Two-step verification eliminates "junk data" in leads generation

Anyone who relies on a digital agency for leads knows that “junk data” is traditionally unavoidable in lead generation. Regardless of how good the lead funnel may be, some leads tend to enter bad data into online forms, whether by mistake or on purpose.

To solve this persisting problem, digital financial services directory Wealthify released a major enhancement to its service: the “two-step phone verification” process.   

In an interview with MPA, Wealthify chief digital strategist Darren Moffat said, depending on the industry, between 5 and 15% of leads can be expected to have bad phone numbers. “This is obviously a frustrating problem for digital marketers and for brokers, so we decided to do something about it,” he added. 

Helping brokers convert
The two-step phone verification process underwent six months of development and testing before being formally released. Wealthify is the only independent lead generator to provide such a service.     

The technology’s proprietary landing page asks leads up to 11 questions, which they need to answer by clicking an icon. “It’s a really an easy way to collect data. It includes loan amount, property value, credit history, employment type, why they’re refinancing, and more,” Moffat said.

Right at the end, when the applying lead enters their phone number, the technology sends a 4-digit pin code via SMS. It’s only when the applicant enters the code that he or she becomes an authentic lead for brokers.

The phone numbers of Wealthify’s mortgage leads are 100% accurate, according to Moffat. This means leads are more highly engaged, because there is more “friction” in the lead generation process. Since the technology ensures mortgage leads can be readily contacted, it provides brokers who lack conversion skills with much needed help.

“Brokers who’ve already had access to these phone-verified leads report a higher conversion rate to application; and therefore, better ROI for the marketing dollar,” Moffat said. ”It also helps that we guarantee the lead quota. If a broker pays for 20 leads, they will get 20 leads.”

Customers feel more secure
On the other side of the equation, the technology also gives customers a better sense of security over their data, according to Moffat. Customers know that if it requires a PIN code to validate their phone number, the technology must be secure and the broker business is more likely to be reputable. 

Through the two-step phone verification process, the amount of referrals Wealthify’s current subscribers give to other brokers more than doubled, and its retention rate increased substantially as well. “In one recent campaign, a broker booked four appointments from his first six Wealthify leads!” Moffat said.

This article was written in partnership with Wealthify.