Conversion Rates - Finance

[nicksthename]

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I was hoping someone could advise me on the average conversion / response rates of loans programs:

I am planning to join a program in which I can place a short application form direct on my website pages.

This should provide a better conversion than the standard
banner clickthrough >>to>> application form on provider website.

The traffic at my website should be specifically interested in loans and financial products (as they would have clicked on my advertisement to get there).

If anyone could hazard a guess as to response rates (I know this varies depedent on loads of factors).

Would 5% be too much to ask?

Cheers

[BrokerG]

5 % would be a little low - you should be looking at 7-10% for tenants, and probably 20% for secured finance.

Allow a few weeks for duplicate applications - if your site is new you will probably get an influx of applicants who have been refused by everyone else, and this will distort your initial figures.

Don't forget that if you are taking the application on your website you will become an introducer and will need an consumer credit licence and to be data protection registered.

[nicksthename]

So a 20% ratio from my website viewers to actually applying for the loan?

- 100 visitors to MY website would mean 20 application forms filled in ?

This seems pretty high to me. Is this really the case?

[tomj]

just do it mate!

then you'll see what works and what doesnt.

If there is one thing I've learnt in the last 6 months doing this, it's that affiliate marketing is not an exact science.

what converts well for 1 person may not convert as well for the next.

[Tyson Pearcey]

Hi nicksthename,

As the aff's are saying it does vary a bit in loan conversions via products or brands. But as you say, you have targeted traffic so it should perform well once you have determine who to steer that traffic through to based on the type of users your attracting.

On average though from you can be looking at low of 10% to a high of 25-30%. You also may want to consider if you would prefer to use a company who pays out a lower cost on an application or choose to go for the one which offers a solid high commission { I can spell it right benflux! } on the completed draw down of the loan.

If you like give me a call or e-mail on this one and I'll be more than happy to let you in on which ones are working and which ones you need to avoid. We do have a good selection of loan providers on our client list for you to work with. There is a lot of hit and miss but it can be easier if your pointed in the right direction.

Cheers

[nicksthename]

thanks guys - appreciate the help.


Hey TomJ - where abouts in Kent are you from?
Im based around the Medway area (unfortunately for me
)

[Essential]

Hi nicksthename,

Steve here from Essential Loans.

Just a quick note to let you know what we do.

Basically we have built ALL our systems around our Affiliates...

for an overview http://www.essentialaffiliates.co.uk/Emails/ELI6V3.html

regards

Steve Feeney
0800 018 7776

[Jenny]

Hi there
Conversions from site traffic are a very difficult thing to prejudge. a lot would depend on how you have the form placed and what preamble you give your site customers to lead them into the form.
Its a very valid point that initially you will get a lot of customers who have applied everywhere else and are still looking for a loan. Generic forms will tend to appeal more to adverse than prime customers. A prime lead will be more likely to go for brand, so it is always good to have the high street names available as well. (Sent you a PM on that point). In Toms' words, give it a go! I can quote conversion rates all day long, but one high volume, non targetted affiliate can dilute a lenders conversion ratio.
Hope this helps
Jenny