Any ideas on how to monetize this on-line wizard for chapter 7 bankruptcy?

danmc1lg

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Dec 7, 2011
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I have an on-line wizard for chapter 7 bankruptcy that allows a person to see if they qualify for bankruptcy given their state-specific laws. It's the only of it's kind on the internet.
If they do qualify, it allows them to retain the law firm electronically at the end of the wizard.
The initial draw is the free wizard. The next big plus is that, unlike traditional law firms, there is no need to waste time or gas to go meet with an attorney in an office. This is done nearly entirely on-line.
So, this is a product of convenience. In addition, the price point is very competitive and the law firm allows the client to make installment payments. This truly is a new approach and no one is donig it. However, I don't know how to capitalize on it, frankly.

I can pay $250 per deal. I have no money to spend on leads or anything else. I'm looking for marketers who can think of creative ways to get people to the site so that it can convert into sales. I'm willing to make changes to the site to improve it. I've added text/video chat to help capture a lead's attention while their at the site.

Please take a look at this and tell me if you see potential for you and I together. I came up with the idea, now i'm trying to see if it is a money-maker. The site is URL REMOVED BY ADMIN
 
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Well, first thing I would have done is not openly admit there is no competition on the #1 online marketing forum in the world. I mean even Matt Cutts logs into here.

Basically this is what is going to happen.

A lurker is going to steal your idea, who has connections to attorneys. He may not enter your market just yet, but you'll start seeing copycats within 2 months tops. They will out rank you, out SEO you, out PPC you, and even will get into affiliate marketing with your idea.

Good luck bro.
 
Well, first thing I would have done is not openly admit there is no competition on the #1 online marketing forum in the world. I mean even Matt Cutts logs into here.

Basically this is what is going to happen.

A lurker is going to steal your idea, who has connections to attorneys. He may not enter your market just yet, but you'll start seeing copycats within 2 months tops. They will out rank you, out SEO you, out PPC you, and even will get into affiliate marketing with your idea.

Good luck bro.


Thanks for your input. Your points may be valid but I was hoping for something constructive. And, if you believe that this can be copied and that others will do it, then there must be potential here; so that's a good thing i guess.

Here's the deal, i have attorneys in all 50 states. So, we can roll this out nationally. I don't think it will be so easy for others to do it because I already have the attorney network, call center and infrastructure in place. We've been offering BK this way for years. It's just that the wizard is new.

If you thin there is potential, talk to me about how we can make each other money off of it.
 
Thanks for your input. Your points may be valid but I was hoping for something constructive. And, if you believe that this can be copied and that others will do it, then there must be potential here; so that's a good thing i guess.

Here's the deal, i have attorneys in all 50 states. So, we can roll this out nationally. I don't think it will be so easy for others to do it because I already have the attorney network, call center and infrastructure in place. We've been offering BK this way for years. It's just that the wizard is new.

If you thin there is potential, talk to me about how we can make each other money off of it.


Anyone else?

I forgot to add that I currently have this thing set up so that if the client comes to the wizard through a link associated with you, and then the client retains the firm, you automatically get paid the very same moment that I get paid. I have a 3rd party processor set up to handle splits automatically. So, that's already in place.

If you have this wizard, how would you monetize it? That's my $64k question. If it were yours, would you seeks affiliates?
Would you just do seo and ppc?
What am i missing. I feel like there is an asnwer but I can't figure it out. Out of the entire nation, I've go to be able to generate 100 new clients per month. If i can generate the clients, this thing could get me out of the poorhouse.

Please give me advice and if you want to work with me, let's do it.
 
I actually have an extremely similar idea only for Real Estate that is my "million dollar" idea.

For monitization, I would put this applications on Bankruptcy attorneys websites and charge them a per/usage or monthly fee.

Or build a website dedicated to bankruptcy like this - Filing Bankruptcy Online - File Chapter 7 Bankrupcy Forms - USA Bankrupty Information
only build it like turbotax.

An attorney friend also came to me with the idea of doing something similar but in the field of wills and trusts. A big problem with all of these contracts & filings ideas are the different regulations between states.
 
I actually have an extremely similar idea only for Real Estate that is my "million dollar" idea.

For monitization, I would put this applications on Bankruptcy attorneys websites and charge them a per/usage or monthly fee.

Or build a website dedicated to bankruptcy like this - Filing Bankruptcy Online - File Chapter 7 Bankrupcy Forms - USA Bankrupty Information
only build it like turbotax.

An attorney friend also came to me with the idea of doing something similar but in the field of wills and trusts. A big problem with all of these contracts & filings ideas are the different regulations between states.

those are great ideas, especially "For monitization, I would put this applications on Bankruptcy attorneys websites and charge them a per/usage or monthly fee."
do you have any ideas about how to get clients to it? are there any cost-per-sale type affiliate programs out there where someone may be interested in driving traffic in exchange for $225-250 per deal?
 
do you have any ideas about how to get clients to it?

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I have no money.

If i can generate the clients, this thing could get me out of the poorhouse.

Sounds like a great idea. Unfortunately those two comments just eliminated any network who would of even considered taking on your project. I am sure many wish you the best of luck, However when it comes to risking their own money and you make them two comments they are not that hopeful.
 
I'm into debt relief leads and tax debt leads. I was planning on jumping into BK leads in the upcoming quarter.

I just sent an email to the contact email on the site.
 
Sounds like a great idea. Unfortunately those two comments just eliminated any network who would of even considered taking on your project. I am sure many wish you the best of luck, However when it comes to risking their own money and you make them two comments they are not that hopeful.


I guess i dont understand the affiliate thing well because i dont see how my comment about being broke affects anything. I simply saying that i get by and i'd like to do better. I thought this would be a good idea.

When you say "However when it comes to risking their own money and you make them two comments they are not that hopeful" i dont get it.

I dont own the law firm, a friend does. His firm is solid and does well. One day he told me that if i found a way to drive BKs, I'd get paid. So i came up with the wizard.

There's something else you should understand, i/we wouldn't be handling the money. This may be different than you're used to; again, I don't understand the affiliate thing very well myself. Here's the set-up, when the client E-signs the retainer, an escrow-like account is automatically opened for the client at this company; Secure Account Service. You would also have an account there, as do I. The account is free for you and I. The second that the client payment clears, funds automatically go to you account for a split second and then transfer to the personal hometown account of your choice. So, where's the risk? No one pays you. It is automatic. I have thought this through a bit:)
 
I guess i dont understand the affiliate thing well because i dont see how my comment about being broke affects anything. I simply saying that i get by and i'd like to do better. I thought this would be a good idea.

When you say "However when it comes to risking their own money and you make them two comments they are not that hopeful" i dont get it.

Here's the crux of the matter:

Bona-fide bankruptcy leads have value and most marketers are going to want to get paid for the lead, and not have to rely on you, or your friends law firm to: 1. Follow up on the lead and 2. Close the deal.

I like the idea of getting paid on the sale, but before I would agree to send valuable BK leads to you and get paid when they convert I would want to learn more about your law firm, conversion rate, etc.

Many buyers of leads waste them because they don't follow up, can't close them, don't follow-up fast enough, etc. If I'm fronting leads to a buyer and getting paid on the sale - I want to make sure you workin' those leads like Glengarry Glen Ross.

GS
 
Here's the crux of the matter:

Bona-fide bankruptcy leads have value and most marketers are going to want to get paid for the lead, and not have to rely on you, or your friends law firm to: 1. Follow up on the lead and 2. Close the deal.

I like the idea of getting paid on the sale, but before I would agree to send valuable BK leads to you and get paid when they convert I would want to learn more about your law firm, conversion rate, etc.

Many buyers of leads waste them because they don't follow up, can't close them, don't follow-up fast enough, etc. If I'm fronting leads to a buyer and getting paid on the sale - I want to make sure you workin' those leads like Glengarry Glen Ross.

GS


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I totally can agree with that, thanks. It is the only "hole" that I can think of. You would have to rely on my ability to make sure that the salesreps are tiptop. I can tell you all day that they are, but I could be full of shit, you don't know me. However, I will say that I have 15 years experience in managing small calls centers, CRMS and salesreps. I am very anal about properly working a lead to get every bit of meat off of the bone. I've always done well by using the right salesreps and by working the leads hard and smart. My background is as a bill collector. I did that for 10 years. That's probably where I gained the tenacity for chasing leads (debtors). From there I opened a debt negotiation company and have been in that field for the past 7 years. I currently manage the law firm's debt negotiations, customer service and sales. (we have another law firm name that does debt settlement). Again, for all you know, I could be full of shit though and I get that.

My initial thought wasn't that people should funnel leads to me. I thought that this wizard may be successful in just sending traffic to it and allowing the wizard, it's sales points and the video chat to capture clients. You have me thinking though that while some leads may retain the law firm without ever needing to be pitched by a salerep, the majority will need some human touch prior to enrollment so their questions can be answered and only then will they retain the law firm.

I added the text/video chat feature to try and improve conversion. I figured that it may invite leads to start conversations and generate more contact with the salesreps. So, it'll help but I know that only a small percentage of people viewing the site or using the free wizard will actually click the video chat box.

Another percentage of those leads will pick up the phone and call us, which is good.

There will be another percentage who use the wizard and then fill out the contact form, which is also good.

But, there will be a large percentage who view the site, use the wizard and never reach out to talk to us. If traffic is just being driven to the site, I assume that we'll never be able to talk to this segment of people and they'll be lost forever. If leads were being driven there and the lead's contact info was gathered prior to being directed to the wizard, well, my salereps could do outbound calls to them to increase contact and sales.

So, I guess there are different ways to go. I haven't settled on any one thing yet. Now that I've had the I/t guy build the wizard, I've moved on to trying to figure out the best ways to capture clients. I'm open to making changes to the layout of the wizard and open to suggestions of anyone who wants to get involved.

One of the things i struggled with was whether or not I should put a required contact form at the start of the wizard or at the end. I went with putting it at the end because I thought that It looks more legit. This is a law firm's website, of course, and not a lead gen landing page. I thought maybe it would turn people off if I asked for info before letting them through the wizard.

So i give them the option to fill out the form at the end where they can ask us to call them at the time they choose. I also invite them to call us or click on the chat box. All the invites are there.

I think that there are other things that should help conversion; we are cheaper than many law firms and competitive as compared to others. We also allow the client to make a small initial payment to retain the firm which makes it psychologically easy for them to pull the trigger and start the process. The biggest draw is that we allow the retainer to be signed on line very simply and via E-sig. There is no need to burn gas or time driving to our law firm a couple of times to discuss the bankruptcy face to face with an attorney. No one wants to do that. It is embarrassing enough having to file. We make it nearly anonymous. After we've gathered everything and file on behalf of the client, a hearing date is set. That's when the client and attorney show up, shake hands and get the hearing over with. It's very convenient. I think that these points help to sell it too.

We also offer the BK in all 50 states.

There's something else, for your piece of mind; the wizard really has loaded into it each individual states' BK rules and exemptions. It is accurate and state specific. In fact, we update it every 6 months with any changes that may take place in a states' BK rules.

You make great points, if you think that there's a possibility that we could work together, but you need to ask more questions or you'd like to see some changes to the process, contact me. The wizard has no track record to run on yet. I have worked with anyone to run any traffic through it yet. I think there's something there though. I'm completely open to listening.[/FONT]
 
I have another thought; if a person doesn't qualify for BK, they pretty much only have one other option which is debt settlement. I can put them into that product. We could capitalize either way. What a great way to get all we can out of the lead. Someone may simply make too much money or have too many assets to qualify for chapter 7. Therefore, they only have chapter 13 or debt settlement as real debt relief options. Chapter 13 is, in most cases, a bad move. Better to just settle the debt instead.
Our debt settlement model is the absolute cleanest and most sellable in the industry, i think. It's an attorney-model 100% performance based model. The client gets an attorney right away but we don't charge a penny until we settle that first debt. The client has zero risk. They are very comfortable with the model, there is no objection that can come up. The owness is on us to do a good job, or we don't earn fee....and we're really, really good at generating the fee! Remember, i run the negotiations department.
It another angle to talk about.