There are ways to generate and centralize some deep-diveable data from offline consumer behavior, but … it's hard and costly to do so.
Phoenix, Arizona (PRWEB) August 25, 2007
Predicting return on investment (ROI) in advertising remains a huge dilemma for businesses - so much so that radio-ratings giant Arbitron and some of its clients have made a large, speculative investment to try and determine ROI for television, radio and print advertising. In the July 9, 2007, issue of BusinessWeek, media columnist Jon Fine describes a complicated, multimillion-dollar project that has yet to produce clear findings.
Dubbed "Project Apollo," Arbitron's experiment involves technology that monitors peoples' exposure to encoded radio or television ads, as well as devices that scan the same folks' product purchases into a database. According to Fine, the lesson so far is that, "There are ways to generate and centralize some deep-diveable data from offline consumer behavior, but … it's hard and costly to do so."
Assuring a stable, predictable ROI doesn't need to be so complicated, and needn't require a budget as large as NASA's.
There is a new approach that is much more cost-effective: per-inquiry advertising (PI). Also known variously as cost per lead (CPL), pay per lead (PPL) or cost per action (CPA), this is a form of direct-response advertising in which the advertiser fills a media outlet's unsold time or space and pays based upon the response.
What qualifies as a response is negotiated between client and PI advertising agency. Packages can be structured for a variety of results: per inquiry (any response), per lead (name and contact information) - even per sale.
"PI appeals to organizations that would benefit from receiving qualified leads and want to establish stable costs per lead within their business plans," says Peter Feinstein, president and CEO of Higher Power Marketing (HPM).
A PI agency can give those clients rock-solid numbers they can count on for lead generation in exchange for the flexibility in when and where the ads run.
By necessity, the response must be tracked, so PI agencies such as HPM provide exclusive toll-free numbers and Web addresses for potential customers to respond.
When that direct response comes, HPM is ready with a turnkey solution for clients. It handles the all call center services and details, drawing from the nine largest call center systems in the country. To make things even easier for clients, the agency can arrange fulfillment solutions as well.
Best of all, the strategy is simple and relatively inexpensive.
"Our emphasis on PI and CPL results appeals to clients who care about how well their advertising works, not necessarily when or where it runs," Feinstein says.
Those clients come from a variety of business sectors, including:
- Health insurance
- IRS tax resolution
- Structured settlements
- Higher education
- Credit counseling
- Tort litigation
- Home/lifestyle improvement
- Business opportunities
- Home care products
- Travel vacation sales
- Automotive aftermarket
- Debt elimination
- Information services
- Weight-loss programs
- Medical discount programs
HPM's PI strategy allows companies to boost business without the usual risks associated with advertising. As the Arbitron case study shows, the most expensive, high-tech solution isn't always the best - particularly for businesses focused on the bottom line.
Contact: Peter Feinstein, 480-837-3580.
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