Lead Generation: 4 tips to present value before cost
Some industries require an abundance of information from leads before they can deliver their product or service. It can be extremely difficult to show value without handing out exact price quotes.
However, leaving breadcrumbs of value along the lead generation path can earn conversions later when the price is finally revealed.
A good example of this was discussed in MECLABS’ twice-weekly PRS, or Peer Review Session. A lead generation form for a mortgage lender was brought up among the conversion team – an industry where leads are looking for any excuse to bounce at handing over large amounts of information. It is especially confusing, as one team member voiced, because of new regulations and government safeguards on the industry.
In this and many other industries like it, value needs to be shown along the lead generation path so people will continue to be motivated, even without knowing the exact cost.
Tip #1. Establish an end goal
Discuss everything from what you want your business to achieve at the end of the day, to what you want this one lead generation form to accomplish. They should work together to serve those goals.
Let’s keep going with the example of the mortgage lender. Its end goal was to achieve more mortgage applications. So naturally, the first issue cited in the PRS group was a process most adults can relate to – applying for a mortgage.
Also, think from your lead’s perspective— what is their end goal? Then, focus on how the two paths will converge, and how to acquire the info you need while providing them with what they want.
Tip #2. Ease the path to conversion
Your industry, like the mortgage industry, may find the unnecessary complexity and length with lead generation forms are a non-starter with many people.
“It feels like they’re trying to hide the mortgage from you,” said Adam Lapp, Associate Director of Optimization and Strategies, MECLABS, about the mortgage lender’s page under review.
He added you don’t need as many pages of information as were being requested to calculate a mortgage rate. Many leads could be frustrated by a lengthy process with no clear end value presented.
In a tough industry, such as mortgage lending, lessening friction in an already difficult process may be an essential value point.
Tip #3. Keep them in the funnel with the promise of value
Customers are usually after one thing from your website – the cost. Erin Fagin, Senior Research Manager, MECLABS, mentioned this is a problem where “people are motivated to see rates, but once we show them, they tend to drop out.”
To prevent this, it is necessary to convince leads of the value of your service, not the cost. Having the opportunity to show value before the customer sees the price tag can be a benefit of this system.
Marketers need to be the waiter who convinces patrons of how absolutely succulent and cooked to perfection the restaurant’s lobster is, causing customers to disregard the “price changes with market value” notification on the menu.
Even once you show the cost, you can still keep them in the funnel with more personalized information, by allowing prospects to select options such as “Keep me updated on the rate” or “Alert me if my rate drops” or maybe even “Talk to a mortgage counselor.”
Tip #4. Have leads self-segment
Putting yourself in your customers’ shoes, you may discover the right questions aren’t being asked, or key answers aren’t being provided.
For example, people approach applying for a mortgage from many different life perspectives. The PRS session of 25 people or so of varying ages was a good focus group on this topic.
There were those who had been through the process at least once before and had already formed their opinions. There were also those who had almost no information or pre-formed impressions and who would be looking to the lender for that insight.
People want to determine what they can afford – keep them in your funnel by being the company to help them in that process. By self-segmenting, you can provide useful information for their specific situation without having to wait to receive their information or having them call in.
It was suggested that substantial value could be conveyed right before the lead gen page with a spectrum where the lead could indicate where they were in the home-buying process.
The stages in this particular industry would range from “I’m exploring home ownership for the first time” to “I’ve purchased a home before” to “I am refinancing” with the end goal being home ownership. All of these people require unique attention, and by self-segmenting, you can attend to their separate pain points and questions.
In industries where your leads and prospects need a bit more hand holding down the sales funnel, valuable information and ease are key. Present value that persuades them to take the journey with your company.