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CPA VS. CPL: What Is The Difference?

In the world of online marketing, there's a bunch of acronyms thrown around that are often confusing to new marketers. It's important to know what these acronyms stand for and what they mean for your business.

What is CPL? CPL stands for Cost-Per-Lead. When you are determining your marketing budget, you may consider doing CPL advertising. This means you are paying only for leads that are delivered to you.

CPL advertising may be less targeted but is still a great way to go. Typically, CPL advertising can run anywhere from $1.00 per lead for loosely targeted leads to upwards of $100.00 per lead for highly targeted, "buyer" leads.

A "buyer" lead is a lead that has already purchased a product in the same or a similar niche as the product or offer you are selling. While $100 may seem like a hefty price tag, it may actually be a great deal depending on your CLV (oh no…another acronym!).

What is CLV? CLV stands for customer lifetime value and is actually the most important number you need to know in your business. the CLV will drive all of your other business decisions and will help you understand what is a reasonable marketing budget for your business.

To calculate the LV of your customer base, take the total revenue you've generated from your sales and divide it by the number of customers you've acquired. For example, if you have generated $58,000 from 40 customers, then the LV per customer would be: $1450.00.

Understanding your CLV will help you to know exactly what it will take to reach your goals. If your business goal is to achieve $1,000,000 in sales and your CLV is around $1,000 then you'd know you would need a minimum of 1,000 customers to achieve that goal.

Then you can set about planning and strategizing how to get there.

How can you tell if the CPL is good for your offer? It just takes a little math. For example, if you get a CPL of $8.00.00. If the Lifetime Value (LV) of your customer is $100.00, then spending $10.00 to get that lead would be great because you are 10X your investment.

What is CPA? CPA is cost-per-acquisition. This is different from CPL because with CPA you are actually paying for a closed sale or a specific action. This is a great way to advertise a product because you are paying for the action you have determined. It may be a sale, a lead or click. (In those cases you would also apply CPL and/or CPC).

CPA is often disclosed by affiliate offers so that the affiliate marketer will know the average cost-per-acquisition when they are marketing a product. This helps the marketer to adjust their marketing/campaign budget so that it is profitable.

For example, if an affiliate knows that the CPA of an offer is around $45.00 and the commission on each product is $100.00, they know that their profit will be around $55.00 after marketing costs.

What is a CPA Network?

A CPA network is a network of advertisers that will pay affiliates for a specific action. For example, ClickSure is a CPA network. Companies and advertisers will load their products into Clickbank and the affiliate marketer will then drive traffic to the various offers.

When a specific action is achieved, such as a sale, the affiliate marketer is then paid for that action.

Another example of a CPA network is Commission Junction. Commission Junction has thousands of advertisers, including some well known names like GoDaddy, Constant Contact, Discover Card, and more. The advertisers are broken up into categories.

As a website owner and/or affiliate marketer, you can choose to advertise any of these companies and/or their products. Some companies will you per click delivered, some for leads delivered and some for sales. They have decided on their CPA and you are paid for delivering the specific action.

As a business owner, you can choose to advertise on CPA networks. You then pay only for the specific action delivered.

As an affiliate, you can choose from thousands of offers that match your marketing niche, the niche of your list, and the niche of your website.

Source: Shannon J Lavenia

Blockchain Explained: What Marketers Need to Know Now

Because digital marketing is still relatively new as an advertising medium, brands have been experimenting with the best ways to reach their audiences through what amounts to trial and error (sophisticated as it is). Social media, too, is still quite new, and as social platforms change (Facebook’s new algorithm, for example) marketers must adjust. Intrusive ads on web pages and social feeds are a common consumer complaint, and yet research shows that many consumers actually want to learn about new products and services online and on social; they just want ads that will interest them. In fact, Adweek writes that “nearly 80 percent of American ad-block users surveyed said they would be willing to view at least some ad formats,” meaning there is real potential for brands to reach audiences who are currently opting out of as much online advertising as possible.

Imagine if, rather than trying to work around ad blocking software and crunching engagement numbers for your digital ad campaigns you could instead present your content to consumers who specifically asked for it. A few exciting fledgling tech businesses promise to make this a reality and cryptocurrency is at the core. These companies, writes Adweek, “are exploring how blockchain—the encrypted transaction ledger that powers virtual currencies like bitcoin and ethereum—can be used to reward brand interactions, let web surfers sell their data to advertisers or otherwise empower consumers to play a more active role in the digital ads ecosystem.” The goal, it seems, is to change how both consumers and companies value attention online.

But while companies creating technologies to reward online consumers for their attention aren’t mainstream enough to offer marketers real value yet, what they represent must be reinforced. Namely, as digital marketers seek to put ads in front of consumers on social, marketers must above all keep consumer trust. We’ll explain:

Consumers are Afraid of Unharnessed Data Acquisition

Brands seek information about their existing and potential customers to more accurately present audiences with relevant products and services. While consumers may be more receptive to targeted ads, they are often quite wary of giving brands unfettered access to everything about who they are and what they do online. When news broke earlier this year that a research company bought and sold Facebook users’ data without users’ knowledge, people were most concerned that their personal details had been gathered and stored (and used to sell them things or influence their decisions) without their permission.

When social media users don’t fully understand how their data is being acquired and used, they can easily expect the worst. Lee Rainie, director of Internet and technology research at Pew Research Center, recently told NPR that most Americans don’t know what data is being collected online, what’s being done with it, or who’s protecting their private information and all of it scares consumers a lot.

“To me, the problem is surveillance capitalism,” Mozilla co-founder Brendan Eich told Adweek. “Advertising is still attractive if it doesn’t involve treating the user as a farm animal to be sheared.” Furthermore, when consumer trust is low, consumers are more likely to use ad-blocking software, meaning that brands really do need to find a way to gather data and deliver ads in a way that consumers feel comfortable with.

 What Consumers Are Looking for in Online Marketing

The state of current events being what they are, trust has become incredible currency for brands. At Spredfast, we’ve talked a lot about how brands can build trust with their audiences, including being authentic, transparent, and operating with empathy. We believe the same values and approach can work with online data collection and ad targeting, too.

Again, remember the statistic from our introduction: Adweek writes that about 80 percent of people who use ad-blocking software said that they would actually like to see more personalized ads from brands. Recent polls show that 91% of Americans feel that they do not have control over data, writes NPR. Though people care a lot about their privacy, most are actually willing to be transactional about it, adds NPR: "I'm going to give up a little bit of personal information — what am I going to get in return?"

How Marketers Can Bridge the Gap

The solution, then, is for brands to be more transparent with their data collection and honest about how they’re using it. And, brands can be more honest about themselves, too. We’ve explored how candid content marketing can make your brand relevant. If you’re real, pull your audience into your advertising, and work with influencers who can elevate your brand, your ads are less likely to fall on deaf ears. 

Our platform can help your brand sort through the mountains of data social media users provide (details from user bios, post hashtags, and more) to make sure you’re targeting the right groups of people—something that will make your audience happy and, done right, boost your brand’s bottom line, too.

Source: Jaime Netzer

How Chatbots Can Improve Customer Experience

At this point, the question is not so much “to chatbot or not to chatbot” as it is “what will the chatbot do?” and “who will build it?” and “on what channel, for what purpose?”. As the prevalence of AI increases in social media spaces, digital marketers from every industry, regardless of whether they plan to have a chatbot now or in the future, must eventually answer these questions for their brand. Recently at Spredfast, we took a dive into bots ourselves.

On May 23, we sponsored an Adweek webinar titled, “Can Chatbots Provide a Great Customer Experience? How Top Brands Automate Social Service Practices.” The webinar, hosted by Adweek’s publishing director Stuart Feil, featured leaders in the chatbot space from Booking.com, General Motors, and Spredfast—these experts shared what they’re doing to automate their social customer service and customer care. We’ve rounded up three salient takeaways regarding what you need to know about chatbots today.

How to Understand the Current State of Chatbots

Kevin Morris, SVP of Product at Spredfast, shared his thoughts on the current state of chatbots. The AI environment is still pretty murky, Morris explained, but things are starting to come into focus. We have a better understanding of the realities of AI and chatbots than we did even last year, he said. As early as last year, digital marketers were wondering whether or not we were on the verge of customer care becoming completely automated, and whether or not that prospect was a good one. But it’s clear now, Morris said, that chatbots and humans will interact together for bot cost deflection—and to create great customer experiences. Here’s where we are today regarding AI capabilities for social customer care:

Today, marketers must ask where we want to plug in these new automated capabilities to existing workflows, and, importantly, where humans will still come into the equation. Ongoing human interaction is still a focus as chatbots today mainly perform three tasks: resolving the simple, assisting the agent, and inspiring the customer. Here’s what each of these tasks looks like:

• Resolving the simple: Chatbots can automate FAQs to free up agents to answer questions that are more subjective.
• Assisting the agent: Chatbots can also make agents more effective as they answer customer questions by capturing required data (email, phone number, order number, etc). Agent-facing chatbots can make interactions more effective by recommending content to agents (suggested responses based on context, suggested offers, and more), and they can resolve simple tasks, like this example:

• Inspiring the customer: Finally, chatbots can create unique customer experiences (one-off marketing promotions, making recommendations, and more) that inspire brand interaction.

Humans are still your brand’s most valuable assets, Morris said. When your chatbot hits a limit in their customer interaction—which they will—Spredfast can make the transition from chatbot to agent as seamless as possible. Read more on our newly announced chatbot capabilities and partnerships alike.

How to Tell If Your Brand Needs a Chatbot

Brennen Buckner, a Lead Product Manager on Booking.com (a leading travel site) heads up the team that’s building the brain behind Booking.com’s Facebook chatbot, as well as all of the site’s conversational interfaces.

Now that we have a better idea of what chatbots can do, we can ask the question of whether a chatbot makes sense for your business, Buckner explained. There’s a lot of opportunity in chatbots for your partners as well as for your customers, he added:

Essentially, Buckner said, whenever time is cut for your business or your partner, you have value from your bot. Chatbots can help you build your brand by aiding with visibility and scaling—they can get positive interactions to more customers. But chatbots cannot improve an already poor customer interaction, Buckner noted. They can only further and improve what the humans are already doing well, so be sure you have a solid customer care plan in place before launching a bot.

How to Tell if Your Customer Wants a Chatbot

Rebecca Harris is the Global Head, Social Center of Expertise at General Motors, a group she helped implement several years ago. Harris shared GM’s perspective on whether or not customers want chatbots. She explained that GM now has two out of three customers requesting that their issues be resolved on social, which is essentially a request for a chatbot, even if the customer doesn’t realize it. In fact, Harris said, the majority of their customers really want all of their problems to be solved via Twitter. Though GM isn’t ready for that reality quite yet, chatbots are helping them to meet customer demand for resolution of issues via social.

Buckner seconded Harris’s perspective. He said that even when customers aren’t explicitly demanding a chatbot, one could still help your customer care experience. If people are expecting outcomes from social channels, chatbots could help. For example, if people are Tweeting your brand asking repeated simple requests, like questions about deals, that’s a good sign that a chatbot could aid your care efforts, Buckner continued.

Source Jaime Netzer