When lead providers talk about where their leads come from, two broad categories dominate the conversation: PPC (pay-per-click) search leads — primarily from Google Ads — and social media leads from platforms like Facebook, Instagram, and TikTok.

Both can produce genuine, convertible enquiries. But they attract consumers in fundamentally different ways, and that difference affects everything from your contact rate to your conversion timeline. Understanding these differences will help you set realistic expectations and adjust your follow-up approach accordingly.

Understanding the Intent Difference

The most important distinction between PPC and social media leads isn't the platform — it's the consumer's mindset at the moment they interact with an ad or form.

PPC search leads: Active intent

When someone types "remortgage broker near me" or "best life insurance UK" into Google, they're actively looking for a solution. They have a problem or a need, and they're searching for help. This is called intent-based or pull marketing. The consumer is pulling information towards them.

These consumers tend to be further along in their decision-making process. They've already identified that they need a mortgage, insurance, or financial advice, and they're now looking for the right provider. When they fill out a form from a Google ad, they're expecting to hear from someone who can help.

Social media leads: Triggered interest

Social media advertising works differently. A consumer is scrolling through Facebook or Instagram — looking at photos, reading news, watching videos — and they see an ad that catches their attention. Maybe it's about getting a better mortgage rate, checking if they qualify for equity release, or reviewing their life insurance cover.

They weren't actively searching for this. The ad interrupted their browsing and prompted a moment of interest. They click, fill out a form, and move on. This is interruption-based or push marketing. You're pushing a message in front of someone who wasn't looking for it.

This doesn't mean social media leads are bad — far from it. Many people need financial services but haven't got around to actively searching. A well-targeted ad can prompt them to take action they'd been putting off. But their mindset is different from someone who typed a search query into Google, and that matters for how you follow up.

Different Conversion Profiles

The intent difference creates two distinct conversion profiles that you need to understand.

PPC leads: Higher immediate conversion

PPC leads from search engines typically have:

  • Higher contact rates. Because the consumer was actively searching, they're more likely to answer your call and engage in conversation. They remember making the enquiry and they want to hear from you.
  • Faster conversion timelines. These consumers are often further along in their process. Some are ready to proceed almost immediately; others might need a few days or weeks. But the timeline is generally shorter.
  • Higher initial conversion rates. A greater proportion of PPC leads tend to convert into clients compared to social media leads, all else being equal.
  • Higher cost per lead. Google Ads for financial services keywords are expensive. Competition is fierce, and clicks can cost anywhere from £5 to £50+ depending on the keyword. This cost is reflected in the per-lead price.

Social media leads: Longer nurture cycle

Social media leads typically show:

  • Lower initial contact rates. Because the consumer wasn't actively searching, they're sometimes surprised to receive a call. Some don't recall filling out a form, especially if they did it quickly while scrolling. The first call often requires a gentle reminder of what they enquired about.
  • Longer conversion timelines. Social media leads often need more nurturing. They might be interested but not ready to act immediately. A follow-up sequence over days or weeks is essential — many social leads convert on the third, fourth, or fifth contact, not the first.
  • Lower initial conversion rates but potentially higher volume. Each individual lead may be less likely to convert quickly, but the lower cost per lead means you can typically afford more volume for the same budget.
  • Lower cost per lead. Social media advertising, particularly Facebook and Instagram, is generally cheaper per lead than Google Ads for financial services. Costs can be 30-60% lower depending on the lead type and targeting.

Cost Comparison: What Actually Matters

Here's where most people get the analysis wrong: they compare cost per lead instead of cost per acquisition.

Let's use a simplified example for mortgage leads:

PPC leads: £40 per lead, 12% conversion rate = £333 cost per acquisition.

Social media leads: £22 per lead, 6% conversion rate = £367 cost per acquisition.

In this example, the social media leads look cheaper on a per-lead basis but actually cost more per client acquired. However, these numbers are illustrative — your results will vary based on your follow-up process, your market, and the specific provider.

The key point is that you need to measure cost per acquisition over a meaningful time period (at least 8-12 weeks to account for the longer nurture cycles of social media leads) before drawing conclusions.

It's also worth noting that some social media leads that don't convert immediately may come back months later. If you maintain a nurture sequence, a proportion of these leads will eventually convert — but tracking this accurately requires good CRM discipline.

How Your Follow-Up Should Differ

This is where many brokers go wrong. They apply the same follow-up process to both types of leads, and then blame the leads when social media enquiries don't convert.

Following up with PPC leads

PPC leads are expecting your call. They searched for a service and filled out a form. Your follow-up should be:

  • Fast. Call within 5 minutes. These consumers may also be looking at competitors, and the first broker to call has a significant advantage.
  • Direct. You can get straight to business. "Hi, I can see you were looking at remortgage options — let me ask a few questions so I can see what I can do for you." They know why you're calling.
  • Solution-focused. These consumers want answers. They want to know rates, timelines, and next steps. Be prepared to provide substantive information quickly.

Following up with social media leads

Social media leads require a different approach:

  • Fast, but with context. Still call quickly, but open with context: "Hi, I'm calling from [your firm] — you filled out a form online about checking your mortgage rate. Is now a good time to chat?" They may need reminding.
  • Consultative, not transactional. These consumers may not have a clear idea of what they need. They saw something that caught their interest. Ask open-ended questions to understand their situation rather than launching into a sales pitch.
  • Persistent but respectful. If you don't reach them on the first call, don't write them off. Schedule follow-up calls, send an introductory text or email, and maintain a nurture sequence. Many social leads convert after multiple touchpoints.
  • Educational. Provide value even if they're not ready to proceed. Send them useful information, explain their options, and position yourself as a trusted adviser. When they are ready, you'll be the person they call.

Which Is Better for Financial Services?

The honest answer: it depends on your situation and your follow-up capabilities.

PPC leads are generally better if:

  • You want faster conversions and a shorter sales cycle.
  • You prefer consumers who are actively looking for help.
  • You have a straightforward follow-up process and want leads that convert with fewer touchpoints.
  • You're willing to pay more per lead for higher quality and intent.

Social media leads are generally better if:

  • You have a strong nurture sequence and CRM system to manage longer follow-up cycles.
  • You want higher volume at a lower per-lead cost.
  • You're comfortable with a lower initial conversion rate that improves over time.
  • You want to reach consumers who need your services but haven't started actively searching yet.

Many successful firms use both. PPC leads provide the immediate, high-intent enquiries that keep the pipeline healthy, while social media leads build a longer-term nurture list that continues to produce clients over months. The two channels complement each other rather than compete.

What to Ask Your Lead Provider

When evaluating a lead provider, ask them directly about the source mix of their leads:

  • What percentage of leads come from search (Google Ads) versus social media (Facebook, Instagram, TikTok)?
  • Can you separate the two sources and price them differently?
  • Do you track conversion rates by source?
  • What follow-up approach do you recommend for each source?

A good provider should be able to answer all of these questions transparently. They should also set appropriate expectations based on the source — if they're primarily generating social media leads but promising PPC-level conversion rates, that's a red flag.

For a more detailed comparison of the two biggest platforms specifically, see our guide to Google Ads leads vs Facebook leads. And for a broader framework on evaluating providers, read our guide to choosing a lead provider.