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Really Great IDEA. I also need to know that
Nice to see someone else talking about PPL offers. I've been promoting lead gen offers for over 16 years.
I do disagree that you think mass email generates poor quality leads. Email, regardless if mass email or not, produces some of the highest quality leads. I've never had one advertiser or buyer ever complain about the quality of my leads and typically praise them. Which are almost 100% from email, including large scale mass email.
Additionally, I also don't agree that you should not promote an offer, just because it has a low payout. It all depends on the conversion rate. A low paying offer with a good conversion rate, can be very worthwhile running. At the same time, a high paying offer can convert poorly and not be worth running.
I only promote lead gen via PPC. Only shoot for offers that payout at least 10 bucks or more.
If you look at that Adwords screenshot you will see that the overall cost per converted click is £14.57.
We have a funeral plans campaign within affiliate cloud paying £35 per call. We have had home improvements clients paying in excess of £50 per lead.
Don't bother with the really low payout offers - there's no margin there unless you do huge volume. The only way to do huge volume is using stuff like mass email marketing - which produces poor quality leads.
Go for high payout offers at lower volume - you'll earn more this way.
Also don't concern yourself with metrics like EPC. All you need to focus on is cost per unique conversion and payout per valid lead.