National Personal Loan Lender Achieves 30% Reduction in Cost Per Loan using InboundProspect’s Personal Loan Leads Pay Per Call Solution.
When a renown Personal Loan lender needed an alternative lead generation solution to address their skyrocketing Cost Per Acquisition and lack of lead volume, InboundProspect was called on to come up with a unique scalable direct mail marketing solution to reverse the downward trend. The client, a national Personal Loan lender with a $40 million annual marketing budget, required 750 Personal Loan Leads per day in the form of pre-qualified inbound calls. They were using an integrated marketing strategy that included TV, radio and Internet to generate Personal Loan Leads and inbound live transfer calls. Their lead volume was diminishing fast and they were no longer able to consistently meet their Cost Per Loan goals. After analyzing the lender’s Personal Loan Lead generation strategy, funded loan history, loan underwriting requirements and lead generation performance metrics, InboundProspect developed and proposed a Pay Per Call direct mail solution for this client; a strategy drastically different from their current Personal Loan Lead generation program.
The Challenge
The CEO of this company was very skeptical concerning any type of direct mail solution because he had only experienced the traditional Cost Per Piece agency pricing model with lackluster response and conversion rates, which produced unprofitable results. The client had tried direct mail using traditional methodologies, but was unsuccessful as is the case with many lenders. Fortunately, InboundProspect’s Pay Per Call pricing model and proven lead generation methodology removed the financial and performance risk and satisfied the CEO’s concerns. Plus, InboundProspect’s had already proven it’s Cost Per Call pricing model and lead generation expertise for the lender’s mortgage division.
The Solution
The initial order was for 8,500 Personal Loan Leads or 375 direct mail generated Personal Loan Live Transfers per day. InboundProspect was required to pilot at this lead volume for three reasons. First, the client had an immediate need for a scalable Personal Loan Leads source. Second, InboundProspect had previously proven its direct mail lead generation solution using Mortgage Leads for the client’s mortgage division. And third, InboundProspect was taking on all of the financial and performance risk using Pay Per Call pricing to achieve proof of concept.
The Results
The Pay Per Call pilot was an overwhelming success. The client’s Cost Per Loan goal was $175. InboundProspect achieved a $125 Cost Per Loan for the pilot, which was almost a 30% decrease in CPA. InboundProspect then scaled and rolled out the direct mail lead generation program to 20,000 Personal Loan Leads per month or 1,000 Personal Loan Leads per day for this client.
