Shared leads are consumer enquiries that are sold to more than one buyer simultaneously. When a consumer submits a form, their details are sent to two, three, or sometimes more competing firms at the same time. Each firm receives the same lead and attempts to contact the consumer, often within minutes of each other. This model is sometimes called multi-sold leads or non-exclusive leads.
How Shared Leads Work
In a shared lead model, the lead generation company collects a consumer enquiry and distributes it to a pre-determined number of buyers. The consumer may or may not be aware that their details will be sent to multiple companies. Some comparison-style lead forms make this clear; others do not.
The number of times a lead is shared varies by provider. Some share each lead with 2-3 buyers, while others sell to 5 or more. The more times a lead is shared, the lower the price per buyer — but also the lower the conversion probability for any individual buyer.
From the consumer's perspective, a shared lead often means receiving multiple phone calls within minutes of submitting an enquiry. The experience can feel overwhelming, especially for someone who is already anxious about a financial decision. Many consumers respond by screening calls, stopping answering their phone, or becoming suspicious of the firms contacting them.
Shared Leads vs Exclusive Leads
The core difference is competition. With an exclusive lead, you are the only firm contacting the consumer. The conversation is calm, professional, and focused on the consumer's needs. There is no race to be first, and no risk of the consumer feeling harassed by multiple callers.
With shared leads, you are competing with other firms for the same consumer's attention. Speed becomes the dominant factor — whoever calls first often wins, regardless of who would provide the best advice. This creates a dynamic where sales aggression is rewarded over consultative quality, which is at odds with how most regulated financial services firms prefer to operate.
The metrics tell a clear story. Exclusive leads typically achieve contact rates of 70-85% and lead-to-completion conversion rates of 5-15%. Shared leads typically achieve contact rates of 40-60% and conversion rates of 2-7%. While shared leads cost less per unit, the lower conversion often means a higher cost per acquisition when you account for the additional leads needed to generate each client.
The True Cost of Shared Leads
The headline price of a shared lead is lower than an exclusive lead, which is their primary appeal. A shared mortgage lead might cost £8-£15, while an exclusive one costs £20-£40. However, the real comparison should be made at the cost-per-acquisition level.
If you buy 100 exclusive leads at £25 each (£2,500) and convert 10 (CPA = £250), compared to buying 200 shared leads at £10 each (£2,000) and converting 6 (CPA = £333), the exclusive leads deliver a lower CPA despite the higher unit price. And this does not account for the additional time your advisers spend chasing shared leads that were already converted by a competitor.
There is also a hidden cost in adviser morale. Repeatedly calling consumers who say they have already spoken to someone, or who are irritated by the volume of calls they have received, is demoralising. Over time, it can lead to a decline in follow-up effort and a vicious cycle of falling conversion rates.
When Shared Leads Might Work
Shared leads can be viable in specific circumstances. Firms with very high call capacity and fast response times can win the speed race consistently, achieving conversion rates closer to the exclusive benchmark. Some firms also use shared leads as a supplement to exclusive leads when they need to fill excess capacity or test a new market without a large initial commitment.
The key is going in with realistic expectations. If you buy shared leads knowing they will convert at a lower rate and plan your economics accordingly, the model can work. If you expect shared leads to perform like exclusive leads, you will be disappointed.
At Lurvo Digital, every lead is exclusive. We believe exclusive delivery provides a better experience for the consumer, a better conversion rate for the buyer, and a more sustainable business model overall. We do not sell shared leads in any category.