5 Ways to Reduce Your Cost Per Lead
As a marketer or a business owner, you’re definitely always on the lookout for getting the best bang for your buck. The best way to lower your marketing costs is by reducing your Cost Per Lead, or CPL for short.
Basically, your CPL is how much money you spend generating each lead, and this can have a big impact on your marketing budget. Here we will share 5 tested and proven methods with which you can reduce your CPL effectively and get the most out of your money!
1. Review and re-evaluate
When was the last time you tweaked your bids and campaigns? How long has it really been since you took a deep, hard look at how your campaigns are performing? The digital marketing world evolves fast, and you need to stay updated. True, those campaigns that you set up a couple of months ago were top-notch and performing brilliantly, but chances are that right now they’re costing a lot more than they should.
The easiest way to lower your CPL is by conducting a very honest and detailed ad review. Analyze all your visuals, texts, links – basically everything – extremely carefully. Look for clues: which ad text has the most click-through rates, which ad has stopped performing. Then use this information to design better-performing campaigns!
2. Narrow it down
If your CPL is running high, chances are that you do not have a highly focused target audience. While this may seem like common sense, but at the end of the day most marketers end up with a much larger target audience than they need. Hence, the higher the costs.
Instead of an audience, what you need is a persona – your ideal customer. Research your existing customers and find out what exactly your buyer persona is. And then spend your valuable money only where that persona fits – not anywhere they might be!
For example, if your buyer persona is a young adult who spends most of their time on Twitter and Instagram, why would you waste money targeting them through Google Adwords? Alternatively, if your target audience is adult males over 40 who love reading about politics, you’d be much better off doing it the other way round!
3. Landing page optimization
A big reason why you might be suffering from a high CPL is that even though your ads and audiences are targeted and performing perfectly, your landing pages simply aren’t doing a good enough job with conversions. Landing pages with low conversion rates can have serious effects on CPL.
Optimizing landing pages is not a one-time job, but rather a rolling process. Since they are super tricky to get right, the best way to go along with this is to constantly tweak and keep updating them.
A few things you need to keep in mind include: making your submission forms stand out, avoid rambling, vague text, and most importantly, keep the sign-up process as simple as possible.
In other words, your landing pages should be short, sweet, and simple – not a cumbersome obstacle course!
4. Be more ‘social’
You might be surprised, but your social media presence has a lot to do with how much you pay per lead.
While it is indeed a great marketing tool, social media is also the most important platform for forming human-to-human connections with your customers. Most companies tend to overlook this fact and focus only on using it to disseminate information or run ads.
This is a bad idea. Social media ads and CPLs can cost as much as 50% less if your brand has ‘human’ connections with and is trusted by your social media audience. The bottom line is that social media is evolving as well, and it just won’t work unless you can really connect to your audience!
5. Keep assessing!
Finally (and most importantly), lowering your CPL is not a one-time job! It’s a dynamic, hands-on process that requires constant assessment and tweaking.
It’s easy once you get the hang of it – simply keep monitoring what works and what doesn’t and keep making changes accordingly. Not only will you reduce your CPL but constant assessment will ensure it remains low!
Our team at Sunan Designs is more than happy to help you and answer any question that you may have regarding this topic. Feel free to contact us via our Facebook or Instagram pages, or send us email at firstname.lastname@example.org