Google's New Financial Services Policy And What You Should Know

Google’s New Financial Services Policy And What You Should Know

Just as the dust is starting to settle on the Facebook iOS 14 update, Google has decided to deal another blow to loyal lead generators!

Late last week I’m sure you saw the email drop into your mailbox with the subject “Policy Update: Financial Services Advertising…”

If you haven’t seen it, check your email again. If you don’t have it, reach out.

We were inundated with marketers in our community wanting to know what’s going on, and what we were going to do, to ensure we can still use the Google network for our lead generation.

Firstly, it’s important to remember that we have until August before it comes into effect.

From August, they will be implementing a new system that will affect lead generation businesses and brands who are selling financial service leads through Google Ads.

Don’t Panic. There are various ways we can prepare for this.

One of the first things you can do is tackle the problem head-on.

Contact your current client and discuss the situation.

They are heavily reliant on a constant lead flow and every lead generator will be in the same boat.

It’s within their best interests to help you solve the problem.

Watch the video as I go through the options that are available to you.

Please get in touch with [email protected] if you would like to know more.

If you’re a lead generator struggling with low-value retainers and have no idea how to scale your business then this free training I’ve put together could be a game-changer! Watch my training now. https://bit.ly/2UoeQ9q

Video transcript

Hey there, it's Dan Wardrope from Flexxable.

And today I wanna talk to you about Google's latest announcement regarding what's happening in the UK with lead generation websites and brands that are generating leads.

It could be in car finance, it could be in mortgages, it could be bridging finance.

I mean, it's just, it's such a broad stroke from Google that is gonna affect a lot of people, okay?

So the first thing I'd say is don't panic, there's going to be some options out there for you.

And let me talk you through a few of them.

So the first thing I would do and the fastest thing I would be doing is getting on the phone to your client, especially if you're generating leads for them via your brand or your website.

I'd be speaking to them about what the options are and what's happening and just understanding and talking to them and trying to find a solution because they're gonna be heavily reliant on what you're doing.

So they're going to wanna help you find a solution to this problem. Okay, so the first one could be, they might want to create what's called a trading style of your lead generation website and have it directly under the FCA banner, all right?

Which means that it's going to be very fast.

You can just register that trading style at Companies House, and you're gonna be good to go.

The downside of that is that, let's say you're generating 1,000 leads a week and they're only buying 600 leads a week, then what's gonna happen to the other 400?

I mean, you might just wanna have a frank conversation with them and say, "Listen, if you're taking 600 from us, then we've got another 400 that we need to sell and keep our business going and afloat and all of that.

Have you got any ideas on how that might work?"

And there could be a commercial agreement which allows that to happen.

It could be that they'll say, "I'll take all of the 1,000 leads."

And then they might not even know that you've got extra leads.

So they might just even double their order.

So you might be off to a better, a better start straightaway rather than kind of freaking out about what's going on here.

So the first thing I would do is pick up the phone and speak to your biggest clients.

Be open and transparent about it. Say, "We need to work together here to make sure we both get through this. Have you got any suggestions?"

Second thing you can do is you can leverage FCA principal firms and become what's called an appointed representative.

So you can leverage someone else's FCA brand, FCA license, and you can run leads via your website, just like you are now.

This costs money per month.

And you're also gonna have to get all your ads approved.

So that can be, it can be cumbersome and it could be a little bit expensive, but it is a solution, especially if you've got a bigger lead generation brand.

And that's, I think, gonna get you through the Google certification, but it is gonna take a few months, I would say.

There's paperwork to do.

I'm trying to leverage my community and the people I know in the industry to offer a solution to my lead gens that are in my community in Pay Per Lead ninjas and also inside my paid group.

So I'm just seeing all the kids' toys in the background over there.

That's quite bad, but anyway, the dog's been taking them out there.

But anyway, all right, I really hope that's helped.

The first thing is just get on the phone to your biggest clients and have a chat to them and see what's going on and see what they say.

And it might not be as big a problem as you think.

All right, there's always gonna be a solution 'cause remember, there's a lot of charlatans out there and people that are taking up and generating leads that maybe aren't that good and they're scammers and they're spammers and then they're not great business people and not very transparent and they haven't got many morals, which means there's gonna be a lot more leads out there, okay?

People are gonna drop off the wayside.

So it's gonna be a good thing if you can just get through this quick, these tough times, or this challenge that's in front of you.

I hope that makes sense. If you wanna comment below, please do, and we'll try and get back to you and help you as best as we can, cheers.