I've always been a fan of Co-Reg Lead Generation. My only problem is - it's never really been a fan of me...I suppose.
See - while we've used co-reg to generate millions of leads for our clients - I've often been repaid in getting comments by the clients on low-quality, incentivization, and much more. So -- I decided to try something different.
For those of you who don't know - a co-reg lead is a lead where the contact info is filled in one time - and then the consumer checks off multiple offers from which they'd like to subscribe or get more information. Think the old BINGO cards of days old (and still present) for magazine publishers. Fill out one form - get many offers without all the extra work.
The problem here is that the consumer is often not very serious. They check off that they're interested in 10 offers - only to find that upon calling them the number or info is bogus or they were more interested in receiving free stuff than what you actually have to sell. This is a problem.
To counteract this - we set up an auto-dialer - so when co-reg leads feed into our database they are called within 30 seconds of submitting their info. They pick up the phone - valid numbers only - and they get an auto-message (saves on telemarketing) that asks them if they'd like to be connected with customer service. What we've found is that only 25% of folks who filled in the co-reg lead were actually valid - with the proper information and actually had an interest. The other 75%? Complete waste.
So you're probably thinking - with 75% waste, how can Co-Reg work? Because co-reg leads can be generated at often 1/10 of the price of a regular (non-Co-Reg) lead. This ratio allows - even with the added qualification costs we've built in - for a roughly 85% error rate. Bottom line is - this method allows us to generate MORE leads - of higher quality - and ultimately...have happier customers. That works for me -- any day of the week.
Thursday, June 14, 2007
Radio for lead generation works. No really - it does.
Guess what? Advertising on the radio works for lead generation. Really...it does. How?
When most marketers advertise on the radio - they often get trapped in what the media sales representative tells them. Repetition is a must - and paying for premium stations - is a must. Why do the media sales reps say that? Because that's how THEY - not YOU - make the most money. They are in sales - after all - are they not?
So while we can't mock the sales process - because you are also in sales - hence why you want more leads - we can find a better way of using radio to our advantage. The answer - I have found - is in remnant buying and BUYING LOTS OF SPOTS ON THE CHEAP! This is the only way to go - unless money is not an issue at your company ... and unfortunately, money is always an issue.
Buying remnant space is easy - and I've found there's little sacrifice to be made. You can always ensure your dayparts (AM, PM, EVENING, LATE NIGHT) - so you're not just running at 3am (unless that works for your business - it works particularly well if you're selling GET RICH QUICK STUFF, Mattresses or FAST CASH LOANS). Further, you'd want to make sure you're buying your spots at a low-cost - not rate-card. You can dictate the price. You can also target the stations to your key demographics (women, men, teens, seniors, etc.) and lastly, you can also target any geographic territory you like.
There are tons of online sites where you can bid - via auction - or you can buy spots directly and secure your inventory. I've bought spots for as little as $2 per spot - usually not much more - and therein lies the key. Because - if you were buying spots at $50 per spot - you might need one lead per spot - on average - to create an acceptable cost per lead ... no matter what business you're in. However, when buying spots at $2 per spot - you've now got a 25 to 1 ratio - which makes all the difference in the world when talking about lead generation. Now you can run 25 spots - to get one lead - and still have an acceptable CPL.
Do your research - and you'll be pleasantly surprised to see how quickly the radio media landscape is changing. It's no longer a "i'll call my guy or gal" and see what they can do for me - but a "let me go online and see what's available myself - and I'll be the judge of what'll work for my metrics" way of buying media.
When most marketers advertise on the radio - they often get trapped in what the media sales representative tells them. Repetition is a must - and paying for premium stations - is a must. Why do the media sales reps say that? Because that's how THEY - not YOU - make the most money. They are in sales - after all - are they not?
So while we can't mock the sales process - because you are also in sales - hence why you want more leads - we can find a better way of using radio to our advantage. The answer - I have found - is in remnant buying and BUYING LOTS OF SPOTS ON THE CHEAP! This is the only way to go - unless money is not an issue at your company ... and unfortunately, money is always an issue.
Buying remnant space is easy - and I've found there's little sacrifice to be made. You can always ensure your dayparts (AM, PM, EVENING, LATE NIGHT) - so you're not just running at 3am (unless that works for your business - it works particularly well if you're selling GET RICH QUICK STUFF, Mattresses or FAST CASH LOANS). Further, you'd want to make sure you're buying your spots at a low-cost - not rate-card. You can dictate the price. You can also target the stations to your key demographics (women, men, teens, seniors, etc.) and lastly, you can also target any geographic territory you like.
There are tons of online sites where you can bid - via auction - or you can buy spots directly and secure your inventory. I've bought spots for as little as $2 per spot - usually not much more - and therein lies the key. Because - if you were buying spots at $50 per spot - you might need one lead per spot - on average - to create an acceptable cost per lead ... no matter what business you're in. However, when buying spots at $2 per spot - you've now got a 25 to 1 ratio - which makes all the difference in the world when talking about lead generation. Now you can run 25 spots - to get one lead - and still have an acceptable CPL.
Do your research - and you'll be pleasantly surprised to see how quickly the radio media landscape is changing. It's no longer a "i'll call my guy or gal" and see what they can do for me - but a "let me go online and see what's available myself - and I'll be the judge of what'll work for my metrics" way of buying media.
Integrated Lead Generation
I'm often asked - "What's the best way to generate sales leads?". My response is always the same...
1. It depends on what market you're targeting
2. It depends on what product or service you're selling
3. There's never just one best way to generate sales leads
I'm a big fan of integrated marketing - because I'm a firm believer in never keeping all your eggs in one basket. This said, I look to multiple marketing tactics to drive the overall volume of leads needed for any client.
Despite what clients say - that "radio does not work" - I always say, you probably did not do the right plan or buy at the right price. Radio does work for lead generation.
Clients say Television is "too expensive". Sure - with the wrong production company and the wrong media buy - you'll go broke. But, again, TV can and does work fine for lead generation.
Clients say Print is "hit and miss". Sure - with the wrong offer - print could miss terribly. But with a good remnant or classifieds buy - print works very nicely.
Clients also say Internet leads "are terrible". Sure - when bought from a person that's over-sold the leads or never qualified them in any way - they're worse than terrible. However, Internet leads work out quite well - as I always tell clients "your audience is there" - and they work just fine when you're doing a 100% exclusive Internet campaign rather than simply buying leads from affiliates.
Overall - all methods of media (TV, Radio, Web, Print, Phone, etc.) work. It's truly finding which media works best for YOU - AND YOUR PRODUCT OR SERVICE - that's the real secret in lead generation.
Stay tuned - as we'll continue and get into the specifics of the media - and how to make it work hard for your specific lead generation needs.
1. It depends on what market you're targeting
2. It depends on what product or service you're selling
3. There's never just one best way to generate sales leads
I'm a big fan of integrated marketing - because I'm a firm believer in never keeping all your eggs in one basket. This said, I look to multiple marketing tactics to drive the overall volume of leads needed for any client.
Despite what clients say - that "radio does not work" - I always say, you probably did not do the right plan or buy at the right price. Radio does work for lead generation.
Clients say Television is "too expensive". Sure - with the wrong production company and the wrong media buy - you'll go broke. But, again, TV can and does work fine for lead generation.
Clients say Print is "hit and miss". Sure - with the wrong offer - print could miss terribly. But with a good remnant or classifieds buy - print works very nicely.
Clients also say Internet leads "are terrible". Sure - when bought from a person that's over-sold the leads or never qualified them in any way - they're worse than terrible. However, Internet leads work out quite well - as I always tell clients "your audience is there" - and they work just fine when you're doing a 100% exclusive Internet campaign rather than simply buying leads from affiliates.
Overall - all methods of media (TV, Radio, Web, Print, Phone, etc.) work. It's truly finding which media works best for YOU - AND YOUR PRODUCT OR SERVICE - that's the real secret in lead generation.
Stay tuned - as we'll continue and get into the specifics of the media - and how to make it work hard for your specific lead generation needs.
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