Wednesday, October 17, 2012

How Much Money Are You Leaving On The Table?


Ever hear the term “one and done”. If you are a marketer and make a practice of conducting your campaigns this way, then it’s not a question of if you are leaving money on the table, it’s actually how much? Research shows that stopping at a single touch leaves anywhere from half of the potential opportunity to substantially more on the table.

Direct marketing, no matter how targeted, is a numbers game. If you only give yourself one shot at an audience, you’re more than likely headed for failure. Prospects rarely respond after the first “touch” – it normally takes time to build their interest and trust. What if that one particular day that you send out a direct marketing message they’re too busy to read it? What if that particular message didn’t resonate with them? What if they only respond to direct mail and you sent an email? What if their circumstances change in six months and suddenly they become a prime opportunity, but you gave up after your first touch, five months ago?

Experts point out that campaign results can increase by up to 8 times when following up a direct marketing campaign with additional touches. These additional touches can be a combination of phone calls, mail pieces, emails, and of course social media. You may be surprised to know that unless you are touching contacts within your target market at least 7 to 9 individual times you are probably not generating the kind of results that you could be. Don’t stop there. Data also shows that the initial contact cycle; the first time you touch the market with those 7 to 9 individual touches, will yield only 40%-50% of the total available opportunities. The remaining opportunities existing within the market can only be identified by continuing to touch those same contacts, with the same multi-media, multi-touch cycle strategy on a regular basis.

You should expect results from the second and subsequent touch cycles to generate anywhere from 120% to 210% of the initial response rate.

Please note, however, data also shows that response rates begin to decline after the fifth contact cycle.

In summary, using the “one and done” approach, common in so many marketing campaigns, historically generates just one percent of the potential opportunities that are possible with multi-media, multi-touch, multiple cycle campaigns against the same market. How much is too much? As long as the message is fresh but consistent and compelling, there may not be a too much.

Don’t be disheartened when some people don’t respond instantly, and don’t keep chopping and changing your messaging because you get bored. Remember, your audience may not even recall you until after the ninth touch!

If you would like some assistance in creating relevant and timely personalized campaigns that really work or if you are ready to start profiling customer data to identify the best prospects, give me a call. I can help.

Ed Glaser
Chief Marketing Officer
252.321.5805

ed.glaser@acculink.com

“As seen in October DMAW Advents”

 
 
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