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LeadBay
LeadBay
A lead generation site which works on a similar basis to ebay has been launched.
Leadbay, created by web and e-marketing firm Add Momentum, allows FSA-registered brokers to bid for leads where they can choose which type of mortgage they want from eight different categories (including buy-to-let, purchase and self-cert), which postcode region they want the lead to come from, and the mortgage loan size.
The website complies with FSA rules on lead generation as brokers are pre-bidding on the leads, which means the leads are already sold before they are even in existence.
The broker bids for the ideal leads they want and if their bid is highest, they will get the lead if and when it comes into existence. This allows the system to pass on the name of the broker instantly to the client, making it FSA-compliant.
Leadbay said pre-bidding for leads also keeps the leads fresh as the broker will instantly get the lead when it comes through. Advisers will be sent both an e-mail and a text if they bid the highest so they can follow it up immediately.
The system also allows the broker to state maximum bids where the computer will bid a higher price for them if they cannot monitor the bids on a daily basis themselves. It also provides a filter system to get rid of false leads.
Simon Baker, technical services manager at Leadbay, said: "We have about 700 brokers registered onto the system and are getting about 400 leads a day.
"We are a unique service; nobody else is supplying leads in this way. We are taking the market by storm and have come a long way since we launched earlier this year."
John Stewart, director of PMI Independent Financial Advisers, commented: "This is an innovative and unusual idea. The filter system to flag up shoddy leads is particularly handy and will attract more brokers. The quality of the lead is the most important factor."
Summary
Leadbay is a UK network of brokers that cover every UK postcode area. They are all fully qualified to discuss and search over 7,500 different mortgage products. They are able to visit you in your home or place of work or call you and handle much if not all of your application over the telephone.
A lead generation site which works on a similar basis to ebay has been launched.
Leadbay, created by web and e-marketing firm Add Momentum, allows FSA-registered brokers to bid for leads where they can choose which type of mortgage they want from eight different categories (including buy-to-let, purchase and self-cert), which postcode region they want the lead to come from, and the mortgage loan size.
The website complies with FSA rules on lead generation as brokers are pre-bidding on the leads, which means the leads are already sold before they are even in existence.
The broker bids for the ideal leads they want and if their bid is highest, they will get the lead if and when it comes into existence. This allows the system to pass on the name of the broker instantly to the client, making it FSA-compliant.
Leadbay said pre-bidding for leads also keeps the leads fresh as the broker will instantly get the lead when it comes through. Advisers will be sent both an e-mail and a text if they bid the highest so they can follow it up immediately.
The system also allows the broker to state maximum bids where the computer will bid a higher price for them if they cannot monitor the bids on a daily basis themselves. It also provides a filter system to get rid of false leads.
Simon Baker, technical services manager at Leadbay, said: "We have about 700 brokers registered onto the system and are getting about 400 leads a day.
"We are a unique service; nobody else is supplying leads in this way. We are taking the market by storm and have come a long way since we launched earlier this year."
John Stewart, director of PMI Independent Financial Advisers, commented: "This is an innovative and unusual idea. The filter system to flag up shoddy leads is particularly handy and will attract more brokers. The quality of the lead is the most important factor."
Summary
Leadbay is a UK network of brokers that cover every UK postcode area. They are all fully qualified to discuss and search over 7,500 different mortgage products. They are able to visit you in your home or place of work or call you and handle much if not all of your application over the telephone.
posted by Bruce Wayne at 8:47 AM
LeadBay
4 Comments:
Leadbay's website is striking in that it uses internet technology as the means of offering mortgage leads to authorised brokers using a bidding system
Launched in January this year and owing some inspiration to the eBay concept, Leadbay gives brokers considerable flexibility by allowing them to specify the exact type of mortgage enquiry they receive, the postcode areas they require and the mortgage value.
The home page of Leadbay looks professional, although it is fairly text-heavy and the image links neatly with the idea of searching for leads ? which is precisely Leadbay's proposition. Throughout the site, the design works well in offering prominent areas for would-be users of the site to register their interest, and the explanation of the system is well laid out on a number of pages.
Leadbay has succeeded in separating itself out from the rest of the market in terms of the business offering it is proposing and the information about the service is presented clearly on the website. Explanatory text is well-written and clearly sets out the offering. Graphics and graphs are used to draw useful comparisons on the maximum bid price for each of the mortgage categories in Leadbay. The clarity of the content is good, with separate sections guiding the user through the data involving what might be regarded as a typical client lead, along with information on payment methods.
Design and content operate fairly well in combination with the technical aspects of the site. The headings and sections are well planned out so that the user is able to find all the information and interactive devices necessary in order to get started quickly as a user of the Leadbay lead-generation system. Forms are easily downloadable, uncluttered and clear to use. Once registered with Leadbay, brokers select the categories of mortgage leads they are interested in and then enter the price that they are willing to pay for that type of lead. Brokers bid on a lead category, not the lead itself. Leadbay says it is able to pass on the lead the moment the submit button is clicked by a client so that leads are fresh. It also says its leads are compliant since consent has been obtained from the client for their details to be sent to a named broker. The price of the lead will be based on what the broker is willing to pay. However, the downsides with the bidding system are the amount of time it could take for the broker to actually receive the lead as this process could drag on and, secondly, the fact that such a system could appear over-complicated for a busy broker. Perhaps a simple fee per lead from the outset might be preferable.
The Leadbay site is quite unusual in its approach in a number of ways, not least in its use of many aspects of e-commerce technology on the internet. The business proposition is only possible because of the availability of the internet. And to educate brokers in its bidding approach to mortgage business dealing, Leadbay provides valuable online tutorials. Using Flash software and incorporating audio instructions, registered users are able to access lessons in creating and managing bids, as well as learning ways to improve their online bidding strategies. However, as always with lead-generation initiatives, the key test of sustainability will be the quality of the leads it generates ? which in turn will determine the level of repeat use by brokers.
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