As we go into the new year and look to 2022, it's a great time to look back at recent lead conversion metrics from the past few months as the market has changed from majority refinance to majority purchase. We pulled our popular lead conversion funnel metrics from Oct 1, 2021 - Dec 21, 2021. This includes 50 different mortgage websites and over 426,000 page views.
#1 Lead Workflow Loaded
We use Google Event Tracking to measure metrics across our customer base. The first metric we track on our website lead conversion funnel is "Lead Workflow Loaded". Because our workflow loads with our customer's initial homepage we have a very good idea of total page views for a customer.
The total page views for this group of customers is 426,407. This provides a large user base and will provide a wide variety of user types. The goal of every mortgage company is to generate a high number of quality page views.
#2 Lead Workflow Started
"Lead Workflow Started" is an important metric because it is essential your total "at bats". The total number of times you actually stood in the batters box and took a swing. We measure "Lead Workflow Started" as a user clicking on the opening "Purchase" or "Refinance" buttons. This means they opened and started the workflow.
Of the total 426,407 page views our customer workflow's were clicked a total of 32,264 times. This is a conversion of 7.57%.
Essentially 7.57% of the total traffic interacts with the workflow.
#3 Lead Captured
The metric that carries the most weight in your meetings! "Lead Captured" is how many people completed the 8-10 workflow funnel questions and submitted their contact information to include first name, last name, email, and phone number. In the time period measure of Oct 1 - Dec 21, 2021 our customers captured 10,047 total leads in the workflow.
We have 32,264 Lead Workflow Started (at bats) and converted 10,047 for a total conversion of 31.14%.
The goal of the lead workflow is to create an experience where the lead has to commit roughly 60 seconds of their time to complete the workflow. We then challenge the lead to submit their contact information before viewing the rate offerings. This cuts down on spam submissions and generates high intent leads.
#4 Apply Now Clicked
"Apply Now Clicked" is an important metric to show engagement and intent. This event is triggered after the lead has submitted their contact information and is now viewing rates on your website. We want to help our customers increase lead flow but also leads that are ready to begin the application process online.
Our customers generated 3,985 "Apply Now Clicked" events which is a conversion of 39.66% of the total leads captured. This does not mean 3,985 leads made an application but it does show high intent and the importance of having a Point of Sale system in place that makes it easy for a lead to make an application online.
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BankingBridge is converting a wide variety of users at a consistent 31%. The benefits of our workflow funnel is that we constantly improve the experience in the workflow to maximize conversion with quality leads.
If you are interested in learning more about our conversion metrics and how you can drive more leads for your loan officer's feel free to reach out.