Closing Coverage: Health Insurance Sales Blog

Last week we unveiled Dynamic Bidding for our Internet leads.  Like all new features, it was created by listening to you – the customer.  It is a great way for you bid smarter and optimize your Vimo lead campaign.

As you may know, all Vimo leads are available on a bidding system.  There could be instances where you aren't getting a lead because you are outbid by another broker.  This mostly happens with our volume buyers.  They want to acquire more leads, but if we increase the price, they want to be guaranteed that they'll see an increase in volume. Dynamic Bidding allows you to get the most available leads at the lowest possible price.

Here are two examples where we've seen this happen.

Shared Lead Scenario:

Your bid is $6.50 in Colorado.  Four other brokers are in Colorado and have accounts with prices at $7.00, $7.50, $8.00, $8.50.  As long as all of these brokers' accounts are active (we share leads 4 times), you'd never get a lead.  You might be willing to pay $7.00 if you know that you'll get 50 additional leads but you don't want to pay $0.50 more per lead to just to get one extra per month.  Does this sound familiar?  

With Dynamic Bidding, you can set a high bid and low bid to make sure you have a better chance of acquiring more leads.  Now if you tell us "I want to pay $6.50 for all of my leads, but I'm willing to pay up to $8.00 to get more volume. 

In the above scenario, our system will always assign leads to you at your low bid if they are available.  If the $7.00 broker's ready and waiting for leads, however, Dynamic Bidding will outbid that broker by a quarter to ensure that you acquire the lead. 

If you aren't going to be assigned the lead, Dynamic Bidding will always bid $0.25 over the next highest bidder to grab the lead for you, but it will never bid more than the high bid you set.  Make sense?  It's a bit confusing, so let's try another scenario.

Exclusive Lead Scenario 

This one should be more clear.  Let's say you want exclusive leads, but when you bid $15, you rarely get a lead.  Are you $1 away from getting a windfall of activity or are you $10 away?  If you set your price at $20, are you getting leads that could have been available to you at $15?  

With Dynamic Bidding, you can set $15 as your low bid and $23 as your high bid. You'll be guaranteed to get every $15 exclusive lead available, but now you'll also get any other leads up to your maximum bid.  

The end result is that you'll get more leads without paying an arm and a leg. You'll get some leads for $15, some will be $15.50 and some may be $23.  Your effective cost per lead will be somewhere between your high and low bid, but you'll get the optimal balance between cost and volume.

It's all a bit confusing, so just give us a call if you have questions or would like to try it out.