What Is a Lead Source and Why Is It Important?

What Is a Lead Source and Why Is It Important?
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Leads are absolutely vital to businesses today. They provide companies with the clients and customer base they need to survive in the market. Lead sources, relatedly, are the main way companies gain these clients and interact with their customers. So, you must build these strong and understand the data sets they provide to have long-term success in your mortgage loan industry. 

Let’s take a closer look at lead sources and their importance before diving into explanations of data sets and how you can best use them.

What are lead sources?

Simply enough, a lead source is the source by which a lead originally finds your website. It is the marketing channel that first pushes clients and potential customers to your business and helps you take those first steps in building a working relationship. 

There are several different kinds of lead sources. These can include email marketing campaigns, organic search engine results, advertisements, social media posts, blogs, and referrals.

Importance of measuring your lead sources

Lead sources are vital to your business because they provide the essential original connection between your business and clients. However, if you don’t measure your leads effectively, you’ll likely waste your marketing budget on methods that may not be working for you.

  • Figure out what works. By measuring your lead sources, you can identify which lead-generating methods work best for your unique mortgage loan business. Doing so allows you to focus more on these channels than those that don’t produce as much. For example, if you notice a lot of traffic from social media accounts and less from email marketing streams, you may consider putting more effort into social media since it works for you.
  • Figure out what doesn’t work. In the same vein, you can understand what lead generating methods aren’t working for you and do one of two things:
      1. Beef up your efforts. Maybe a few specific generating strategies aren’t working for you because you’re handling them the wrong way. For example, if you invest solely in image content for social media and get poor results, you may want to check what’s missing. You may probably not using a good copy or not utilizing videos, which you may consider in strengthening your social media presence.
      2. Stop using it. Other times, if a generation stream really isn’t working for you, it may be a better move for your business to completely remove it from your marketing strategy and invest more effort into something you know is working. For example, direct mail ads. These may have been super popular a few decades ago, but with the rise of the internet, fewer people are interested in direct mail marketing.

What can your lead source data tell you?

Once you have your lead sources set up, you need to be able to translate the data sets they provide. These data sets can be lifesavers when it comes to your marketing strategy. They can tell you which marketing channels are most effective, which audiences you need to focus on targeting, which keywords and selling points win you the most contact, and how people prefer to reach out to you.

Which channels are the most effective at reaching your target audience?

You can use numerous channels for marketing your mortgage loan company across the web, but not all of them are built the same way. In fact, each generates very different audiences and demographics. Make sure that you pay attention to your data sets to figure how which channels connect you with your target audience the best.

Which marketing effort turn audiences into sales leads?

It doesn’t matter how many people view your content if none of them respond to it and become sales leads. Data sets will let you know which of your marketing efforts is working the best to convert your leads and promote your business.

Which keywords offer the best lead generation?

Keywords help your content appear in audiences’ searches across Google or other platforms. Their presence will direct whether your content will be one of the top search results online. Knowing the keywords in your content that bring in the most people is key.

Which selling points get results?

The best way to market your mortgage loans is in a way people respond to, and the best way to know how people will respond to your message is by using a few different selling points to see which works best. If you consistently use one method, you may not know that another will work better. Mix it up a bit and let your lead data show you how to sell the most product.

How people reach out to you

Knowing how your customers like to stay in touch with you is key to having successful customer service in your mortgage loan business. You need to answer questions, respond to comments, and keep in touch with your customers. Data sets from lead sources can let you know which streams will be most effective for your communication needs.

What should you do with the data?

Once you have these data sets, you need to create better strategies to improve your brand and bring in more business. Two of the best ways you can do this are by identifying opportunities and creating solid strategies.

Know your opportunities

When the data sets come in, use their information to create reports that identify opportunities to help increase your lead sources and lead conversions. These reports will be very similar to using CRM services and can go a long way in helping you understand how to use your gathered data effectively.

Create your strategy

Once you’ve organized your data, you need to use it to create or tweak existing marketing efforts to take advantage of the systems that are proven to be working for you.

Start using lead source data today!

Lead source data can help you build your business into one that has customers and audiences. Remember, mortgage officers need to work hard to attract the right customers, automate as many processes as possible, and amplify the results to expand their business. What better way to do that than with Unfair Advantage, which is designed to help you through each step? Contract Good Vibe Squad today to learn more about lead source data and how you can start your Unfair Advantage today.

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