How to Market and Sell in a Rapidly Changing Marketplace
No one ever said,
“growing a #SmallBiz or breaking a new person into sales is easy,”
after they have walked in that person’s shoes.
So, it should come as no surprise when you find that the market isn’t always ideal for selling your products or services.
Your products and services may go in and out of favor. You could have growing competition. Direct and indirect. Regulations change frequently.
Costs almost always rise, and depending if you use direct mail with email, postal classifications may increase the cost of postage depending on what you select.
In the end, no matter how good your products or services may be, marketing and selling comes down to your willingness to adjust tactics and adapt to any challenges you face. It’s really about getting back to the basics of marketing and selling.
There are many books on selling and marketing.
One of the most basic tactics is to collect and use customer intelligence, such as RFM (Recency, Frequency, Monetary Value). Those who have made a recent purchase are usually the best to pursue to make additional purchases.
How often someone makes a purchase, is an indicator of how closely aligned that person is with your products and services. What people spend gives you an idea about their overall value as a customer – a customer who buys $500 in products is obviously more valuable than someone who always waits for a lower price.
Seeking better efficiency is a way to make your direct marketing mail advertising more profitable. For example, constantly testing new direct marketing channels to see which formats and production methods offer you the best value.
It’s not a matter of doing “cheap” direct marketing. It’s a matter of finding what gives you the best return on your investment. If testing shows that adding another channel like email, increases the overall cost but creates more net profit, then the more costly two channel marketing, is the more efficient.
Being a cheapskate for cheap sake is false economy.
The offers you make are also critical to success. The tendency for many businesses is to find an offer that works and never test another offer. This is a serious mistake.
Different people respond to different offers at different times. A high-spending customer may not be price sensitive and not a good candidate for a dollars-off promotion. But this same offer may be ideal for low-dollar customers.
You should always be testing offers and recording the results to your customer profiles.
Finally, your list is perhaps the single most important element in any direct marketing mail and email promotion. A highly targeted list makes everything else you do easier. Whenever you mail and email to a list of people who want what you’re selling, you’re almost guaranteed success if you present a clear message, a strong offer, through the proper marketing communication channel(s).
Thanks for reading. Any questions please post them below.