By now you should know that not all MCA loan leads carry the same weight. What this means is that leads are more than just a name and a number. True, contact information is ‘technically’ what a lead is but chance of conversion is the real factor that differentiates this data.
In a nutshell, you’re wasting your time chasing low quality MCA loan leads. You’re essentially trying to sell a car to somebody who doesn’t drive. Poor merchant cash advance leads are sometimes really nothing more than a name and a number. Providing this info is a fast-cash scam from a corrupt lead generation company. They can make a fast buck selling leads without ever intending you to get the sale.
This is the main reason why we stress that MCA loan leads from MCA Leads Pro are a much more efficient purchase. Our leads are pre-qualified and they come from businesses that have actually reached out for information on MCA loans. You not only have a better chance at converting our leads, you won’t waste your time chasing the wrong info. Here is how low quality leads are just an absolute burden:
They Don’t Convert
One of the major reasons for acquiring your data from MCA Leads Pro is because you know they have a better than average chance of converting. If you instead opt for bargain bid leads however, it may be guesswork. Some lead gen companies are happy selling you the lead and going on their way. We want the leads we give you to convert though.
You’re fighting an uphill battle trying to get a low quality lead to convert into an actual loan partner. There are a number of reasons that these companies might not need or want an MCA loan:
- Already have an established line of credit
- Have no plans of expanding in the nearby future
- Are thinking about getting out of business
- Are just starting off in the industry (3 months or less)
- Have a huge debt to pay off already
Some of those reasons aren’t deal breakers on the surface. That being said, you’re wasting a lot of time and energy trying to turn this ‘bad’ information into conversions.
Low Conversion Leads are a Huge Waste of Resources
You might be able to talk somebody into a pair of shoes if you own a sneaker store, but convincing a business to take on a merchant cash advance loan is not so easy. As stated, some of these potential mca loan leads simply aren’t going to convert. Due diligence is checking back in with these companies repeatedly – but they might never approve.
Just think of all the time wasted on repeated phone calls to these ‘leads’ that never had any intention of getting an mca lead? For every hour spent on a low quality lead, you’re missing out on a potential conversion. As someone who is in sales / lending / marketing it can be tough to admit when you’ve hit a dead lead. The truth is that you have to though. You can afford to spend more resources on pursuing our high quality leads however because they’ve shown an actual interest in boosting capital.
Where Do Low Conversion Leads Come From?
If you were creating your own company leads the answer to this question could be virtually anything. Low quality leads come mainly in how you market your MCA services. What is your main inbound marketing strategy? Do you have a diverse way to attract potential borrowers? Do you utilize outbound marketing to find potential clients? Once again, determining which of your marketing tactics are worthwhile is another expense of time and effort.
If you are using a lead generation company – there’s your answer on where low conversion leads come from. At MCA Leads Pro we specialize in offering only merchant cash advance leads. Some lead generation companies might just be in the business of obtaining any contact information. These entities could be marketing to window installers one minute and septic services the next. In this case diversity does not equal efficiency.
Another advantage of MCA Leads Pro is that we want you to get the conversion. Some companies sell you the lead on an as-is basis. We can do that, but we also offer commission based sales. If you go this route, you don’t pay for the lead unless it converts and then you pay a percentage from your profits. Wouldn’t it make sense then that we’d want you to have the most optimum success as possible?
Is It Ever Worthwhile to Pursue Low Conversion Leads?
One thing that shouldn’t be overlooked is that every lead is a potential conversion. You should at the very least reach out to the contact just to see their situation. In the merchant cash advance niche for example, it’s important that the lead is an actual business. Once you’ve verified the info is indeed an actual corporate entity, the next step is education.
Believe it or not some companies out there are unaware that there are non-traditional borrowing options available to them. A business might think that the only way to procure more funding is to pay off their existing loan from a traditional financial institution. A simple education of the merchant cash advance process might make them a potential partner down the line. A few minutes of your time might be worth thousands down the line.
MCA Loan Leads Summary
To reiterate, the biggest advantage you have when pursuing an MCA loan leads is working with a high quality leads generation company. MCA Leads Pro is specialized in the merchant cash advance industry and has the desire to see you succeed.