What is the real cost of a mortgage lead when you are paying $20-$30 per click?
The cost per click model might sound cheaper at $20-$30 per click when compared buying exclusive leads for up to $250. Lead quality and landing page conversion are key when paying on a per click basis.
Not all ad platforms or rate comparison tables are created equal. We find a wide variety of lead quality based on the source of the lead. Rate tables that are placed into high traffic website typically have lower lead quality. Rate tables where the consumer is actively seeking out information about home buying or refinancing (Bankrate, Zillow, NerdWallet) typically have much higher lead quality and conversion.
Although the ad platform might generate a lot of clicks to your landing page you might end up paying $300, $400, or $500 for a qualified lead who will engage with your loan officer team.
Here are 3 tips that will help you track lead quality over lead quantity.
#1 Hire a Google Analytics Consultant
Google Analytics is different than Google Ads. A Google Analytics consultant is an expert in helping you understand website traffic, conversion, and provide ongoing support to help you make the most of how you spend your ad dollars. We recommend hiring a Google Analytics consultant before you start any type of ad spend.
Better understand conversion by understanding the origin of your website traffic. A Google Analytics consultant can provide this insight for you.
#2 Build & Design A Modern Landing Page
The cost per click model requires the lender to provide the landing page that will covert those clicks. You can design multiple pages or one or two really well designed pages. It's important that you review these landing pages in desktop and mobile for maximum conversion.
These top of the funnel leads are not ready to make a formal application so you can leave the "Apply Now" button off these pages. Setup the pages with a Call to Action like "Get My Quote" or "Get Your Custom Offer in 60 Seconds" and actually provide a rate quote to keep the lead engaged.
Top of the funnel leads are still in the research phase and a rate quote is very attractive way to keep them engaged with your brand.
#3 Ask the Ad Provider to Setup UTM Parameters
One of the ways to track digital advertising performance is through UTM tracking which is a simple code that can be attached to any URL. Most all ad providers that work on a cost per click model can support UTM parameters for their customers. UTM parameters allow you send traffic to one landing page and determine which lead is coming from which lead source.
This allows you to concentrate on building one landing page experience that will convert at a high level instead of managing many different landing pages.
Supporting UTM parameters in the URL is a very powerful way to simplify your tracking and make your ROI reporting much easier.