Are you sick of wasting time on leads that disappear or fizzle out?
Well, on this week's Podcast, I'm covering high-quality leads: who they are, where to find them, and how to convert them!
In the 20 years since releasing my first credit repair software, I've helped thousands of businesses build from the ground up. During that time, I experienced the very same challenges that Credit Heroes face, and I learned proven ways to overcome them and succeed.
In my experience, most new Credit Heroes think the key to success is getting more leads. No matter the size of their business or the problems they face, they always think more leads will solve everything. But that's not always true.
All leads are valuable, but not all leads are equal. Focusing on quantity over quality can be a costly mistake, especially if you're just getting started.
Leads drain your resources. So if you're not careful, you can waste a lot of time, energy, and money on the wrong ones.
That's why today I'm covering how to find the right leads, what makes them special, and what it takes to convert them.
HOW THIS RELATES TO US
I got into this because my credit was messed up. And our most successful Credit Heroes all experienced credit issues before they joined the industry, so to us, converting a lead means more than just making a sale and getting paid. It means changing a life. It's exciting and rewarding.
But the reverse is also true. When a lead walks away, it feels like someone wasted our precious time. It's annoying, and it can be discouraging.
Back when I first started, I took every lost lead personally. I shouldn't have. But at the time, I was trying to build a Credit Repair Software company by myself. I did every job, and I was exhausted. So when I spent a lot of time chasing or nurturing a lead that didn't pan out, I felt like a failure.
But I wasn't a failure. I just didn't have the skills yet to know who my best leads were or the tools to organize and prioritize them.
I didn't go to business school, hell, I didn't even graduate high school, so I had to learn through repetition, trial and error, and actual sales experience.
I learned that sales is a numbers game, and you have to do whatever it takes to improve your odds.
For me, that meant figuring out who my best leads are, then adjusting everything else around serving and converting them.
I learned that there are two types of credit repair leads: "HOT" leads and "COLD" leads.
A HOT lead is someone actively pursuing credit repair. They're usually in the process of trying to buy something that they're getting turned down for, like a house or a car, but they're getting turned down because of issues with their credit. So they're highly motivated and ready to pay for credit repair services.
A COLD lead is someone who needs credit repair, but for whatever reason, they aren't as motivated to take action and fix the problem.
They may not consider credit repair a high priority, they might not be able to afford it, or they just don't know enough about the service.
The point is cold leads still need your help, they just don't understand the impact improved credit can have on their lives, and compared to hot leads, it will take significantly more resources and time to convert them.
THE THING TO REMEMBER
If you focus too much on cold leads, they can drain your time and energy, and it can be detrimental to your business. But cold leads are still leads. You can warm them up so they become hot down the road.
I recently did a podcast on Credit Repair Sales Funnels where I broke down the path a lead takes from when you first make contact to the end of their sales journey.
A cold lead starts at the top of the funnel, but because they're less motivated, they will often get stuck in the NURTURE stage of the journey.
This might sound like a problem, but it's not. Once you determine this lead isn't as motivated to fix their credit, all you have to do is capture their email address, if you don't already have it, set up a drip campaign, and you can automate the nurturing of that relationship for weeks or months.
This allows you to warm your cold leads so that when they do decide to pursue credit repair. You're the first business they think of.
If you want to learn how to set up an email nurture campaign to warm up your cold leads, check out my episode: Top Credit Repair Software Automations!
By setting up automated drip campaigns to take care of cold leads, you will free yourself up to focus on hot ones.
WHY THIS IS IMPORTANT
A hot lead is a cheat code for a successful business. They start at the bottom of your sales funnel, they're motivated and informed, they recognize the value of your service, and they're ready to pay you for it.
It's estimated at least 53 million Americans need to improve their credit.
That's 53 million leads. If you want to get the most out of each opportunity, you need to be able to spot and prioritize hot leads, so you can dedicate your best resources to them and maximize the return for your efforts.
So, how do you spot a hot credit repair lead? Well, there are several key factors that can help you identify them.
Not all hot leads exhibit these factors, but the more boxes they check, the hotter and better they are for your business.
WHAT YOU NEED TO KNOW
The first and most important factor in spotting a hot lead is urgency.
URGENCY: A hot lead will have a strong sense of urgency. In most cases, they've recently experienced a negative financial event, like being denied a mortgage, a car, a credit card, or a job that requires a credit check. They need to repair their credit ASAP so they can reapply and get approved.
A hot lead will often reach out to you directly by phone, email, or social media and push for immediate responses and fast outcomes.
You need to be ready to respond fast and take quick action for them.
KNOWLEDGE: A hot lead will understand the credit repair process and the importance of a good credit score. They know their finances, and they come prepared, having done some research.
In my experience, a hot lead will ask specific questions, and a cold lead will ask general ones. A hot lead will ask about dispute strategies, which items can be removed, and how long it takes to get results. A cold lead will ask who the Credit Bureaus are and why credit scores matter.
With practice, you will be able to quickly gauge how knowledgeable the lead is based on the first few questions they ask.
COMMITMENT: Credit repair doesn't happen overnight; it's a process that requires commitment. A hot lead understands this, they care, they're ready to do their part, and they treat your relationship like a partnership.
Hot leads will often tell you they're committed, but more importantly, they'll show their commitment by taking advice, being open to adjusting their financial habits, and accept the fact that the process takes months.
If it doesn't appear that they're committed to the process right away, you can act them to fill out a form detailing their situation, pass them off to a Frequently Asked Questions page, or another email drip campaign.
They may prove you wrong and fully commit to the process, but chances are, they're either obviously committed or a cold lead.
STABILITY: A hot lead may have bad credit, but ideally, they have some level of financial stability. They have a regular income, they're paying their bills, and they can afford your services.
They don't make late payments or miss payments. They don't max out credit cards or take out new lines of credit with terrible interest rates.
A hot lead made financial mistakes in the past. A cold lead continues to make them, and they'll make your job difficult, if not impossible.
OPENNESS: A hot lead is honest about their financial situation. They're open to discussion, ask good questions, and are comfortable expressing ideas and concerns.
A hot lead communicates because it's in their best interest. A cold lead doesn't communicate because they don't need to yet. As their motivation grows, they will warm up and see the value of being open.
Hot leads will reach out to you directly, they'll reach out via referrals, or you can set up affiliate networks with partner businesses and create a pipeline of highly motivated people, all with an urgent need for credit repair.
If you want to learn how to build one of these affiliate networks, sign up for our Masterclass! It comes with six months of Credit Repair Cloud software for FREE!
MY FINAL POINT
The most successful Credit Repair businesses, the ones that grow and make an impact, don't chase every lead. They identify and prioritize quality leads because only a few key factors separate a dead end, a cold lead, and your new favorite client.
I'LL END BY SAYING
If you still need a Credit Repair Cloud account, check it out. It's the software that most Credit Repair businesses in America run on. Sign up here for a Free Trial!
And if you'd like to change lives and grow your Credit Repair business, check out our Credit Hero Challenge!
It's an amazing program, and we've got another challenge starting in a few days, so grab your spot right now at CreditHeroChallenge.com!
So take care, Credit Hero!
And Keep Changing Lives!