Wednesday, April 21, 2010
How to Use the 3 Most Common Direct Marketing Measurements to Increase Your Profits!
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John Wanamaker, a 19th century entrepreneur, once famously made the statement, "I know that half of my advertising is wasted, I just don't know which half." Fortunately for today's marketers, there are scientific ways to determine which half is wasted, and which half is not, through the use of common direct marketing measurements.
Advertising is, and has always been, part art and part science. With direct marketing, the science part takes center stage as there are common direct marketing measurements that can be utilized to verify the results of the advertising.
With the increased popularity of direct marketing, the success of advertising can be measured through a variety of common direct marketing methods such as cost per acquisition, cost per piece, and response rate.
Before continuing in describing these common direct marketing measurements in detail, it is beneficial to review one of the direct marketing tools needed to determine the success of the mailing. The most important direct marketing tool is the response mechanism. This is how you can gauge the success, or lack of success, of a direct mail campaign. This is the mechanism by which the prospect will use to respond - it may be a postcard to request more information, an 800 number to call, or a website address to place an order. You can than utilize this response to determine the success of the direct mailing.
The first of the most common direct marketing measurements is the cost per acquisition. The cost per acquisition can be determined by taking the total cost of the mailing and dividing it by the number of responses. For example, let's say the total cost of a mailing is $2,000 and 20 people respond. The cost per acquisition is $100. This is an important tool to find out if the cost to obtain a new customer is in line with the profits that you will receive.
The second of the most common direct marketing measurements is the cost per piece. To find the cost per piece, you would take the total cost of the mailing and divide it by the total number of pieces sent. For example, if the total cost of the mailing was $4,500 and you sent 2000 direct mail pieces, the cost per piece would be $2.25. This is an important figure to keep in mind, because by lowering the cost per piece (as long as the number of responses stays the same), you can lower the cost per acquisition.
The third of the most common direct marketing measurements is the response rate. The response rate can be calculated by taking the number of people that responded and dividing it by the number of people that were sent the direct mail package. For example, if 2000 people were mailed a direct mail package and 20 people responded, the response rate would be 1%. This is an important tool that you can utilize to forecast the success of future mailings.
By using all three of these common direct marketing measurements, you can finally determine which half of your marketing is working, and which half is not.
Article Source: Daegan Smith
Labels: 3 most common, how to use, increase your profits, marketing measurements, most common, to increase, use the 3 most common
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Sunday, April 18, 2010
Why Look at Direct Marketing Jobs?
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Up to a few years past, direct marketing was the sphere of telemarketers and junk mail purveyors. Since 2001, direct marketing has been the fastest growing segment in the marketing world. In that year, companies spent over £10 bn on direct marketing to households in the UK. That's a lot of money being spent to reach consumers in order to sell products to them. And a hefty chunk of that money is going into the pockets of direct sales managers, copywriters, marketing managers, strategic planners, consumer researchers - not to mention a lot of direct marketing jobs that never existed before the boom of the internet.
So let's take a look at careers in direct marketing to see why it is one of the fastest growing job sectors in the UK.
Start with... the definition! What is direct marketing?
The current definition of direct marketing offered by the Institute of Direct Marketing (and who'd know better?) is:
...the fusion of creative thinking with customer knowledge and the latest technologies to generate customised communications and business solutions across a mix of media.
That mouthful means that direct marketing uses data gathered about customers to create targeted sales messages that will appeal specifically to the people to whom they are sent. It's important to understand that data is what defines the difference between sales and direct marketing, because it directly affects the kinds of direct marketing jobs that are available on offer.
Direct Marketing Jobs
Direct marketing jobs run the gamut from the very creative - copywriters, photographers, art directors, graphic artists - to the analytical. And while it's still considered to be difficult to land a job in direct marketing, it's getting easier all the time as companies realize that the key to sales is reaching the right customers with the right adverts. It's predicted that demand for experts in the database jobs that drive direct marketing and the creative direct marketing jobs will continue to outstrip the available talent for some years to come.
Salaries for Direct Marketing Positions
Remember we said at the start that there's over £10 bn being spent on direct marketing in the UK each year? Here's the chunk of it you could expect to see in various direct marketing jobs:
Creative:
A junior copywriter, art director or junior team member starts at £18-22k annually, but as little as 3-5 years of experience can lift that to £25-40k. Put in 5+ years, and you could command £45-70k, plus benefits. Top of the line creative directors with 10+ years of solid agency experience can bring down £120k, plus car and other benefits.
Database Jobs Salary Survey
Positions in direct marketing for those with solid data analysis skills range from junior data analysts to data planners to account data managers. Each has a unique role, and there are wide ranges of salary. In general, a junior analyst can expect a starting salary of £20-22k. Two years experience and a concentration in specialised skills can raise that salary to as high as £40k rather quickly. An experienced data analyst with 8+ years working with CEOs and heads of companies can command £80k with full benefits and pension, along with a company car.
Career Prospects
Direct marketing is expected to continue to grow as a career choice. Database driven advertising is at the cutting edge of all the newest and latest technologies. If you've got the skills and the energy to pursue a career in direct marketing, you're in a growth market. The opportunities for lateral and upward movement are only expected to increase over the next ten years.
Paul Eastaby writes for Precision Marketing. Precision Marketing is a UK site specialising in direct marketing jobs [http://www.precisionmarketing.co.uk/Jobs/Search.aspx] and news from the direct marketing sector.
For news and jobs relating to direct marketing [http://www.precisionmarketing.co.uk] visit Precision Marketing
Article Source: Paul Eastaby
Labels: direct marketing, direct marketing jobs, look at, marketing jobs, why look
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Thursday, April 15, 2010
Direct Marketing - Brand Identity Guru Tips
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If your company doesn't have a direct marketing program in place, a direct marketing agency can create one for you. A direct marketing company provides small to very large customizable ranges of business-to-business and business-to-consumer direct marketing options sure to fit your needs. From database creation and maintenance to data analysis and creative program execution, a direct marketing company can take any existing direct marketing program, or a lack of one, and develop a highly efficient direct sales machine for your company.
A good direct marketing company employs experts in each aspect of direct marketing who have proven time and time again they have what it takes to create a successful direct mail campaign and turn your existing unorganized data into a powerful computer-readable customer database.
The goal of any successful direct marketing program is ultimately a positive effect on your bottom line. Good direct marketing programs are proven performers that will give you an edge over your competition. The direct marketing expertise and capabilities that a good direct marketing company offers will turn your direct marketing expenditures into successful investments.
Look for a company that has years of target market research experience ready to work for you. They will uncover who your best customers are and develop a direct marketing campaign that will get them to respond.
They should know how to impact behavior, get results and form the basis for long-term relationships with your customers and prospects.
Direct marketing abilities should include:
- Direct response advertising
- Customer relation's management
- Data management services and data analysis
- Media planning, media buying and complete direct marketing campaign management
Seven HUGE Tips to Direct Marketing that gets results
Successful direct marketing takes planning and strategic thought...
1. Know your goal: What do you want your direct marketing to accomplish? What kind of impression do you wish to leave? Do you wish to inform your prospects about your product or just make them aware? Recently, Brand Identity Guru was asked by a client to expand its direct marketing efforts, so we created a direct marketing piece to showcase our client's most attractive points. That direct marketing piece now accounts for 30 percent of the client's new business.
2. Research: Don't just have a list. Learn something about your customers so you can speak to them better. Discover their hot buttons, so you can push them.
3. Plan properly: The best direct marketing campaigns work along with PR, traditional advertising, brand strategy and efforts by your sales force. Ultimately, each piece is part of a larger total company campaign and should work together.
4. Be relevant: Direct marketing efforts should offer something your clients might want to buy.
5. Be conscious of details: Find the name of your primary contacts, and make sure you spell them right in the items you send to them. Even the best direct marketing piece is useless in the trash.
6. Be consistent: Use a series of pieces that speak to your customer's needs. Don't know what they are? Ask. Usually, December is not a good time because mailboxes are already overcrowded. Brand Identity Guru suggests waiting until February or another month.
7. Follow up: If you don't follow up, the results of your direct marketing efforts could crash to a halt. Initiate a conversation with people on your list. A phone call a week or two after your mailing is a great idea.
Direct marketing is a powerful tool to capture your prospects' attention and orders. If your direct marketing includes an attractive offer, imagine what the results will be. Throw in a brand-centric foundation and you have a direct marketing effort even more powerful than the sum of its parts.
Scott White is President of Brand Identity Guru a leading Corporate Branding and Branding Research firm in Boston, MA.
Brand Identity Guru specializes in creating corporate and product brands that increase sales, market share, customer loyalty, and brand valuation.
This Article may be freely copied as long as it is not modified and this resource box accompanies the article, together with working hyperlinks.
Over the course of his 15-year branding career, Scott White has worked in a wide variety of industries: high-tech, manufacturing, computer hardware and software, telecommunications, banking, restaurants, fashion, healthcare, Internet, retail, and service businesses, as well as numerous non-profit organizations.
Brand Identity Guru clients include: Sun Life Financial, Coca Cola, HP, Sun, Nordstrom, American Federal Mortgage, Franklin Sports and many others, including numerous emerging growth companies.
Article Source: Scott D. White
A good direct marketing company employs experts in each aspect of direct marketing who have proven time and time again they have what it takes to create a successful direct mail campaign and turn your existing unorganized data into a powerful computer-readable customer database.
The goal of any successful direct marketing program is ultimately a positive effect on your bottom line. Good direct marketing programs are proven performers that will give you an edge over your competition. The direct marketing expertise and capabilities that a good direct marketing company offers will turn your direct marketing expenditures into successful investments.
Look for a company that has years of target market research experience ready to work for you. They will uncover who your best customers are and develop a direct marketing campaign that will get them to respond.
They should know how to impact behavior, get results and form the basis for long-term relationships with your customers and prospects.
Direct marketing abilities should include:
- Direct response advertising
- Customer relation's management
- Data management services and data analysis
- Media planning, media buying and complete direct marketing campaign management
Seven HUGE Tips to Direct Marketing that gets results
Successful direct marketing takes planning and strategic thought...
1. Know your goal: What do you want your direct marketing to accomplish? What kind of impression do you wish to leave? Do you wish to inform your prospects about your product or just make them aware? Recently, Brand Identity Guru was asked by a client to expand its direct marketing efforts, so we created a direct marketing piece to showcase our client's most attractive points. That direct marketing piece now accounts for 30 percent of the client's new business.
2. Research: Don't just have a list. Learn something about your customers so you can speak to them better. Discover their hot buttons, so you can push them.
3. Plan properly: The best direct marketing campaigns work along with PR, traditional advertising, brand strategy and efforts by your sales force. Ultimately, each piece is part of a larger total company campaign and should work together.
4. Be relevant: Direct marketing efforts should offer something your clients might want to buy.
5. Be conscious of details: Find the name of your primary contacts, and make sure you spell them right in the items you send to them. Even the best direct marketing piece is useless in the trash.
6. Be consistent: Use a series of pieces that speak to your customer's needs. Don't know what they are? Ask. Usually, December is not a good time because mailboxes are already overcrowded. Brand Identity Guru suggests waiting until February or another month.
7. Follow up: If you don't follow up, the results of your direct marketing efforts could crash to a halt. Initiate a conversation with people on your list. A phone call a week or two after your mailing is a great idea.
Direct marketing is a powerful tool to capture your prospects' attention and orders. If your direct marketing includes an attractive offer, imagine what the results will be. Throw in a brand-centric foundation and you have a direct marketing effort even more powerful than the sum of its parts.
Scott White is President of Brand Identity Guru a leading Corporate Branding and Branding Research firm in Boston, MA.
Brand Identity Guru specializes in creating corporate and product brands that increase sales, market share, customer loyalty, and brand valuation.
This Article may be freely copied as long as it is not modified and this resource box accompanies the article, together with working hyperlinks.
Over the course of his 15-year branding career, Scott White has worked in a wide variety of industries: high-tech, manufacturing, computer hardware and software, telecommunications, banking, restaurants, fashion, healthcare, Internet, retail, and service businesses, as well as numerous non-profit organizations.
Brand Identity Guru clients include: Sun Life Financial, Coca Cola, HP, Sun, Nordstrom, American Federal Mortgage, Franklin Sports and many others, including numerous emerging growth companies.
Article Source: Scott D. White
Labels: brand, brand identity, direct marketing, guru tips, marketing
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