Leads are the life blood of any sales profession. Good leads are worth their weight in gold while bad leads can end up costing thousands of dollars and more importantly they waste your valuable time.

A few tips and suggestions to keep in mind as you get started:

1) Keep Track of Your Results

Keep track of your results. You can’t compare sources and channels if you aren’t collecting data. This can be tedious but it will pay off. It’s a simple concept but one that is frequently underutilized. Devote more resources to performing channels and less to struggling ones. As I said, simple and obvious – but this is something I wish I did more consistently from day one.

2) Diversify

In my opinion, the best overall strategy is a diversified one. Don’t depend on any one channel for your leads. Spread out your resources and develop multiple channels of lead generation. Especially if you are experiencing some success, take some time to explore something new. Don’t put all your eggs in one basket. Ask yourself, what would happen if my source of leads dried up tomorrow?

3) Take Control

I have tried all types of leads….purchased, leads generated by telemarketers, direct mail, on-line systems… you name it. They all have their benefits and drawbacks. Try a new lead source every month. Even better, spend some time creating your own system every month. I know that I’m more confident in my long term success when I’m in total control of the process. When I look at the amount of money companies spend on leads each month, I am frequently astounded. Granted, if the ROI is there, it definitely makes sense. But imagine the ROI that is achieved once you construct a system that you own and control. One that, once built, will generate leads for months and hopefully years to come.

4) Free Leads Don’t Exist

There is no such thing as a free lead. However, there is such a thing as lead that costs next to nothing especially if you develop your own generation system. A $5,000 upfront investment that generates 500 exclusive and qualified leads over five years produces a much more attractive ROI than a one time purchase of 100 semi exclusive and qualified leads for $5,000. Short term, your results will better with the one time upfront purchase, but over the long run, the better bet is a self contained lead generation system.

5) If You Build It They Will Come does not apply to the Internet

Type in “refinance” or “insurance quote” into any search engine and you will instantly see how crowded the internet is. If you expect that you can generate leads by paying some service to host a website with a few articles and an online application and then walk away, you’re about to waste a lot of money. With thousands of pages being added each day targeting your customers, you need to work on driving off-line traffic to your on-line presence.

For free marketing tips, vist The Lead Outpost. For marketing ideas focusing on the Mortgage Industray, vist Mortgage Marketing Ideas and sign up for the free free mortgage marketing newsletter.

Joe Ramirez