least these leads are considered qualified. They represent more than just the name and number of every business in a strip mall. Those looking for info about a merchant cash advance may have been rejected for funding elsewhere. Perhaps these business owners are just diversifying and looking at alternative funding methods. Maybe they need fast cash for expansion or an emergency situation?
Either way not every lead is going to be a conversion. Just because somebody shows interest in a merchant cash advance doesn’t mean they’re necessarily going to go through with it. They might have business partners to convince or they may just be looking for funding in the next five years. Either way, quality leads get a foot in the door, but they don’t invite you to the kitchen table.
Make no mistake, a qualified lead is much more than a name and number on a piece of paper. Some of our customers still opt for a double qualified lead instead however. They feel that these leads that have not only shown interest, but that have been contacted and confirmed are worth pursuing more in depth.
Double qualified leads not only confirm interest, but also details. We confirm that the contact information is that of a business owner or at least someone qualified to make corporate decisions. We ask them if they are indeed seeking a merchant cash advance and estimate a ballpark figure. When we double qualify a lead, we know when they want the money and verify why they want it. In the end, all that’s left for the lender to do is make the call and set up the details.
Many of our customers feel that double qualified leads are a much more efficient use of their resources because the details have been verified. That being said, others feel they may be missing out on potential clients just because their details haven’t been able to be confirmed. Which types of leads you pursue is very much a personal choice. Many of our more successful clients thrive on diversifying the type of MCA lead they pursue. This might include some that are considered low quality, or ‘lost causes.’
Either way, at least now you’re aware that leads of all types are out there waiting for you. If you’re newer to the MCA niche, maybe a double qualified lead is worth pursuing to start building up your client base? No matter what your experience level, if you do have questions, feel free to contact us today.