19 Tips - Direct Marketing Summary

Here's a summary of what to take away from Lester Wunderman's 19 direct marketing tips we've been blogging about.

• Start with clear objectives and strategies.  Then decide which tactics will best deliver the results you desire.
• Make sure your copy is written about benefits--not features.
• Finding ways to have relevant and meaningful conversations or engagement with your audience will make you more successful.
• Not all prospects are created equal.
• Always measure ROI, not just response.

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Tip#19: You Are What You Know

The future of direct marketing will be dependent on knowledge.  "Data is an expense, knowledge is a bargain."  The more you know about your audience, the more relevant your marketing will be.  But knowledge comes at the expense of data.  Data is either purchased from a data source company or is collected during the course of direct marketing for a price (or both).  Only collect data that will give you knowledge you can use in future communications by segmenting audiences.  Then use that knowledge to constantly build towards more relevant conversations.

Tip#18: Profits are Created by Your Share of Loyal Customers, Not Your Share of the Market

Most companies have a business plan that benefits from repeat customers, but a lot of companies forget that current customers are always the lowest hanging fruit when it comes to direct marketing.  Spend more money on your good customers, and they'll spend more money on you.  Cross-sell them on products they will be likely to purchase.  Model their behavior and adjust yourself to fit that behavior.  Tell them your collective story to build a more emotional tie to your brand.

Tip#17: Loyalty is a Continuity Program

"Totally satisfied" customers are the least likely to fall away.  Those who are merely "satisfied" may fall away without warning.  They key is to keep the communication channels open with constant and consistent marketing, which allows you to learn what it takes to keep your customers totally satisfied and to keep your customers aware of what you are doing to keep them totally satisfied.

It costs 8 times more to acquire a new customer than to keep an existing customer.  Treat your best customers well.  Effective loyalty programs are those that reward your best customers on tenure--on previous purchases, usage behavior, and length of relationship.  This can help prevent competitors from conquesting your best customers and will likely lead to improved ROI.