Dec 07, 2009
“Companies that cut advertising, marketing research and other forms of marketing do worse following a downturn. This could be an opportunity for smart marketers to get rid of their competition,” wrote Richard H. Levey in Direct in March.
Indeed, research demonstrates that companies who continue to market in hard economic times do better during the tough times – as their competitors fade from customer’s radar. But they also do better after the economy has begun to recover – they’re ready to soar while their competitors have to rebuild the marketing campaigns they suspended.
Why is that? Because consumers are still buying goods and services. Clearly, not at the rate they were two years ago – but they nonetheless continue to make decisions every day about products and services to buy. If you stop marketing, you’re no longer in consumers’ minds as they make purchase decisions.
The best response to economic tough times, then, is not to suspend your marketing activities, but to market smarter – to make the fewer dollars you have go farther. To help, we’ve laid out 5 tips for making the most of your mail:
1. Keep investing
Because businesses who continue to market in tough economic times outperform their counterparts, investing in direct mail marketing during these times is a way to grow your business. And you know that as you grow your businesses, revenue increases, further enhancing your ability to weather the economic storm.
2. Target better
Recipients expect direct mail to be relevant. Poorly targeted mail is junk for recipients and a waste of precious money for you. And over time, poor targeting can damage your relationships with prospects and customers.
Fortunately, the data you need to target your mailings has become less expensive. At Click2Mail.com, we can help you choose and purchase a list, segment it, and personalize your mailings – for highly targeted, relevant communications (and maximum success).
3. Improve your value proposition
Cross-selling and up-selling to current customers can be a great opportunity to grow your business in hard economic times. And it’s more effective, too – statistics show that when mailing to current customers response rates are generally double rates when mailing to prospects. What’s more, the cost of gaining new customers is higher than keeping existing ones.
The best way to do that is to improve your value proposition. These days, consumers are eager – just like you are – to get more value for their dollar. Reward your most loyal customers with special offers, loyalty programs, or even a simple thank you card. Engage with your customers – send a business-reply postcard asking them to suggest ways you could make your product or service better.
4. Reduce costs
While suspending your marketing activities altogether is never a good idea, our new economic reality demands a reduction in costs for most companies. That’s why, at Click2Mail, we’re always developing new products and services to help you do more for less. Like our EasyLetterSender.com program, where you can send a personalized photo letter for as little as $1. Or our special large, full-color, UV-coated postcards for just $0.87 a piece.
5. Keep an eye on your ROI
One of the incredible benefits of direct mail is its measurability. By including a special code you’re with your offer, you can measure the number of people who responded to that particular mailing. By measuring the results of your efforts, you can be constantly tweaking and improving.
As you consider the effectiveness of your direct mail marketing think about your ROI – the return on your investment. It’s a more robust measure than simple response rates because you could have incredibly high response rates, but if the mailing is very expensive, your ROI may be lower than on a less expensive mailing, even if it has lower response rates.
With a range of proven-effective, low-cost direct mail solutions, Click2Mail.com helps you make the fewer dollars you have go farther – to get more bang for your mail buck. Keep marketing when others aren’t – get started with Click2Mail today.