Business Loan Lead Generation for Loan Brokers

The #1 most important thing your brokerage needs is clients. It doesn’t matter if you’ve just started your brokerage business or have been operating for decades, you won’t get anywhere without them. So, how do you get clients? First, you need business loan leads. A lead is a potential client who is a good fit for your brokerage, can afford to buy, and is interested in your business. Generating business loan leads is your first step in the sales process. It’s your job to take these leads and convert them into clients.

There are several ways to generate leads and not all leads are created equal. It will take some experimentation to determine your personal best way of getting business loan leads. However, you can start with the broad strokes and gradually hone your technique to make it efficient and nearly effortless. Your method will evolve as your brokerage grows and must change to keep up with your target client. You’ll know your method is working when potential clients initiate the relationship with you versus you having to do all the leg work.

As you progress, it’s important to measure which lead generation tools are working best. Keep track of how you generate commercial business loan leads using your analytics tools. Get rid of the marketing tactics that aren’t working for you so you can concentrate your time on the most effective. In time, you’ll be able to strike a balance between quantity and quality that suits your brokerage.

Without further ado, let’s dive right into the basics you need to know to generate commercial finance leads, small business loan leads, mortgage broker leads, and just about any other type of commercial business loan leads.

Quality vs. Quantity

In an ideal world, you would have a high quantity of high-quality leads. Most of the time, however, it’s a tradeoff between the two. On one end of the business loan lead spectrum, you have a high quantity of poor-quality leads. On the other end, you have a low quantity of high-quality leads. The trick is to strike a balance between the two. The closer you can get to the middle of that spectrum, the better off your brokerage will be.

A high-quality lead is one you have a good chance of closing. These leads are more likely to become paying clients and may even generate more high-quality leads for you. They fit your demographic and geographic requirements, have already engaged with your brokerage either on social media or through your website, and match your target audience.

Poor quality leads are those who are interested but don’t fit your brokerage. They may be outside of your service area, have insufficient means to qualify, or are curious but not ready to buy yet. While some of these lower-quality leads may eventually become more of a fit, they shouldn’t be your top priority when looking to convert. Consider referring them to another brokerage that has agreed to send leads your way in the future.

On any lead list, there will be a mixture of both. But, depending on how you go about generating your business loan leads, you can reduce the chances of getting a list loaded with poor-quality leads. For example, using your personal network to get referrals will generate high-quality leads. These leads are very likely to buy but probably won’t generate a large number of leads unless a targeted strategy is in place.

On the other hand, leads that are based on subscriptions to your website or blog may generate a larger quantity of leads, but they often won’t be as interested or qualified. This tradeoff is why it’s important to use many lead generation methods. Once you’ve got the leads, it’s a good idea to employ metrics that help you sort through them to determine which deserve more of your time.

Types of Business Loan Leads

There’s no one way to classify leads. Lead classification is normally associated with the ‘sales funnel’ concept. Leads are put into categories based on where they are in the funnel. Sales and marketing teams typically work together to set these criteria for their company. There are, however, a few common terms to be aware of that can act as a guide, even if you don’t yet have dedicated marketing and sales staff.

To illustrate, let’s use commercial mortgage brokers leads as an example:

IQL: Information Qualified Lead

This lead is at the top of the sales funnel. The IQL is someone who has left their information with the brokerage. They may have put their contact details into the commercial mortgage broker’s website in exchange for a free quote. They’re thinking about a commercial mortgage and testing the waters to find out about average rates, loan terms, etc.

MQL: Marketing Qualified Lead

This lead responded on social media, met with a rep at an event, or heard about the brokerage from an advertisement. They’re similar to an IQL except that where the IQL may have searched the internet for “commercial mortgage,” the MQL saw marketing materials put out by the brokerage and responded to it. One is proactive and the other is reactive. The IQL and MQL are in about the same position in the sales funnel.

SAL: Sales Accepted Lead

This is where the commercial mortgage broker leads are filtered for the first time. The IQL or MQL has been contacted by the brokerage, following up on contact information. Depending on what the lead says, they either get funneled in further or stay in the marketing loop.  If it turns out that the person was looking for residential mortgage loans instead of commercial mortgage loans, for example, the sales team doesn’t follow up.

SQL: Sales Qualified Lead

If the SAL is looking for a commercial mortgage loan and has the power to act on behalf of their company, they become an SQL. This is when the brokerage actively works with the lead to convert them into a client and close the deal. Once they’ve converted, it’s up to the broker to deliver so that the happy new client becomes a source of new quality leads.

Generating Business Loan Leads

Now that you have a starting point for classifying leads, let’s talk about how to start them flowing into your brokerage. Again, it’s important to use several methods at once to get a balance of quantity and quality. As leads begin to come in, keep track of where they came from and where they end up in your funnel. You can use this data to hone your commercial loan lead generation process.

By the time you’re ready to start lead generation for business loans, you’ve already set up your entity (filing legal forms, etc.), your branding, and identified your niche. Learning who your target market is, is essential to finding out what channels potential leads are using and the best messaging to use within those channels. For example, if you’ve decided to specialize in commercial mortgages, you won’t look for commercial mortgage broker leads on social media groups for first-time home buyers.

E-mail

E-mails lists can come from a few different sources, but one of the best ways to generate them is by setting up a landing page and contact form on your website. This way, you have IQLs already expecting to hear from you. It’s possible to buy lists of commercial business loan leads, but they’re not as valuable as organic leads.

  • Personalize your emails. You’re 75% more likely to get a response from a personalized email than one that isn’t. It’s easy to automate this process.
  • Sign your emails. Your signature section is where you can add in CTAs, banners, social media links, and event announcements. Make it easy for leads to reach out.
  • Use a compelling subject line and make the message worth opening. Clean, bright graphic designs, interesting facts, and news briefs that hold the reader’s attention reward leads and encourages them to open future emails from your brokerage.

To get email addresses from commercial mortgage broker leads, use your website, sign-in sheets from events, referrals, and gated content.

Blog

Blog posts help establish you as an expert in your niche. When done right, blog posts build trust and customer loyalty. SEO will help draw an audience to your blog, but well-written content and reliable, actionable information will bring potential leads back for more. The more your audience feels connected with you, the more likely they’ll be to reach out when they’re ready to buy.

  • Guest post on other sites. Find high-level sites in the commercial lending industry and look for opportunities to get your name in front of their audience.
  • Answer common questions. Everyone likes to feel seen and have their concerns acknowledged. Showing that you’re listening and have solutions for them fosters a relationship with readers.
  • Don’t be afraid to brag. Celebrate a successful event you attended or held, a recent award, or a new publication. You can include positive feedback, testimonials, and follow-ups.

Lead generation for mortgage lenders will look different from other commercial business loan leads. So, it’s important to keep your messages on point and relevant to your niche.

Social Media

While commercial loan lead generation is possible without social media, if you’re not tapping into this resource, you’re missing out on a lot of potential business. Billions of people everyday access social media and advertisers have become well aware of the power of social media marketing. It’s a wasted effort, however, to blanket every social media platform with your brokerage’s content.

  • Find out where your target audience spends time. A platform like Facebook will attract a different demographic than a platform like TikTok. Information on the average user of each platform is easily accessible with little research. A good place to start is the platform’s home site.
  • Timing is important. It may seem like online content is evergreen because it’s never truly gone. However, the longer a Twitter tweet or an Instagram photo sits in someone’s feed, the more it gets pushed out by other content. Research when your ideal lead tends to access their platforms and release your content accordingly.
  • Keep a close eye on incoming messages from your audience. If someone has posted a comment or asked you a question, reply as soon as possible. This shows that you’re listening and care about what people have to say. It also helps you stay ahead of any negativity before it grows out of proportion.

Commercial business loan leads will come in faster and with less effort when you use targeted social media campaigns. Be sure to keep your branding consistent so that it’s recognizable across platforms.

Social Responsibility

More and more, consumers are looking at how companies impact their communities. Over 70% of consumers care about the social responsibility of the companies they buy from and 50% say they’re willing to pay more for a product if there’s a positive social impact. You can leverage this interest to generate business loan leads.

  • Sponsor a charity event. Find a cause your target audience identifies with and supports. Adding your brokerage’s name to the sponsor list not only gets your name in front of everyone at the event but also shows you care about more than your bottom line.
  • Volunteer at events. You and your employees can lend a hand at food drives, park cleanups, and school fundraising events. This puts you in front of the other volunteers and sponsors. Document the event and turn it into a blog post to grow your impact.
  • Show off your sustainability. If your brokerage has a low carbon footprint, a green roof, or policies that benefit the environment, make sure to let everyone know. You can also show how you make social and environmentally conscious investments.

Don’t underestimate the power of doing good. Companies are under intense scrutiny as consumers are becoming more aware of the broader impacts of their buying behavior. A small investment in your local community can have a huge return.

In-Person Networking

For all of the focus on online and social media commercial loan lead generation, it’s not to say that in-person networking isn’t still very effective. Making a personal connection to “Centers of Influence” (well-connected people) generates direct referrals. Direct referrals are where the highest quality opportunities come from. Make a great impression on these people and you’ll be top-of-the-list when they talk to their peers.

  • Start with your current network. These are people you already know and have a reputation with. You can partner with friends that have the same networking goals and cover social events together.
  • Ditch the business cards. Think for a moment about what you do when handed a business card. Does it go into a drawer never to be seen again? Chances are, that’s what your audience does with them too. Merchandise like pens and magnets stay in front of your audience daily, keeping you top-of-mind.
  • Prepare your elevator speech. When you’re at an event, you might only get a few minutes to make an impression before you’re interrupted by distractions. Get a 30-second to two-minute pitch ready in advance to quickly and effectively get your point across.

In-person lead generation for business loans is more time-consuming than online lead generation but can result in a higher quality lead. Mortgage loan lead generation especially benefits from face-to-face contact that encourages trust.

Measuring Business Loan Leads

Are your leads coming from your email campaign or your social media strategy? How many leads make it to the bottom of your sales funnel? Do the messages you’re sending hit right with your target audience?

It’s nearly impossible to make improvements to your strategy if you don’t measure your leads. Analytics tools are massively helpful when measuring your effectiveness and progress. Without them, keeping track of leads and results can easily get out of hand. Commercial mortgage broker leads, for example, can come from many different channels, have various costs, and have distinct levels of effectiveness.

Here are the key factors to keep track of when developing your metrics:

Marketing Channels

This is as simple as identifying where your efforts are going. Each channel needs to be tracked separately, although your messaging should be cohesive across platforms. A channel could be your email newsletters, your blog posts, your landing page, or your in-person appearances.

Success

What does success look like for your brokerage? If you measure by the number of deals closed, how many deals equals a successful effort? Will a certain revenue amount be your marker for success? Decide on your benchmarks that will determine what you consider a win for your brokerage.

Tracking Expenses

Keep track of how much time and money goes into each channel. You might be using free marketing channels in terms of dollar amount, but don’t forget that your effort is currency too. If you’re spending hundreds on an ad campaign that’s not hitting your benchmarks for success, consider dumping it and moving in another direction.

Impact

A channel like your social media account might bring in a lot of leads but what if those leads are mostly dead ends? Measuring the impact of your campaign means noticing how many leads make their way to the bottom of your sales funnel. This goes back to the quality versus quantity factor at the top of this article.

These are the key metrics you’ll want to measure, but don’t have to be the only ones you use. Other possibilities include short and long-term impact, secondary lead generation, revenue growth, and brand awareness. Keep an eye on your metrics and you’ll be able to reduce costs while boosting the effectiveness of your lead generation for business loans.

Conclusions

At the start of your business, you’ll spend a lot of time getting your name out, building brand awareness, and exploring marketing channels. It may seem like an overwhelming amount to juggle. However, many of the suggestions in this article are easily automated with your CRM tools, mail management systems, and commerce analytics software.

Once your systems are in place and you’ve made the right adjustments to fine-tune your lead generation business loan process, you won’t need to spend as much time and money as you did initially. But even if your marketing is pulling in steady leads, you can’t put it completely on autopilot. Consistent and responsive analysis will ensure you keep up with your target audience and stay in front of your customer base.