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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.
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The Advantages Of Using A Trade Show Exhibit At A Non-Industry Convention Marketing Articles | May 3, 2011
Most companies only think to use their trade show display at a specifically targeted industry convention. While this is a great use for a trade show exhibit, you might be able to get a lot more from your stand if you think outside your industry's standard gatherings.?
Virtually all companies spend time thinking about what conventions they will attend and how they will present at each of them. They will usually start with a long list of potential destinations, and then gradually narrow that list down until it fits their needs and their budget. While this targeted approach does have its advantages , it rules out a potentially valuable opportunity: non-industry gatherings where your trade show display can stand out and you can connect with potential clients on a new level.
Benefits Of Taking Your Trade Show Booth Outside Your Industry
If you think back to expos you've visited in the past, there are always a few outlier stands that don't quite seem to fit. If you're like most of the population, you're more likely to remember them than you are to remember the details of all but the most impressive units that were targeted to fit the convention's theme. Your trade show exhibit can have this same effect when you choose to showcase outside the common venues for your industry.?
Target Your Local Clients With A Trade Show Display
One of the strongest arguments for presenting at a non-standard expo is the unprecedented connection with local residents. Businesses with a strong local following often find it very valuable to cultivate their clients at local bridal showcases or home and garden expos, even if the field is completely unrelated to what you are offering.?
In addition, because you're focusing your trade show exhibit marketing nearby , you will save substantially on travel costs. While most companies will need to ship their units around the country and pay for their staff to stay at hotels, nearby venues require that you pay the event fees only. You don't have to spend for travel, allowing you to present at more places and reap more rewards per dollar spent.?
Consider Sponsorship For Increased Local Attention
After successful presentations at local venues, you might want to consider moving from a trade show booth to a sponsorship position. While sponsorship can be a bit more expensive than simply showcasing, there are usually more benefits. For example , you might receive preferential placement of y.