Tuesday, 11 February 2014

Understanding co-registration lead generation

Co-registration (a.k.a co-reg) is often mis-understood, mis-labelled and mis-judged in many digital marketers media minds and plans. At it's best, it provides the most true lead generation channel solely conducted on a cost per lead basis and the opportunity to build a massive opt-in database in a very short space of time. Indeed, the sheer scale and variety of leads the co-reg channel can provide is staggering.

So, why is this blog about understanding coregistration, if the benefits are so blindly obvious?

Well, let's dig beneath the surface to see what's really going on in the UK co-registration marketplace. Here are some headline numbers to put this channel into context. The market consists of

  • 150-200 UK coreg publishers spread globally
  • 100-250k registrations per day available to co-register to your brand
  • 75% dominated by competition/survey style opt-in sites with emerging contextual opportunities by vertical
  • 5-10 new co-reg publishers starting every month as very low barrier to entry
  • 80% cheaper than other lead generation channels, meaning a very low cost per sign-up compared to email and display banners.
  • 100 times better conversion performance from the best sources compared to the worst, giving a wild variance in quality of leads
Hopefully, what you will initially glean from this is that the size of the opportunity is somewhat skewed and tempered by the risks in getting this kind of lead generation marketing wrong. In order to get the best performance from co-reg lead generation, here are a few pointers:
  • Lead Management - Using a LMP is essential is you don't have your own internal systems
  • Track and Cap - track every source back to its origination and know as much about that source as possible & cap volumes by source to ensure there are no nasty daily surprises by surges in volume
  • Welcome email - welcoming your prospects using triggered real-time emails are your best opportunity to create a good first impression, enhance credibility and improve brand recall
  • Filtering - using real-time analytics to understand the profile of your leads compared to your customer base. Use this to segment your lead supply (volume and commercials permitting) into high performing leads and low performing.
  • Advert copy - don't overdo it by being tempted to write too much text in an offer which is likely to be looked at for no more than 3 seconds. Pick your best USP and make sure the user understands the benefit of opting in. This way all the follow-up conversion channels (be it email/phone) can focus on delivering that benefit to the interested prospect.
  • Knowledge - you can build this knowledge up yourself in terms of the marketplace, pricing, techniques, lead flow and conversion but if you don't feel confident you will waste a lot of time and budget trying to get there. So consider using an agency, training or in-sourcing some talent to get optimum results.
Like any marketing channel, you may find some quick wins without being super great at any of this, but in order to make co-reg a sustainable successful lead generation channel you need to be able to size up the opportunities and be aware of the pitfalls - 24 hours in lead generation can be spectacularly good or bad!