Tough times require all expenditures to be examined for possible reduction or elimination. Marketing is not exempt from such investigation and will undoubtedly reveal areas where cuts can and will be made. One example is Brand Advertising which for the most part is not an immediate result producing expenditure. On the other hand it would be unwise to cut advertising oriented to generate demand activity for your goods/services. Or to generate inquiries for goods/services since such sales leads can effectively be converted to new customers.
The following strategies should be implemented:
- Focus on generating quality inquiries as distinct from large numbers of inquiries.
- Analyze inquiry response by media to check on the effectiveness (front and back end) of both ad and media. Save money by canceling or revising ineffective ads and/or media.
- Cancel advertising that is not generating satisfactory revenue and invest the funds in strategies that are creating revenues.
- Analyze effectiveness of costly Trade Shows and Webinars and other Event driven activities. Not only by volume of actual inquiries but more importantly by actual conversion rates. (Typically the return on investment from such activities is lower than other more organic marketing tactics.)
- Be cautious about offering free or premium offers. These often drive high volume of inquiries. That’s natural - but they are seldom effective in helping the sales force to sell more.
- Large volumes of email can be sent at very low cost but actual readership is in doubt. Too much depends on factors over which senders have no control.
- Use sparingly and wisely to maximize the impact.
- Make sure your messaging is targeted to applicable prospect companies.
- Personalize if possible with TEXT (not html) based content.
- Where possible mail only to OPT IN contacts.
- Track each and every email open and click through to ascertain readership and traffic driven to your website and or micro-site.
- The management of inquiries and follow through is complex and requires a strong database infrastructure for effective control. Outsourced CRM solutions may well be helpful. ETI clients derive immense benefits using our thoroughly reliable in-house CRM solutions - provided at no extra cost. An advantage worth its weight in gold!