To achieve a high ROI on your marketing budget, you need high-value leads that are likely to convert. However the financial services industry is very competitive, so consistently generating qualified leads can be challenging for marketers in this field.
Pay-per-call is a performance marketing strategy that allows you to purchase inbound call-based leads that are more than 10 times more likely to convert into sales than leads from form fills on a website.
With pay-per-call, third-party publishers reach potential customers and generate calls based on the advertiser’s campaign requirements, including target audience, service area, business hours and budget. The advertiser only pays for the calls that meet their specifications.
Pay-per-call overcomes the marketing challenges the financial services industry faces with high-intent leads and a 45% conversion rate.
How Pay-Per-Call Solves Marketing Challenges in the Financial Services Industry
Challenge #1 – Answering Questions and Establishing Trust
Financial services is a complex industry. You need to convince your prospects that they can trust you to handle their money well. But finances are a personal and touchy subject for a lot of folks, and on top of that, most people are unfamiliar with their options and will have plenty of questions.
Because your prospects have a lot of questions, they are likely to pick up the phone and call before making a purchase. Pay-per-call is a great way to connect with these consumers and answer their questions when they are further down the sales cycle and more likely to convert.
The following high-touch financial services are well suited for pay-per-call:
- Credit Repair
- Credit Card Debt Consolidation
- Debt Consolidation
- Tax Debt
- Mortgage/ Home Equity Loan
- Reverse Mortgage
- Mortgage Refinance
- Financial Planning
Challenge #2 – Competition is Steep, and Advertising is Expensive
The financial services industry is notoriously competitive. You have national, local, and digital competition, which makes cutting through the noise to generate leads very difficult – and expensive.
With pay-per-call, the hard work of reaching customers is done for you. If you partner with a pay-per-call network, you gain access to their network of third-party publishers who will generate calls on your behalf – increasing your advertising reach while you only manage one campaign.
You only pay for the high-intent calls that meet your campaign requirements, and calls in this industry typically see a 45% conversion rate.
Challenge #3 – Reaching the Right Customers
It can be hard to precisely target customers for the services you want to grow. For example, if you want more customers for your credit card debt consolidation services, it can be tricky to advertise those services and not also attract leads for tax debt or general debt consolidation.
Your business goals and needs can also change over time, so you need a marketing strategy that allows you to easily change the consumer profiles you want to target as your business needs change.
Your pay-per-call partner will help you configure your campaign to target prospects that are looking for the key services you want to grow when you want to grow them.
Pay-per-call also gives you the flexibility to manage your budget and set your key geographies and business hours. Call pacing allows you to set daily or hourly caps on total spend or billable calls.
Challenge #4 –Avoiding Unwanted Leads
Not all leads, such as customer service calls, are worth your agents’ time. You need a marketing strategy that not only targets your ideal consumer profile, but also will actively filter out the leads that you don’t want.
Your pay-per-call network should qualify its publishers’ call traffic to ensure you only receive the high-value calls you want. Look for a network that will set up qualifying methods such as Interactive Voice Recordings to filter out unwanted leads, like customer service calls.
Challenge #5 – Evaluating Marketing Efforts and Demonstrating High ROI
It is nearly impossible to accurately track lead sources, calculate your ROI, and correctly optimize your marketing budget with traditional advertising.
With pay-per-call, you know exactly where your advertising spend is going and can easily track the sales your business is getting out of it.
Methods such as call tracking and call recording track your campaign’s success, and the right pay-per-call partner will identify the sources and geographies that generate the most qualified calls for your campaign. This way, you can optimize your budget appropriately.
For financial services, the return on investment (ROI) for pay-per-call is high, even though the initial cost per lead may seem expensive. A competitive bid in the financial services industry ranges from $25-$150, depending on the service. Your pay-per-call partner will know what a competitive offer in your category looks like and will make sure your campaign performs against your competition.
Get Started with Pay-Per-Call
Pay-per-call is a high-converting source of qualified leads for financial services businesses. When looking for the right pay-per-call network, look for a trusted network that is committed to performance, superior service and delivers compliant, high-intent calls from unique traffic sources.
Soleo’s pay-per-call network generates thousands of calls in the financial services each month and can easily scale to fit the needs of our advertisers. Our call traffic is generated in a way that complements your internal lead-gen activities, leveraging both our in-house lead generation team and our network of qualified, vetted publishers who adhere to strict network compliance stipulations.
We are dedicated to meeting our partners’ Cost Per Action and performance targets. We offer quality assurance through call tracking and Interactive Voice Recording technology and dedicated support from our experienced customer success team.