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MAXIMIZING YOUR DIRECT MARKETING EFFECTIVENESS

MAXIMIZING YOUR DIRECT MARKETING EFFECTIVENESS. Jack LaRue – SVP Thomson Reuters Association for Accounting Marketing 2010 Conference. AGENDA. Types of Direct Marketing The 40/40/20 Rule Audience Offer Creative Call to Action Crafting the Message Break. AGENDA. Metrics

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MAXIMIZING YOUR DIRECT MARKETING EFFECTIVENESS

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  1. MAXIMIZING YOUR DIRECT MARKETING EFFECTIVENESS Jack LaRue – SVP Thomson Reuters Association for Accounting Marketing 2010 Conference

  2. AGENDA • Types of Direct Marketing • The 40/40/20 Rule • Audience • Offer • Creative • Call to Action • Crafting the Message • Break

  3. AGENDA Metrics A/B Split Testing Budgets Scheduling Webinars Building Your In-house, Opt-in Email List Summary

  4. DEFINITION Direct Marketing: a form of marketing designed to solicit a direct response from the customer that is specific and measurable.

  5. TYPES OF DIRECT MARKETING Direct Mail Email Card Decks Coupons Catalog Infomercials Webinars Some Advertising

  6. THE 40/40/20 RULE

  7. THE 40/40/20 RULE 40 % of your Direct Marketing success is based on your List 40% of your Direct Marketing success is based on your Offer 20% of your Direct Marketing success is based on the Creative

  8. THE LIST – THE LIST – THE LIST

  9. WHAT CONSTITUES A GOOD LIST The higher the level of relationship with you, the better The prospects on the list have something in common with each other that a message can be crafted around The more precise the message to the specifics of the individual audience – the better the results How current (clean) is the list?

  10. LIST RENTALS • Government Agencies • New businesses • New home purchases • List brokers - InfoUSA, etc. • Associations • Trade Publications

  11. EMAIL LISTS • In-House, Opt-In List Always Best • Email List Purchase/Rentals • Be careful – Permissions – Spam • You can’t purchase permission • Alternatives – • Newsletter sponsorship or ad • Chamber of Commerce • Trade Association or publication • Partner with someone to leverage their in-house, opt-in list

  12. DEALING WITH AN OUTSIDE LIST • De-dupe against your inside list • Remove current customers • Avoid multiple solicitations • Clean up truncations • Co., Corp., Treas., etc. • Have some means to track how ‘clean’ the list is • Email bounce backs • Direct mail returns • Track results separately

  13. MAKING A GOOD LIST BETTER Find something in common with the prospects that you can develop a message around Segment as precisely are reasonably possible Personalize the message as precisely as reasonably possible

  14. FINDING SOMETHING IN COMMON Current customers Prospects you have communicated with in the past Former customers Attendees at an event Type of business Size of business New business – New home owner Geographic proximity Time proximity (event, registration, etc.)

  15. AUDIENCE SEGMENTATION Creative Solutions UltraTax Campaign 120,000 Tax & Accounting Firms – Vertical Market 17 Audience Segments – Different Messages • Current Customer (7 audiences based on product mix) • Competitor product used (5 audiences) • Customer of RIA or PPC (2 audiences) • Former UltraTax User • Showed interest last year • Generic

  16. IT’S ALL ABOUT THE OFFER What’s in it for me?

  17. THE OFFER • It’s not just a discount (Discount may not be most effective) • You want the prospect to do something - What are you willing to give them in return?

  18. WHAT CONSTITUES A GOOD OFFER It’s Specific It’s Simple to Understand It has Value It’s Relevant It’s Unique It’s Believable It’s Easy to Get It has a Deadline

  19. TYPES OF OFFERS • Discount Price • Free Trial • Free Gift • Free White Paper • Money-back Guarantee • Special Financing • Free Consultation • Sweepstakes Entry • Bill me Later • Free Sample • Free Quote • Free Evaluation • Quantity Discount • Discount Add-Ons • Two-for-One

  20. FOCUS ON WHAT – NOT ON HOW

  21. CALL TO ACTION

  22. CALL TO ACTION If your perfect message reaches your perfect audience at the perfect time, what – specifically – do you want them to do? Missing, weak or unclear Call to Action is probably the most common problem with Direct Marketing

  23. CALL TO ACTION Ultimately you want to close the sale – get a purchase decision But that may not be realistic in a single email or direct mail piece What is realistic to begin or advance a sales decision process, given your relationship with the prospect and your communication vehicle?

  24. CALLS TO ACTION What SPECIFICALLY do you want the prospect to do: Most often – claim their offer • Sign up for a free consultation • View a demo • Purchase • Download a whitepaper • Register for a seminar/webinar • Redeem a coupon • Request additional information • Get a quote

  25. CALL TO ACTION HOW do you want them to respond: • Call You • Email You • Visit Your Website • Return reply card • Fax you

  26. GOOD CALL TO ACTION Make it Clear Make it Easy Make it Measurable

  27. MAKE IT CLEAR • Connect the Dots • Instruct them what to do • Some choice may be good – but be careful • 2, 1 or 3 choices • Communicate the reward

  28. MAKE IT EASY • Want them to call – provide the phone number • Want them to email – provide a link/address • Visit website – provide a link/address • Return mail – postage paid • Make the Call to Action easy to find • Use call out boxes • Large links / buttons • Have a Call to Action in the top of your copy

  29. MAKE IT MEASURABLE Track action taken diligently Include tracking numbers on print material Phone calls – if not asking for a specific offer – ask how they found you Visit website – consider a landing page

  30. NOW LET’S START THE CREATIVE

  31. STARTING THE CREATIVE You know the Audience You have an Offer You know the Call to Action The sole purpose of the Creative is to get your audience to achieve your Call to Action Choose the media and design the message around what can accomplish that most effectively and efficiently

  32. SELECTING THE MEDIA What will be most effective? What will be most efficient? What lists/addresses do you have available? Not necessarily either/or Consider combined campaign (multiple touches) for increased effectiveness Ultimate factor is ROI

  33. 9 EMAIL TIPS • Subject Line – 30 Characters – 50 at most • From Line – How it appears to your prospect • First Line – Any reason to continue reading • Offer – Elevate in copy – What’s in it for me? • Call to Action – Clear and Easy to act • Graphics – Easy and Fast to load • HTML or Text – Test both • Preview Pane – How’s it look? • The Footer – unsubscribe – privacy policy

  34. EMAIL SPAM TRIGGERS Avoid using these – particularly in your subject line: • Free • ALL CAPS • $$$ • !!! • % • Sale • Save • Guarantee

  35. DIRECT MAIL (SNAIL MAIL) Don’t automatically eliminate from your mix Less competition Lots of flexibility Can deliver something tangible, multi-dimensional Test ROI

  36. DIRECT MAIL COMPONENTS • #10 Envelope • To tease or not to tease • Personalized letter (message to sub-segment) • 4-color flier (can be leveraged across sub-segments) • Response mechanism • Post card (postage paid) • Business Reply Envelope (postage paid) • Fax Back Form • Include tracking number on all

  37. 9 DIRECT MAIL TIPS • Personalize the letter and envelope • Avoid labels on envelope • Use postage stamps over metering • The Johnson Box • Format for scanning – not reading • P. S. • Two positive responses – High and low interest • Multiple response methods – call, email, web, mail • Put yourself on the mailing list

  38. INCREASE YOUR RESPONSE RATE • Include 2 positive responses • High interest and low interest • Repeat mailing – Increase response • Consider a negative ‘sorry’ response option • Include space for reason • Experiment with dual deadline • Offer declines after first deadline

  39. CRAFTING THE MESSAGE

  40. THEY’RE NOT BUYING YOUR CREDENTIALS It’s not about you Your experience, certifications, credentials are a means to an end – don’t forget the end Focus on benefits to the prospect Connect the dots for the prospect Use testimonials, examples, etc. Speak in the language (and values) of the prospect

  41. CRAFTING THE MESSAGE Leverage your branding and positioning strategy There are many ways to reinforce your key differentiators Remember the Power of 3

  42. PLAY TO YOUR STRENGTH

  43. BREAK

  44. METRICS

  45. METRICS • If You Don’t Measure It, You Can’t Manage It • Identify key activities to measure • Successful sale, sure – but that may be distant • Some activities will vary by media • Will want some common activities – to test media • White paper request • Offer fulfillment (free consultation) • Define success criteria before executing campaign

  46. EMAIL METRICS Open rate Click through rate Offer fulfillment rate Soft bounce / Hard bounce Opt outs Entered sales process Cost per lead Sell through rate Cost per sale

  47. SNAIL MAIL METRICS Response rate (all means) Offer fulfillment Returned mail Entered sales process Cost per lead Sell through rate Cost per sale

  48. REASONS FOR MULTIPLE METRICS Some campaigns will do better in different areas • One email gets a better open rate, while another gets a better click-through rate • One offer gets higher offer fulfillment, but has fewer entering the sales process • One gets a lower response rate, but a higher sell-through rate.

  49. EMAIL EXPECTED RESPONSE RATES

  50. RESPONSE TO EMAIL • Email back • Phone call • Beware linking to your website • Unless you can identify and track • Micro-site or Landing Page

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