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How to Market and Sell in a Rapidly Changing Marketplace

Contributing Solution Provider

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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.

Coaching and Marketing Analysis – It’s what I do.

MarketingDoc
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MD@DMCM.net 

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© 2017 by the Marketing Communications Group, Inc. All rights reserved worldwide. No part of this publication may be stored in a retrieval system, transmitted, or reproduced in any way, including but not limited to digital copying and printing without the prior agreement and written permission of the publisher. Photographs are purchased from such companies as I-Stock, Windows Clip Art, HubSpot, PhotoPin, DepositPhotos, Solid Stock, Unsplash or John Deuerling.

 

 

 

 

 

 

MarketingDoc

I have owned and operated a variety of businesses during my thirty plus years as an entrepreneur. Being a SMB, I have engaged with others to learn and understand how each one was operated. I have had an inquisitive mind my whole life. I have an associate degree in science, completed an apprentice program in carpentry, studied design at another college and received a four year degree in Marketing, and added a few post graduate classes as well. SMB's have used direct marketing and mail as their main channel of communications for many years. Now the swing of the pendulum of marketing has led many to the latest trends in digital marketing. Data drives all forms of marketing communication. However, raw data must be analyzed, segmented, profiled, measured and tested to make the data useful to marketing. Great direct marketing mail processing is like peeling an onion. There are many layers you unfold to get your desired results. The process is easy to understand, and once you learn it, you’ll see what the phrase, “a labor of love” really means. If you have a goal to learn more about your customers from each communication, you will see positive results stemming from each subsequent mailing. The people who complain the loudest about their results when using direct marketing mail is usually those that did not follow the process. Not following the process is like the baker who missed using the correct amount of yeast in a recipe for bread. She wasted a lot of dough. Learning and having the techniques and fundamentals of direct marketing is a valuable skill to have today. Direct marketing mail helps a SMB focus more on results while listening and learning what their customers want. What makes me different? I’m motivated to help every one of my customers use the right tools to meet their goals. In the present digital age, marketing coupled with technology is a skill set now in high demand. I have always embraced the use of technology with marketing.

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