Big Challenges Ahead for Mortgage Lead Generation

I recently came across a comment on a mortgage lead generation blog bemoaning the fact that there are now too few mortgage leads being chased by too many people. As a result lead quality has dropped significantly and their clients are becoming increasingly frustrated and disillusioned with their service.

We recently ran a mortgage lead generation campaign in Ireland based on a telemarketing campaign, and although we didn’t have as bad a time as this company, it was a major challenge to generate decent leads nonetheless.

As mortgage inquiries decrease in many countries around the world due to the current credit crisis, mortgage lead generation companies will need to come up with much more effective ways of generating sales leads for their clients. It appears to be a similar situation to the crisis that faced technology sales lead generation companies during the dot com crash, and many of those companies did not survive.

Similarly, the mortgage brokers and mortgage companies themselves will need to focus on how they can differentiate themselves from one another, and provide increased value to their potential clients. Certainly, during the campaign we implemented in Ireland a big problem was the fact that the offer from our client was relatively undifferentiated and prospects simply could not see any added value in changing to our client and away from their existing provider.

The conclusion we made from our lead generation campaign for mortgages in Ireland was that before we even thought about implementing a campaign like this again, we would need to do a lot more work on the value proposition itself. In the current climate for mortgages, lead generation campaigns based on anything but a hugely compelling offer will continue to fail.