We here at boberdoo have always been a fan of ping post since we started developing our ping post system in 2006. And we’ve written quite a bit about it. But one thing that we’ve alluded to but never really discussed is one of the best features of ping post: dynamic pricing. So we’re going to take this chance to discuss everything about why dynamic pricing is so important for your lead system:
What is dynamic pricing?
Brief refresher: In a ping post system, lead buyers work in an auction system to get leads. A small amount of info is sent to all potential buyers (the ping), then any buyers who may want the lead makes a bid. Whoever wins the bid gets the rest of the info (the post).
Bidding can be done statically by offering the same amount for a bid every time. When dynamic pricing is in effect, though, that means the buyer is offering up to a certain amount. Then if they don’t need to pay full price, they don’t. But with multiple bidders, the prices stay very competitive.
Why use it?
Since the advent of the internet, pricing options have become significantly more transparent, and buyers assume that if they can’t find a lead price, they can find a better one elsewhere. Dynamic pricing creates more transparency in the lead market. This makes sure that lead sellers find buyers more consistently, and it makes sure that lead buyers pay fair prices for leads. It’s beneficial to both parties in every exchange. It makes the system for anyone in your ping post network more flexible and more cost-efficient.
Who can use it?
Anyone working with leads can feasibly use a ping post system. There are some verticals, however, that use it more than others. Generally, verticals that require vertical-specific information can use ping post. This means verticals like health insurance, who gather health-specific info like smoking status, past conditions, etc. Mortgage and auto finance also use ping post.
Some verticals that don’t use ping post that much include legal or student loan consolidation. These don’t require much more info than contact info, because it is assumed that the buyers’ services will be needed regardless and the lead will automatically be useful.
When should we start?
If you haven’t started using ping post yet, now! We’ve been perfecting our system since 2006, and it’s only becoming more common as time goes by.
Where can we find it?
Well, just click here and fill out our contact form, or give us a call at 800-776-5646. We would be happy to show you how our system works and let you know how it can improve the efficiency of your lead business. Click below to download our free eBook, The Basics of Ping Post, to get an indepth look into the rest of the features that ping post can offer you.