(Newport Beach, CA) — The phenomenal growth of insurance and home mortgage Web sites has yielded an unusual after market niche, and LeadExchange™.com is defining this new industry by allowing brokers and agents to buy, trade and sell sales leads online.
LeadExchange™ is a spin-off of iLeads.com, an Internet lead-generation company that has used and tested the LeadExchange™ concept during its four years in business. iLeads.com is a privately-held startup based in Southern California (Orange County).
Because of market fluctuations, legal limitations, and capacity restraints, there are often surplus sales leads gathered from the online marketing programs of financial services companies. Since the Internet is a world-wide medium, companies often receive thousands of inquiries from customers outside their geographic service area or product line.
LeadExchange™ offers a simple, electronic platform to moderate the allocation of these leads to qualifying companies that can fulfill the sales. Currently, the system supports trading and sales of home mortgage and life, and health insurance leads, and the system is being expanded to support additional products and industries.
“Customers are happy because they are being serviced,” said Drew Warmington, CEO of LeadExchange™. “They want information about products, and this way they are contacted within a short period of time without having to shop around. Participating companies find that they are able to gain both in sales efficiencies and in achieving customer satisfaction.”
Here’s how it works: vendors of leads set a market price for these “spare leads”, and LeadExchange™ processes the leads for the vendor and offers them for sale in large blocks sorted by product type and geographic area. Interested buyers may purchase blocks online, to supplement marketing efforts or to fill downtime in sales periods.
So far the response has been tremendous. “We don’t see leads going to waste,” said Warmington. “For every interested customer, there’s an interested provider.” Auctions are held daily, in real-time (as leads are posted after processing, they are automatically available for purchase). Purchased leads are delivered immediately via electronic file. LeadExchange™ keeps accounting for all activities, and reconciles each account on a monthly basis.
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