Cost per lead
The price paid to acquire a single lead record, before any consideration of whether it converts.
The most commonly compared figure and the least informative one. Rep hours cost the same whichever list they dial, so a cheap lead that takes four times the attempts has moved cost from the lead line to payroll rather than removing it.
Why it matters to a broker
Compare vendors on cost per funded deal instead. CPL is only meaningful once divided by a funded rate.
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