Having passed out, or been involved with passing out, what has seemed like 10 million flyers since 1995, I can answer your question. By the way... although it seems like 10 million flyers, in reality it is probably about 250,000 flyers.
First, it depends on the flyer. Flashy usually gets about 1 call per 5000 flyers. So don't be thinking that because the so-called 'experts' might say to put cool pictures all over the flyer... don't do it.
Nice heading... full even body nicely spaced... phone number and name of business at the bottom.
On the norm you SHOULD get 1+ call(s) per 400 flyers passed out. But that doesn't mean pass out 400 flyers and expect a call. It means that if you pass out 1500 flyers you will get about 4-6 calls. But then again that depends on the area you pass them out in and many other things that would take hours to explain. It could be 0 calls. I've had 35 calls from 750 flyers. I've had 0 calls from 2500 flyers. My sister passed out 100 of my flyers and got 5 calls. She just got lucky but she thinks it's easy cuz she got 5 calls from an hour of walking. lol
The reason we do well with flyers is because unlike others.... we just roll it up and put it on the door handle. We don't make it a 10 minute hassle to read the damn thing. No rubber bands or clever ways of tyiing it shut. No putting it in or on their mailbox illegally or putting it in a baggy and driving by and throwing it in the driveway.
I'd think you should have the same luck with a door hanger... only difference is the door hanger costs MUCH more. If you're thinking you might have better luck because the door hanger looks better... wrong. In printing flyers I've used every color paper.... every color ink and every color people passing them out (last part was a joke)
anyway.... color only did 1 thing for my flyers... take more money out of my pocket. I have several reams of pink paper in my storage closet right now... it did no better than white paper with black ink.
Not to mention that with flyers if you print up 500 and decide you want to change something... you can. With door hanger you must order them (2500-5000-10,000)... wait for them to come in... by now hopefully you haven't changed your mind about how you want it to look... now all you can do is hope for the best because you are STUCK with what you got.
By the way... for those that know me... I got rid of my business a few years ago but am really bored so I'm back with all new energy. Starting July 30th I'm taking this thing to new profit margins like never before!