Are you a print publisher or print ad salesperson? How much do you talk to your clients about their conversion rates? Sometimes? Never? No worries. You’re not alone.
We know advertisers can be reluctant to share much about the results of their advertising. We know it’s much easier to thank them for their business and not ask too many questions. But times have changed and you may be surprised. Many of your clients might appreciate discussing ad effectiveness and sales conversion as it relates to their print advertising. You can bet they know a lot more about how their digital advertising is or isn’t working for them. Ultimately what do you really have to lose? The potential upside is priceless because engaging your advertisers on performance metrics can go a long-way toward cultivating a long-term and mutually-beneficial business relationship.
But before shooting off an email or picking up the phone to call your clients, here’s a little background and ammunition:
Conversion rates are usually ”contextual” and industry specific. In other words, ”conversion” doesn’t mean exactly the same thing to everyone. To complicate things a bit more the range of consumer actions an advertiser can measure is broad – sales, website visits, social media engagement, calls for more information, email opens, web form completions, content downloads, mobile ad clicks and more.
Print conversion rates are generally very good when compared with the rates of other media. Actually we’re understating it a bit. Print conversions are virtually without compare. They blow everything out of the water. This is especially true of the one media where much of the ad dollars are flowing these days – digital!
The average click-thru-rate (CTR) for a search campaign is 1.5-2.5%. The average website conversion is in the 2.5-4.5% range.
The average conversion rate of our print campaigns range from a high of 77% down to less than 10%. But the average is 42%! Meaning, on average, nearly one of every two calls is a qualified call. (Note: A qualified call is one that goes longer than the specified minimum length to determine the caller is indeed a potential customer.)
This chart (above) shows the call conversion rates of our performance-based print campaigns across campaign category and publication type. The ”Mass Consumer” campaign bucket includes consumer products and services like satellite TV, internet, travel, car donation campaigns, dating services, home improvement and others. The ”Seniors” category includes all our campaigns that primarily serve or seek 65+ consumers including drugs, mobility devices, walk-in tubs, insurance and others. As you can see, daily publications do particularly well with both the mass consumer and seniors customers. Weekly and monthly publications have better conversions with the seniors campaigns than the mass consumer campaigns.
Conversion to a qualified call is analogous to when someone clicks on a search or display ad online. When the caller makes a purchase, it’s akin to when a website visitor places an online order. These are both examples of sales conversion. Our advertisers have an average sales conversion rate that is well above 15-20% range. We know this from client reporting and from the fact that call center costs are much higher than ecommerce campaigns. Performance-based print campaigns demand that call centers are converting to sales that at minimum levels still far exceed digital conversion rates.
The chart below shows the conversion rate difference between search ads and our performance-print campaigns and website sales conversion relative to the average print ad sales conversion of our advertisers. As you can see print conversion is 10X or more the average digital conversion rates.
So with print conversions thoroughly outperforming digital it begs the question why so many ad dollars are flowing to digital? Perhaps it’s in part due to our tendency in print ad sales to avoid discussing conversion and performance metrics. Print advertising isn’t just for brand awareness or recall. Good products and services and strong consumer offers in print do in fact move readers quickly down the funnel towards the sale. There’s a great story to tell. Those of us in print just have to tell it much more often.
For nearly two decades Mediabids has been offering print publishers ways to reach new advertisers, sell ad space and generate new ad revenue via performance-based print advertising. We have dozens of national, direct response brands that believe in print and the value of performance media. Mediabids’ specializes in bridging the gap between measurable response and print-based media. To view and request our performance-based print ads (display and classifieds) and digital display ads, visit Mediabids.com, sign-in and click on “View All Per-Inquiry Advertisers” in the middle of the page. For more information email Jim Jinks at firstname.lastname@example.org.