Building Networks with SQL Contests

Building Referral networks with Sponsored Agents

Lead Generation with SQL Contests

For factors, one of the most effective methods of both building a robust sales network and, of course, generating leads, is through promotions and sales contests.  But the question is, what type of sales contest or promotion do you run?  Since most factoring clients are generated through long cycle sales, keeping a sales network engaged can be problematic.   At IACFB, we think we have the answer and it revolves around our popular Sponsored Agents Program.  In fact SQL (Sales Qualified Leads) contests and IACFB’s Sponsored Agents Program are the perfect combination for increased productivity.

Sponsored Agents = Factoring Broker “Lite”

At IACFB, we look at the Sponsored Agents Program as “Factoring Broker Lite”, or a very easy and almost mentored approach for enterprising individuals to successfully get into the business of brokering and client referral in the factoring industry.  Unlike successful “traditional” industry factoring brokers that embrace the factoring industry’s often long cycle sales process and bring completed deals to the underwriting table after months of work, Sponsored Agents simply start out in the industry as referrers or “bird dogs”, uncoveringLead Generation possible candidates for factoring (leads) through the normal everyday networking they engage in using social media or interaction in local clubs, organizations, etc.  Sponsored Agents do not bring completed deals to the table, rather they uncover QUALIFIED LEADS and refer those leads to a factor’s BDOs for closing.  This makes the Sponsored Agents Program perfect for industry “newbies” and those only interested in engaging in the industry on a purely part time basis while they get started.  (Explore Sponsored Agent) 

Generating Sales Qualified Leads (SQL)

So it is only the job of Sponsored Agents to generate sales qualified leads for their factor’s BDOs and sales staff.   But what is a “Sales Qualified Lead” as it pertains to agents?   Simply put, a sales qualified lead results from…

  • your agent speaking or interacting with a B2B business owner who seems to have an interest and need for factoring and has agreed to be called by a BDO working with the agent’s sponsoring factor.
  • a form being submitted from the agent’s website / landing page requesting a copy of a booklet, case study, free proposal, etc. that is forwarded directly to the agent’s BDO for follow up.

Creating an SQL Contest

So it is only the job of a factor’s sponsored agent to generate leads for BDOs and sales staff.  Simple!  And the easiest method of generating leads is by building large networks of sponsored agents.  Building lead-generating agent networks is easy and here’s how to do it.

  • Announce your contest and set your prizes and awards.  Make certain your contest allows for a “30 day training period” before the contest begins.
  • offer FREE training for all contest participants using the IACFB’s Factoring 101 broker training program for Sponsored Agents
  • set weekly or bi-weekly goals for agents based on lead submissions and award prizes at least twice monthly.  Keep agents engaged.  Reset agent lead referrals back to “zero” after each award period so all agents have a chance to win.
  • award prizes on two tiers with one tier being total leads generated every period and a second (long term) tier for actual clients generated through BDO referrals

Let Your BDOs Be the Judge

Running an SQL contest is very easy and in determining the quality of any referral, your BDO working directly with your agents will be the judge.  BDOs can post lead totals weekly, send out weekly email updates, provide agents with marketing and lead generation tips, post success stories on Commercial Finance Consultant Magazine, etc.

Setting Up Your Sponsored Agents Program

Setting up a Sponsored Agents Training Program using the IACFB Campus platform is very easy and inexpensive and once established, factors can offer quality broker training for FREE and develop large, well-trained referral partner networks made up of accounting professionals, lending officers, leasing professionals, cash flow broker, and many other vocations.  To find out more, visit http://iacfb.com/for-lenders/