Mortgage Lending Cost Per Conversion Help!

[Ryan72]

I run a mortgage company and have tried Google Adwords in the past and have had my head handed to me when it comes to cost per conversion. I have a nice landing page and all, but I just was never able to get it to pencil out. I have been talking with affiliate companies like Commission Junction and they are offering publishers $65 per exclusive lead. I don’t know what I am doing wrong when my cost per lead was well over $150 to $200.

I know the mortgage industry is very competitive, but I must be doing something very wrong. I have used Exact matches, Broad matches with Negatives and I even downloaded every city in the U.S. so if someone in Fresno, CA types in refinance in Fresno I will come up. (That had terrible impressions by the way.)

So can anyone help me as I have a superior product then my competition, but it makes no sense to have a cost per conversion of $200 when I can buy a shared lead for $35. If I could get my conversion cost down to $65 I would jump for joy at this point!

Here is my landing page:
https://www.usmortgagecapital.com/preapproval/apply.asp?referrerid=Google&keyword=sub_prime_lenders

Thanks

[cellconversion]

Hello

Since i dont have much data on the PPC campaign that you are currently running , i would like to comment or share some advise on the landing page. Try to place an "incentive" for signing up or inquiring, think of products that may be useful to your market segment - maybe a fixed 5% rate or discount for the 6 months or something. Its always trying to answer the WIIFM (What Is It For Me) for every possible visitor that comes on board you landing page. Why should I sign up now? Also reconsider limiting the number of input fields or boxes that you requiring your visitor to answer. Delimit it only to what is important, if it is leads you are targeting, then just focus on getting what information is crucial (emails, telephone number). Try to evaluate how many actually answered those fields and information you have required? Also check your abandonment rates and exit rates for your landing pages. This will give you an idea if your page is "working". The more information you ask a visitor the more "friction" it creates. A simple formula would be "incentive - friction".

You can also elaborate on the main points of your service, I can only see 4 bulleted points. Start with a good introduction of your services. Add a few comparison charts and dont hurry with placing the inquiry forms right there on the top, the visitor is their basically for information - so serve it to them first. Needless to say this would lead to a/b testing and without a questions its the only way to go as far as building an effective landing page is concerned.

Hope this helps.

[integramed]

Well, my comments are not a heck of a lot different than the help I gave in the other thread, "Google AdWords CPA Conversion Help".

The landing page could use a bit of work..

First, the page title tag (<title>America's Fastest Growing Lender</title>) does not even mention mortgage loans, let alone the fact that this is an online application, let alone any reasons for me to apply.

Also, the page content, although it *seems* to be an application, does not actually *say* so. As a visitor, it's a bit confusing as to why I should bother fill out the form. What do I get? It would be a good idea to tell me exactly what I get by filling out the form, otherwise I might just go away.

Also, I notice there is a continue button on the form.. so this worries me that it might be a 20pp application. Ease my worry on this issue also.

[wasatch27]

Just a few random thoughts to go with the other comments.

What action do you want the user to take? Spell it out and make it obvious.

"We walk you through the Process" -What process? checking out at the grocery store.

"What is your loan purpose" -Uh, to get some money. Make it "What type of mortgage/loan are your applying for?"

Make your phone number bigger with a prominent call to action. "Call us now for fast, loan processing." Also, try to use a unique 800 number based on where the user navigated from so you can add it to your conversion metrics. I bet you convert calls better than email forms.

Your left nav is confusing and cluttered. Break it up a bit.

Your also looking busted up in Firefox.

Good Luck

[Discovery]

Wow this is great input for you from Integrammed and others. The bottom line is that small changes on your page can make a HUGE difference. Be sure to give your site the "mother" test. Have complete internet novices and or NON mortage savvy consumers test your site for ease of use.

Use Google analytics to get a better understanding of what visitors are doing on your website.

These things will help you get into the game, but I'm sorry to tell you my friend that you are in a game with a lot of pros with DEEP pockets. These players offer a variety of services that are related to the mortgage loan which can ultimately allow them to have a very high initial CPA. If your only profit center is the mortgage sale itself you will find yourself priced out of the online mortgage lead generation market.

This doesnt mean you wont be able to drum up a few leads a day on the cheap, but your odds of generating any kind of volume over 10 quality leads a day are low.

Diversifying your services and hiring a PPC company to create your online lead generation system and then hand it off to your marketing dept may be a good ploy.


Discovery