If you are spending money on Bankrate, it’s good to know that Bankrate provides two lead opportunities.
THE KNOWN OPPORTUNITY
We have found by working with many lenders who advertise on Bankrate that there are actually two opportunities to convert a Bankrate lead. The first opportunity is pretty straight forward. A lead views your logo and rates alongside five other lenders on the Bankrate rate table. The lead submits their information through the workflow supplied by Bankrate and the lead profile is sent to the participating lender. We believe this happens about 60% of the time and is the most common way lenders receive Bankrate leads.
On average these leads run around $200-$250 per lead.
THE UNKNOWN OPPORTUNITY or Second Type of Lead
Your second opportunity is the most important to help drive down lead acquisition cost. The savvy Bankrate lead views your logo and rates alongside five other lenders BUT they know nothing about your brand or the other five brands. A Bankrate lead is visiting Bankrate to educate themselves and that includes learning more about your brand. The lead uses links and search engines find your company name online. The lead visits your website to learn more. We believe this second opportunity covers roughly 30-40% of Bankrate rate table site traffic.
This is the second type of lead and the most important for you to convert. Every one of those $200-$250 leads you receive from Bankrate pays for these second-opportunity leads to visit your website. Without participating on Bankrate, these leads would not find your website. You are paying for this website traffic no different than a paid Google ad.
We understand Bankrate website traffic so well we can almost tell you the number of additional leads you will generate from your website based on your monthly Bankrate spend. If you spend $25K/mo you will generate roughly 50 additional leads ($50K/mo you will generate roughly 100 additional leads, $100K/mo you will generate roughly 300 additional leads).
The key is to setup your website in a way that converts the Bankrate lead profile. The minimal investment it takes to improve your website will increase your overall Bankrate lead conversion 2-3 times and greatly reduce your cost per lead.
Find out how BankingBridge can help your company drive more Bankrate leads and modernize your lead conversion.