Last summer, an anonymous New Jersey inventor sold the crystal ball used in the movie classic, “The Wizard of Oz,” at a Hollywood auction for $126,500. I, however, did NOT buy it.
So, when marketers ask me to predict the cost per lead of their first direct response radio test, I have to remind them that someone else bought the crystal ball. There is no such thing as an average cost per lead. We have clients whose target CPL is around $35. We also have a client who is thrilled hitting a CPL of $2,500. It all depends on what you’re selling and what a customer is worth to you.
Back to the movie. Remember when Auntie Em appears to Dorothy in the crystal ball while Dorothy is being held captive in the witch’s castle? The scariest part is when Auntie Em suddenly fades out and is replaced by a frightening image of the Wicked Witch of the West. Yikes!!!
Testing Radio should NOT be scary. When set up properly, a controlled radio test unearths interesting and sometimes surprising information that helps you increase your ability to profitably scale your campaign. The success of a campaign lies in the effectiveness of the creative treatment and the expertise of your agency in buying targeted media with minimum waste at an effective price.
Without a crystal ball, you need to have the courage to follow your heart and use your brain. So, go forth and test. Test multiple creative treatments. Test various limited-time offers. Test right wing talk radio. Appeal to the “second shift” and test overnight spots. Then, measure the results and smartly craft your next campaign based on your learnings. The Great Oz has spoken!
Lisa Sable is a Senior Marketing Strategist at The Radio Agency. Please follow The Radio Agency’s Blog “Sounding Board” by subscribing to the email or RSS links above. Visit our website TheRadioAgency.com