Hey, it is Joe from Atrium Leads.
I am emailing you a one-minute idea to help you sign more PI cases.
The topic of this newsletter is why your lead vendor's "conversion rate" doesn't matter.
Problem
Every lead vendor you talk to will throw conversion rates at you. "Our leads convert at 15%!" or "We see 20% conversion rates with our clients!"
Sounds great, right? Wrong.
Here's the thing: conversion rate is a useless metric if you don't know what they're actually measuring.
Are they measuring leads to consultations? Consultations to signed cases? Leads to signed cases? Are they counting every lead they send, or just the ones that answered the phone? Are they tracking this across all their clients, or just cherry-picking their best performers?
Most lead vendors have no idea what actually happens after they deliver the lead. They're guessing. Or worse, they're using data from one or two firms and pretending it applies to everyone.
The real problem is that their conversion rate has nothing to do with YOUR conversion rate. Your intake team is different. Your market is different. Your follow-up process is different. Your attorneys are different.
A lead vendor bragging about conversion rates is like a car salesman telling you the average driver gets 30 MPG. Cool, but that doesn't tell you anything about how YOU drive.
Implementation
Here's what you should do next:
Ask what they're actually measuring. When a vendor mentions conversion rates, ask them to define it. Leads to consultations? Consultations to signed cases? If they can't give you a clear answer, that's a red flag.
Ask for their data source. Are they tracking this themselves, or are clients self-reporting? How many firms are in their sample size? If it's based on 2-3 clients, it's not statistically meaningful.
Focus on YOUR numbers instead. Track your own conversion rate from each lead source. This is the only number that matters. If Vendor A sends you leads at 25% conversion and Vendor B sends leads at 10% conversion, Vendor A is better for YOU regardless of what they claim their average is.
Calculate cost per signed case, not cost per lead. This is the metric that actually impacts your bottom line. A $200 lead that converts at 30% costs you $667 per case. A $100 lead that converts at 5% costs you $2,000 per case. The cheaper lead is more expensive.
Test everything yourself. Don't take anyone's word for it. Do a small test order, track the results with your team, and make decisions based on real data from your firm.
The only conversion rate that matters is yours. Everything else is just marketing.
Hope you find this useful,
Joe
P.S. Work with me: If you want leads with conversion rates that actually matter for your firm, reply to this email or go to atriumleads.com and book a call to see if you qualify. We'll show you exactly how our leads perform with firms like yours.