Local PI (per inquiry) is a program for community-based publications that are looking to meet the changing needs of advertisers in their local market. Every community has local market advertisers that want to buy newspaper ads but will only buy the ads on a performance basis (meaning pay-per-call.) In other words, local PI is a way for local publications to generate revenue from local advertisers that are otherwise more likely to continue spending their entire budget on search marketing and social media. Local PI offers community publications a way to stay relevant to the majority of local market advertisers.
At Mediabids, we have local PI already figured out for you. We handle all the paperwork, rate negotiations, ad traffic, call tracking/reporting and accounts work. Your publication runs the advertising and is paid a fixed amount per call generated. It’s that simple!
Whether or not you’re struggling to replace lost print revenue with digital or alternative sources, here’s the top FIVE reasons to be considering local PI.
Under any circumstances, it’s tough enough to sell advertising space. But now you’re also battling against several damaging mis-perceptions -namely, print is dying and too expensive. Local PI is entirely response-based (e.g. phone calls) so it’s easily more measurable and cost-effective for advertisers than most other local advertising options.
Also, Mediabids handles everything so local PI doesn’t cost you or your sales staff time or money. Your ad reps continue to focus on selling ROP and digital to their book of business.
New Print Revenue
Local PI is an alternative revenue source but it’s also new print revenues. To put it another way, it’s a new opportunity for you and for select advertisers in your market. The ideal local PI advertisers:
a) May have tried print before but didn’t stick with it.
b) Were consistent customers for many years but are now reluctant to return your calls.
c) New businesses or advertisers that have always avoided print for one reason or another.
Phones Are Driving Everything
Local PI provides local advertisers a way to tap into the increasing use of smartphones and tablets by consumers. It just makes good business sense.
Mobile phones use has exploded over the past 4-5 years and people love to pick up the phone and call, rather than fill out an online form or email. In fact, roughly two-thirds of customers prefer to call versus other ways to contact a business. BIA/Kelsey recently reported that by 2019 businesses will get 162 billion more customer calls than they received in 2014. (Invoca, Call Intelligence Index 2016) Clearly, consumers are increasingly wired to call.
Bridge the Digital-Print Divide
Mobile phones are the proving to be the missing link between advertising and the customer. Seventy-nine percent of people ”switch devices during a single activity” – meaning consumers today move from one media channel to another and move from online to offline media channels quickly and with ease. (Invoca, Call Intelligence Index 2016) Local PI drives calls from print ads to local advertisers and print calls are by far the highest quality calls. The average call from a newspaper ad is over 3 minutes longer than an average call from TV and 2 minutes longer than an average call from an online display ad.
Local Advertisers Get Results
According to the Invoca’s Call Intelligence Index 2016, the industries with the highest increases in call volumes are those with high value purchases or services where customers generally need a lot of personal service. The kinds of local businesses in these categories include home repair, financial services, insurance, health and wellness and travel. What does this mean? It means you likely already have a long list of potential local PI advertisers in your backyard.
Rolling all this up – you have advertisers that want measurable response and customers that are increasingly prone to respond to advertising via their phones. As a print publication, you want more print revenue but you need a way to overcome the usual objections to print – ”high” cost and a less competitive ROI. Local PI by Mediabids checks all the boxes.
Post by Jim Jinks.