Analyzing Your Marketing Spend: What Would You Pay for a Top Client?
Years ago, I developed a marketing piece for a client whereby the sales people could get a mere 10 piece to mail out to prospects to initiate a meeting. One salesperson selected 10 prospects and did the mailing of the 10, and was able to generate six appointments. That’s a 60 percent appointment rate, yet she told me the marketing was ineffective. Why? According to her, “No one bought anything." But that’s not a failure on the part of the marketing piece. It has everything to do with her sales skills or her approach. Remember, it is marketing’s job to open the door, sales to close the deal—they work in tandem, not opposite one another.
Smart marketers look at their marketing through a series of analytics to determine its effectiveness. To spend $20, $50 or even $100 on an account that can generate $9,091 in annual profits is well worth it.
People often ask me how one get starts doing this for their clients. I've always said it begins with you! Design and develop a group of creative strategic marketing of your own. Do this for marketing to existing clients, prospects and even clients that you’ve had in the past and would like to resuscitate. Understand their emotional hot-buttons and develop your marketing around that pain point for higher than normal success rates.
PROMOTIONAL MARKETING: an industry that is so powerful, when it comes to marketing your company and your services, it too must be, powerful, memorable and measurable.
As always, continued good speaking - CQ