You need two things to profit from pay-per-inquiry: relationships with media outlets and a desire to advertise across a wide geographical area. Also called cost per lead, pay per lead or pay for performance, it’s a direct response marketing model whereby advertisers receive free ad time and space but only pay for results. The catch: You lose control of where and when the ads will run.
In a nutshell, your job is to entice consumers to call a customer service center. Media outlets often have unused air space, so making use of this unsold advertising space benefits both you and the media outlet. Marketers cycle their offer to their media partners, which produce trackable, measurable results. Your client merely agrees to pay a set price for each qualifying call.
Key aspects of a pay-per-inquiry campaign:
- Marketers submit campaigns to an affiliate network of advertising partners who establish a cost-per-call fee based on estimated call volume and media formats to be used including print, radio, television and on line.
- Unique call tracking numbers are used to track longer calls as leads.
- Billing is based on the number of qualified leads, the definition of which is subject to negotiation.
You get to oversee quality control, conduct all reporting and issue vendor payments – a formula that can ultimately be empowering for marketers.
What’s at stake?
There are numerous reasons pay-per-inquiry works for certain marketing agencies. You know your cost per lead up front. Companies and organizations with a centralized call center for incoming leads get access to data and response information they wouldn’t otherwise have. Advertisers promoting a product or service are paid based on campaign performance, which clients tend to view as a plus.
Explain to skeptical clients that what you’re offering is more accountability on your end, as you will be incentivized to promote the campaign as effectively as possible.
Advertising dollars are spent creating qualified leads and producing responsive new clients, as opposed to airtime or print space that may or may not be effective.
Like other marketing campaigns, there can be other benefits, such as more brand awareness, increased online search traffic and improved overall lead quality. As AdAge explained, once the ad is placed in a publication, readers will be eager to tap into whatever flows through the pipeline, regardless of whether products pay the going ad rate or pay only if they get results.
Want to learn more about Pay Per Inquiry Advertising? Check out our performance-based pay per call advertising program, or give us a toll-free call for more information and a free consultation: 855.577.1139.