LendingTree helps consumers to make crucial financial decisions. The platform provides comprehensive comparisons for financial services including mortgages, student loans, business loans, and personal loans. These are complex purchases, and LendingTree discovered that phone calls are an opportunity for them to turn hesitant shoppers into confident customers.
Going From Forms to Phone Calls Poses New Attribution Challenges
Before introducing phone calls as a path to purchase, LendingTree was relying on customers to fill out online forms to sign up for services. This created a barrier for people who were hesitant to submit personal information online. “Financial services can be a very sensitive and tricky space for consumers,” said Gittings. “Any consumer that didn’t feel comfortable going through the web process fell off or didn’t have another avenue to take.”
Providing shoppers with the option to call and discuss their options changed the game for LendingTree. “We were losing an incremental consumer base that we’ve now been able to reach by using the Invoca platform,” said Gittings.
LendingTree started driving inbound calls about two years before implementing Invoca, but without call tracking and analytics, it had no insight into what was making callers become customers. “We had no idea what happened to those calls, if they performed, how they performed, or what the quality looked like,” said Sarah Gittings, Senior Manager of Marketing at LendingTree. In order to optimize marketing efforts and drive higher revenue, they needed accurate insights into what was happening on the phone.
LendingTree Turns to Invoca Call Tracking and Analytics to Get the Full Picture
By implementing Invoca, LendingTree was able to discover what was happening on calls to find out what marketing tactics drove the most high-intent customers to call. “Before Invoca, all of our calls went into a black box,” said Gittings. “Invoca really helped us take a step back, analyze where calls were coming from, what the quality looked like, and learn a lot about the different sources that were driving those calls.” By using Invoca, they were able to increase revenue from its performance marketing partners by over 30% as well as personalize the caller experience.