By Kieran Kern.
In the movies, great actors get awards and bad actors go right to DVD, but in the competitive landscape of lead generation, the delineation between good and bad isn’t nearly as clear-cut.
Jaimie Pickles, Director of Insurance at Jornaya (formerly LeadiD), has been at the forefront of the evolution of the lead generation environment since its inception. “In the early 2000s, the relationship was very simple. The seller was also the generator of the lead… [They] dealt directly with the buyer, or buyers, of the lead,” he explains. It grew and changed from small and medium businesses selling to large lead generators into a situation where lead generators and aggregators monetize leads by sharing them with other large generators and aggregators who have unique end-buyer relationships.
This simple exchange evolved into a very efficient mechanism that publishers, aggregators and generators leverage to best monetize leads. In this “stock exchange” where sellers and buyers come together to create an efficient market, the technology works very well, and the consumer experience is enhanced with an array of options. The best consumer offers are typically from the highest bidder.
However, lead sellers today face a wide array of hurdles. As Telephone Consumer Protection Act (TCPA) case filings have increased over 940 percent between 2010 and 2015, staying compliant is a challenge.
“Lead buyers and sellers are under attack as it is easier than ever for a consumer to fill out a form, wait to be called and then file a complaint or lawsuit seeking a payout,” cautions Pickles. He advises lead sellers and buyers avoid buying non-TCPA compliant leads and ensure that they have persuasive evidence in the event of a complaint or lawsuit.
Another challenge is being able to leverage data to measure the intent of each consumer effectively. Having insights into the individual consumer journey helps measure the intent of each lead and its value.
In the insurance vertical, the relationship between lead seller and buyer is strong but only when publishers, aggregators and generators play by the rules. This relationship works best when it includes only selling leads to a certain number of buyers in a shared-lead world and exclusive leads only to one buyer. Other rules include no manipulation of consumer data, no recycling of leads at a later date, no fake leads, no non-TCPA compliant leads and no incentivized leads.
“It is the ‘bad actors’ that don’t play by these rules in the ping/post ecosystem that can cause many problems,” Pickles explains. “Buyers leverage technology to validate consumer data as good consumer data and some have a de-duping capability in place to minimize buying the same lead twice.”
The challenges of eliminated old or recycled leads, duplicates, fake and no-intent leads stem from the lack of the ecosystem’s ability to verify contributed data as fact. In the ecosystem much of the data surrounding the rules is contributed, meaning a lead aggregator buys a lead from another aggregator (or generator) and says it will only sell the lead once and that they are selling it to a specific company. There is no way to verify this contributed data as fact. A bad actor can sometimes get away with selling that lead to other insurers or holding it for a week or month and selling it again as an old or recycled lead.
To validate contributed data as factual data, customer insight platform Jornaya has launched an insurance industry initiative to establish a “Chain of Custody.” This method verifies that each lead seller participating in the ping/post system is playing by the rules. If there is ever a problem or complaint, the Chain of Custody data would help the lead generator or buyer that is experiencing a problem, such as an old or duplicate lead, identify where in the chain the problem occurred, thus exposing and pushing out the bad actors over time.
In his session, “Selling Leads: Monetization, Lead Data, and Best Practices for Matching the Right Leads to the Right Buyers,” Pickles will address overcoming challenges such as these, best practices in lead selling, creating value in the leads you have and more. He will be joined by Scott Hettman from boberdoo.com and Randall Bourgeois from Whitepages Pro. Jay Weintraub from Grow.co will moderate the session.
Click here to register for LeadsCon New York 2016.