The Cost Per Inquiry (CPI) Calculator is an essential marketing tool for evaluating how efficiently a campaign generates leads. It helps you determine the average cost for each inquiry or lead received through advertising efforts. This metric is especially valuable in direct marketing and lead generation campaigns.
Formula
To calculate the cost per inquiry, divide the total cost of your campaign by the number of inquiries it generated.
How to Use
- Enter the total cost of your marketing or advertising campaign.
- Input the total number of inquiries or leads you received from that campaign.
- Click the “Calculate” button to get the cost per inquiry.
- The result will appear immediately in the output field.
Example
Suppose you spent $500 on a campaign and received 50 inquiries.
Your cost per inquiry would be 500 divided by 50 = $10 per inquiry.
This gives a clear idea of how much each lead is costing you.
FAQs
1. What is a Cost Per Inquiry Calculator?
It is a tool that determines the cost associated with each inquiry or lead generated from a marketing campaign.
2. Why is cost per inquiry important?
It helps assess the efficiency of your marketing and lead generation efforts.
3. What qualifies as an inquiry?
An inquiry could be a phone call, form submission, email, or any other expression of interest from a potential customer.
4. Can this calculator be used for digital marketing?
Yes, it’s suitable for both online and offline campaigns where inquiries are tracked.
5. What does a low CPI mean?
A lower CPI generally indicates a more cost-effective campaign.
6. Is CPI the same as cost per lead?
Yes, they are often used interchangeably in lead generation contexts.
7. How do I reduce my cost per inquiry?
Improve your targeting, messaging, and conversion strategies to get more inquiries for the same cost.
8. What if I enter zero inquiries?
The calculator will prompt you to enter a valid number to avoid division by zero.
9. Can I use this for social media campaigns?
Absolutely. Just use the cost and inquiries data from platforms like Facebook or LinkedIn.
10. Is a high CPI always bad?
Not always. It depends on the value of each inquiry or lead and your return on investment.
11. Should I calculate CPI for each campaign?
Yes, it’s a good practice to track CPI for every marketing initiative.
12. Can this help me compare campaigns?
Yes, comparing CPIs across campaigns can help identify the most effective channels.
13. Does the calculator store my data?
No, it’s a simple client-side tool and does not store or transmit data.
14. Can this be used by agencies?
Yes, marketing agencies often use CPI to show value to clients.
15. Is this calculator mobile-friendly?
Yes, it works on all modern devices and browsers.
16. How accurate is the result?
It’s mathematically accurate based on the input values.
17. Can I export the CPI result?
Not directly, but you can copy and paste the result into a report.
18. Is CPI useful for e-commerce?
Yes, if you’re tracking leads or inquiries before a purchase.
19. Can I calculate CPI manually?
Yes, divide the total campaign cost by the number of inquiries.
20. How frequently should I check CPI?
At the end of each campaign or during performance reviews.
Conclusion
The Cost Per Inquiry Calculator is a powerful yet simple tool for measuring the effectiveness of your marketing campaigns. It provides valuable insights into how much each lead costs, helping businesses optimize their advertising spend and improve return on investment. Whether you’re a solo entrepreneur or part of a marketing team, tracking CPI can significantly enhance your strategic decisions.