- Company B generated 163 more leads (14% improvement)
- Company B lowered it's overall CPL by $14 (14% improvement)
- Company B increased it's overall ADL by $74 (6% increase)
- Company B Generated $278,039 more revenue (20% increase)
WOW! A 20 percent growth in revenue - without spending another dime.
That's the power of tracking your KPI's. Not only with the overall "bucket" approach but down to the individual marketing source.
So, why stop there? What if we could buy our leads a little bit cheaper? Would it be unrealistic to think we could cut $10 off of the average CPL for our Company B example?
4 Insider Tips To Lower Your Cost Per Lead
These tips come right out of my playbook. Let's dig in!
- Work On Headlines In Your Print Ads - The headline is what captures the reader's initial attention. With so many advertisements being thrown at your customers every day, you really need to work on your headlines. If it's not your cup of tea, find someone who can help you.
- Focus For "Push" Style Marketing - Anytime you are pushing a message onto a prospect who is not intentionally seeking to find your company (radio, television, direct mail, etc.) you need to have a different approach. The person who is actively seeking out your services is in a different "mode" of receiving information that the person who is not. Focus your efforts on increased quantity of exposures, building trust in your company name and building your authority status in your industry. Focusing on lead generation alone will likely give you poor results.
- Focus For "Pull" Style Marketing - When a prospect is actively searching for your service, focus your advertisements on the prospect's needs/wants/pains/pleasures. Avoid all of the "what we do" and "who we are" junk. They don't care.
- Remnants - Contact offline advertisers and offer to buy up their unsold "remnant" ad space. Offer to do it on a pay-per-lead basis. The key here is to contact them again shortly before their advertisements "drop". The leftover ad space won't bring them any money, so you have a good bit of leverage to work with.
In case you're wondering… is it worth the effort? Take a look at Example #4. This chart shows a comparison in marketing results by a slight improvement in the companies' CPL rate.
If Company B could lower its overall CPL by $10 it could again grow its revenue by over $220,000. Again, without spending another dime in marketing.
This three-part article has covered a lot of ground. I hope you'll consider implementing these approaches into your own marketing machine.
Feel free to send me an email if you have any questions about these topics. I'm always excited to talk to others about their marketing goals!
Till next time!
Damion Rutherford is an 11 year vet in the construction marketing industry. He's personally generated over 150,000 leads and millions in revenue for home improvement contractors across the country. Learn his insider secrets to construction marketing at www.Contractor-Marketing-Tips.com.