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Fundamentals of a Fundamentals of a Direct Marketing PlanDirect Marketing Plan
Mags University
June 7, 2005
Daniel G. Wiest, PresidentWiest & Associates Inc.
The Customer Acquisition and Retention Company™
www.wiest.ca
© 2005 Wiest & Associates Inc.
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This morning’s agenda:This morning’s agenda:
Elements of a direct marketing planWhat really matters in that planWhat’s important in databse marketingSome places you can make a difference
"If I had 8 hours to chop down a tree, I'd spend 6 sharpening my ax”
Abraham Lincoln: 1809-1865, Sixteenth President of the United States
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The essence of Direct Marketing
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It’s all based on PhysicsIt’s all based on Physics
Newton's first law of motion:An object at rest tends to stay at rest and
an object in motion tends to stay in motionwith the same speed and in the same direction unless acted upon by an unbalanced force.The "law of inertia"
Dan’s First Law of Marketing Intelligence
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Don’t navel gaze…
What Direct Marketing Looks LikeWhat Direct Marketing Looks Like
Advertising SalesPromotion
DIRECTDIRECTMARKETINGMARKETING
EventMarketing
PublicRelations
Direct Mail Telemarketing Digital Media Catalogues Fax
INTERACTIVE CUSTOMER DATABASEINTERACTIVE CUSTOMER DATABASE
InternetE-mailDR TV
WirelessCableRadio
DR Print Advertising
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Elements of a Direct Marketing Plan
Direct Marketing Plan ComponentsDirect Marketing Plan Components
6. Objectives
7. Strategy
8. Tactics
9. Budget
2. Business/Product/Service Definition
1. Executive Summary
3. Competition
4. Target Markets
5. SWOT Analysis 10. Measures of Success
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The 30 Minute Manager’s Guide The 30 Minute Manager’s Guide to a solid Direct Marketing Planto a solid Direct Marketing Plan
1. Executive Summary
Written after completion of plan
Summarizes objectives, key elements of strategy and reasons for implementation
Keep it to a paragraph or two
Components of your DM planComponents of your DM plan
2. Product/Service/Business Definition
Brief description of product/service covered by plan
What is actually happening with the business
What is potential for business in future
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Components of your DM planComponents of your DM plan
3. Competition
Summary of direct and indirect competition
Include brief description of:
–– Competitor strengths and weaknessesCompetitor strengths and weaknesses
–– Market share Market share
–– Potential future competitionPotential future competition
Components of your DM planComponents of your DM plan
4. Target Market
Special attention must be paid to your target market at all times
Target market considerations
–– GeographicGeographic
–– DemographicDemographic
–– PsychographicPsychographic
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Sidebar: Targeting variablesSidebar: Targeting variables
Geographic–– Postal code, city, suburbs, ruralPostal code, city, suburbs, rural
Demographic–– Income, family compositionIncome, family composition
Psychographic–– Leisure pursuits, social goals, life stage, Leisure pursuits, social goals, life stage,
matters of the heart and headmatters of the heart and head
5. SWOT analysis = identification of:
SStrengthstrengths
WWeaknesseseaknesses
OOpportunitiespportunities
TThreatshreats
Marketing objectives evolve directly from your SWOT analysis
Components of your DM planComponents of your DM plan
Internal toCompany
External toCompany
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Sample SWOT AnalysisSample SWOT AnalysisStrengths• Excellent renewal rates for direct mail generated subscriptions
• New Editorial focus being introduced based on market research
•Have direct mail control acquisition package that has been proven successful to elusive male reader base
Weaknesses
• Poor renewal rates for broadcast generated subscriptions• Lack of psychographic data in our database•Limited analysis resources•Only have 10% of the subscriber base’s e-mail addresses•Web site not setup to support sales or subscribers• Aging subscriber base, limited success attracting younger readers
Opportunities
• Growing Internet readership offers opportunities for cross promotion•Supplementing of e-mail addresses for low-cost CRM and renewal activities•Online collection of data for richer psychographic targeting
Threats • Younger subscriber base is more apt to be lured away by digital alternatives•Rising print costs•Rising postage costs
•Direct mail acquisition costs•Direct mail renewal costs•Publication mailing costs
Components of your DM planComponents of your DM plan
6. Objectives
Objectives are a statement of whatyou want to achieve
They must be quantifiable and time limited
Groundwork for strategy and tactics laid by objectives
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Sample ObjectivesSample Objectives
Generate 8,000 new subscribers by January 31, 2006Reduce lapsed subscriptions by 5% by November 30, 2005Append 4,000 e-mail addresses to the existing subscriber base records by December 31, 2005
Components of your DM planComponents of your DM plan
7. Strategy
Strategy is statement of howobjectives will be achieved
Logical sequence of activity outlining actions for planned period of time (usually no less than 12 months)
Strategies developed from clear objectives
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Sample StrategiesSample Strategies
Expand acquisition beyond traditional list poolsLeverage psychographic variables in acquisition and retention effortsEnhance our analytics competency to improve our predictive capabilitiesTest the improvements that integrated campaigns can make with our renewal efforts
Components of your DM planComponents of your DM plan
8. Tactics
Tactics are what you do to achieve your objectives
Track tactics to measure success or failure
Tactics break strategy into manageable sections and provide detail for achieving objectives
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Sample TacticsSample Tactics
Test 20,000 new Target Source names in our September 2005 acquisition campaignA/B split test renewals with / without e-mail support to our control direct mail during Q4Revise subscription card in time for Q3 acquisition campaign to include collection of e-mail address and key predictive data
Sample TacticsSample Tactics
Test e-mails deployed with current control in September renewal series–– 1 week prior to DM receipt1 week prior to DM receipt–– Concurrent with receipt of DMConcurrent with receipt of DM–– 1 week after receipt of DM1 week after receipt of DM
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Components of the DM planComponents of the DM plan
9. Budget
Essential
All activity to adhere to budget
10. Measures of Success
Identify criteria for success:
–– Response RateResponse Rate
–– Conversion RateConversion Rate
–– Cost per subscriptionCost per subscription
–– Lifetime ValueLifetime Value
Let’s look a closer at
some of the elements that really make a
difference
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Focusing on the Target MarketFocusing on the Target Market
Target market includes people who:
–– Already subscribe or use your Already subscribe or use your product/service: existing customersproduct/service: existing customers
–– People similar in profile to existing People similar in profile to existing customers: prospectscustomers: prospects
Focusing on the Target MarketFocusing on the Target Market
Essential to understand target market in order to:–– Successfully develop relevant messages and Successfully develop relevant messages and
offersoffers
–– Generate an acceptable response Generate an acceptable response –– Effectively select mediaEffectively select media
Target market profiles, data collection and legalities of use vary according to whether they are:–– BusinessBusiness--toto--business targetbusiness target
–– BusinessBusiness--toto--consumer targetconsumer target
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Sources of Targeting InformationSources of Targeting Information
Compiled Database
Responder Database
In-house Database
Ease of collection
Effectiveness
of Data
Easiest
Toughest
Most
Least
Effectiveness of variablesEffectiveness of variables
TargetingVariables
Geographic
Demographic
Psychographic
Ease of targeting
Effectiveness
of Targeting
Most
Least
Easiest
Toughest
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How far do you take psychographic
targeting?
Clustering (e.g., PSYTE, Clustering (e.g., PSYTE, Geopost™) is Geopost™) is getting theregetting there for for psychographic targeting, but…psychographic targeting, but…
Dan – L7G 4S7• Married• Marketer• Daughter - 15• Cats• Jeep Grand Cherokee• Classical Music• Does OK
George – L7G 4S7• Married• Farmer• Son - 40• Cows• 87 Cadillac• Country• Filthy Rich
Known Psychographics on a house file still win the targeting game.
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Targeting tip:Targeting tip:
Make it your business to know which variables are most predictive for youUse them in your data workAggressively collect those that matter
An example of the power of An example of the power of targetingtargeting
Simple data collection that leverages psychographic attributesAnd has a great ROI
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Customer MentoringCustomer Mentoring
Digital Mentoring ProgramDigital Beginnings = customer
portal3 distinct customer segments––Early adoptersEarly adopters––Frequent picture takersFrequent picture takers––Special occasion picture takersSpecial occasion picture takers
Customer MentoringCustomer Mentoring
E-mails targeted at their usage
Tips and project ideasTrigger events / target
reminders54% Return on Investment
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Considerations for Considerations for youryour planplan
Developments in integrated direct marketingTechniques that are winning
Mail is still criticalMail is still critical
…and it will be in all our lifetimesLead roleSupport roleIntegrated roleHowever… shifting reliance on mailEspecially apparent in youth
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Important functions of eImportant functions of e--mail in mail in integratedintegrated marketing marketing
Creates lift in responseExtends response curvesCreates a response in cases where other media simply fall short
Multi channel targeting works harder Multi channel targeting works harder and and differentdifferent –– than customers thinkthan customers think
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How is this relevant to How is this relevant to youryourdirect mail renewals?direct mail renewals?
The lift was created by the emailBut the responses were still resulting from the mailEven though they were ordering via phone or Internet…The promo code was from the mailpiece
Even the big guys, even bricks and mortar are jumping on the
bandwagon…
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Home DepotHome Depot
Once they proved the value in e-mail appending…
From 500,000 to 5,000,000 e-mail addresses in customer file in just 18 months
Caution: where your eCaution: where your e--mails mails wind up…wind up…
Major issue – 22% undeliverableWill only worsenISP’s–– Proprietary concernsProprietary concerns–– OrganizationOrganization–– InterestInterest
Corporate roadblocksIndividual blocksIndividual lack of understanding
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Would we tolerate 22% of our Would we tolerate 22% of our mail being dumped by Canada mail being dumped by Canada Post or the USPS?Post or the USPS?
“Is my plan helping me find the most valuablecustomers in my database?”
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Don’t forget what Don’t forget what reallyreally countscountsin this businessin this business
Where you have the most leverage:List 40%Offer 30%Creative 30%
Pick your battles accordingly…
Targeting approaches within a Targeting approaches within a house filehouse file
80 / 20 ruleDecile RankingRFMPredictive Modeling
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One way to go: One way to go: RFMRFM AnalysisAnalysis
Three principle measures of previous buying
––RRECENCY: latest purchase or activity record ECENCY: latest purchase or activity record –– the most the most predictivepredictive
––FFREQUENCY: Indicates number of transactions made REQUENCY: Indicates number of transactions made within a timeframewithin a timeframe
––MMONETARY: Total expenditure by customer within ONETARY: Total expenditure by customer within same same ‘‘frequencyfrequency’’ time frametime frame
Assumptions and Applications of Assumptions and Applications of Recency, Frequency and MonetaryRecency, Frequency and Monetary
FACTORFACTOR ASSUMPTIONSASSUMPTIONS APPLICATIONAPPLICATION(by priority)
RECENCY• More recent customers more likely to buy again. Lifestyle changed for people transacting long ago; readiness to purchase again
• Select contacts by most recent transaction date
• Contact each customer near end of usage cycle - renewals
FREQUENCY • Repeat purchases – in your case: cross-sells, up-sells, products, publications
•Renewals
• Communicate frequently with customer
MONETARY• Clients who spend a lot of money may do so again. Include clients who purchase large one offs
• Purchase under special circumstances
• Analyse purchase pattern and needs
• Consider special promotions
THE MOST VALUABLE CUSTOMERS ARE THOSE WHO SCORE HIGH ON THE MOST VALUABLE CUSTOMERS ARE THOSE WHO SCORE HIGH ON ALL THREE CRITERIAALL THREE CRITERIA
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Don’t get scared!Don’t get scared!
2 minutes, and you’ll uncover the 2 relevant figures in the following RFM analysisEven if your data doesn’t allow you to dig this deep, there’s a tip at the end
One avenue: Recency, Frequency, and Monetary Values (RFM) Recency of transaction: 20 points if within past 3 months
10 points if within past 6 months 5 points if within past 9 months 3 points if within past 12 months 1 point if within past 24 months
Frequency of transaction: Number of purchases within 24 months x 4 points each (Maximum = 20 points) Monetary value of transaction: Dollar volume of purchases within 24 months x 10% (Maximum = 20 points) Weighting assumption: Recency = 5
Frequency = 3 Monetary = 2
Customer Purchase Recency (months)
Assigned Points
(x5) Weight Points
Frequency Assigned Points
(x3) Weight Points
Monetary Assigned Points
(x2) Weight Points
Total Weight Points
Cumulative Points
A A A
B
C C C C
1 2 3 1 1 2 3 4
1 2 3
12 3 6 12 24
20 20 20 3
20 10 3 1
100 100 100
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100 50 15 5
1 1 1
2
1 1 2 1
4 4 4 8 4 4 8 4
12 12 12
24
12 12 24 12
$ 30 100
50
500
100 60 70 20
3 10 5
20
10 6 7 2
6 20 10
40
20 12 14 4
118 57 27
79
132 74 53 21
118 250 372
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132 206 259 280
Selecting your best targets
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And there are easier starts, if And there are easier starts, if RFM gives you the shakesRFM gives you the shakes
Decile RankingSort database in 10 equal segments in descending order – “best” to “worst”Start with the top 10% and work your way down
Even if you don’t harness RFMEven if you don’t harness RFM
Don’t ignore it!Without any analysis at all, you can still focus on Recency
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“Should I plan on collecting more data up front to target better?”
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What information can What information can youyou be be helping your customers collect:helping your customers collect:
To better target future effortsTo better forecast responseTo better predict how valuable a customer will beTo control costs, forecast revenue, and control bad debt
Columbia HouseColumbia House
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Zero personalizationZero personalization
Standard packageStandard package
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It varies, but you can It varies, but you can continuallycontinuallyLearn from the MastersLearn from the Masters
Become an astute observer of what other direct marketers are doingWhat pieces of information they’re collectingDirect Marketing rule of “twice or more”
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“Integration, hmmm…What online activities should I be including in my plan?”
Good news:Good news:
You don’t have to grope around in the dark.Learn from the testing of others.
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AdTech 2005 results: what AdTech 2005 results: what worked past year worked past year –– top quartiletop quartile
Email house list 45%Paid search ads 41%Behavioral targeting 41%Affiliates 35% Rich Media ads 34%SEO (organic) 29%Text-link ads 24%Pop ups 24%Email newsletter ads 13%Standard Web banners 12%Email rented list 12%
What What didn’tdidn’t work this past year work this past year –– bottom quartilebottom quartile
Email rented list 43% Pop ups 37% Email newsletter ads 30%Standard Web banners 25%Behavioral targeting 19%Affiliates 18%Rich Media ads 18%SEO (organic) 16%Text-link ads 17%Email house list 7%Paid search ads 7%
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Will substantially increase Will substantially increase spending on the following this spending on the following this year:year:
Web Site Revamp 32%SEM budget 24%Custom landing pages 20%Online ads in general 16%Email campaigns 15%
Caution on ECaution on E--mail List availabilitymail List availability
Online sources drying upPIPEDACAN-SPAMConsumer confidence eroding
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Trick questions: Trick questions: YourYour web siteweb site
Do you have one?Do you use it for acquisition?Do you use it for customer service?Do you use it for retention purposes?Do you use it to generate leads for space sales?
If you have a web siteIf you have a web site
Searchmustmust be integrated into
your direct marketing plan
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What role search playsWhat role search playsin your web sitein your web site
*85% of all Web site traffic **70% of all online purchases…originate from a search engine or directory
* Georgia Institute of Technology ** Jupiter Research
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10.6Toile.QC.CA719.2Yahoo! Canada Search6
27.1Yahoo! Search5
30.6Ask Jeeves4
32.0MSN Search3
32.8Sympatico / MSN Search2
38.9Google.COM
59.6Google.CA
70.7Google Sites1
% reachTotal: 91.6%
Search / NavigationTotal audience
Source: Com Score Media Metrix, Jan 2005
Search Engine OptimizationSearch Engine Optimization
Not as apparent to many marketersBenefits not as immediate, but can be immensely more powerfulPart Art, Part ScienceContent, Construction, Code, Character, Cooperation (links)Black Hats vs. White Hats
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Marketers must be the masters Marketers must be the masters of the technologyof the technology
Make it a point to understand what tools are already in placeUnderstand the technology behind getting your message in front of the right prospects, at the right timeSPAMMERS have a better grasp on the system than legitimate marketers
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Natural Results
Natural Results
Paid ResultsPaid Results
?
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A A majormajor intelligence opportunityintelligence opportunity
Focus still on paid search for lead generation and conversionImmense potential for using the results to:–– Improve natural search resultsImprove natural search results–– Refinements in web siteRefinements in web site–– Harnessing results in offline mediaHarnessing results in offline media
“Can you tell me – quickly –how I can compare media choices for my plan?”
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Using response media to target effectivelyUsing response media to target effectively
Fax
CUSTOMER DATABASE
E-mailTelemarketing
DR TV DR RadioMagazines & Newspapers
DIRECT RESPONSE MASS MEDIA
DIRECT MARKETING 1-to-1 MEDIA
Addressed Mail
UnaddressedInternet
Selecting Media for Direct Marketing Selecting Media for Direct Marketing
1. Be informed by
database information
2. Be informed by media providers,
research
3. Develop media test plan
4. Test media5. Use learning to refine media plan
6. Rollout
ACQUIRE, RETAIN, GROW, WIN BACK
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Acquisition example: planning comparisonsAcquisition example: planning comparisons
Low / Medlow /high
low / med
mediumWeb
Low / Medlow / medium
low / med
fastE-Mail
lowmedlowMed /slow
Broadcast
mediummedlowfastNewspaper
mediummedlowslowPrint
HighMed / High
Med / high
mediumMail
LTVROIContact Cost
Time to Market
Media
Classic Trigger Event : targeting moversClassic Trigger Event : targeting movers
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Learn to love DataLearn to love Data
……or at least understand and appreciate or at least understand and appreciate what’s available in what’s available in youryour data.data.
How does How does youryour database measure up database measure up as a marketing tool?as a marketing tool?
Start with your data dictionary – and make sure you understand it–– Lists all fields of informationLists all fields of information–– Important: % population of each field is Important: % population of each field is
criticalcritical–– Appreciate whatAppreciate what’’s there, as much as s there, as much as
keeping an eye on whatkeeping an eye on what’’s yet neededs yet needed
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Once you understand your data dictionary… Once you understand your data dictionary… does it offer you enough to work with?does it offer you enough to work with?
Only set out to collect information–– You can useYou can use–– Has ongoing utility and relevanceHas ongoing utility and relevance–– Will not burden / offend your customersWill not burden / offend your customers–– Will not suppress responseWill not suppress response–– Has an expectation of repaying more Has an expectation of repaying more
than the cost to collect and maintain itthan the cost to collect and maintain it
Data as a research toolData as a research tool
Start with your database, beforecommissioning researchExamine the insights your database yields, before reinventing the wheelWhen you do commission research, think of ways it can loop back into your database
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Additional gems Additional gems –– how do these how do these apply to apply to youyou??
Trigger eventsLife-stage marketingAnticipating subscriber’s needsHelp your subscribers anticipate needs they didn’t know they hadAnalysis to help you get there
Database Assignment: Database Assignment:
Review my marketing objectives for the yearPour a glass of wine, and spend some time understanding the content of my data dictionaryIdentify what’s in there that I’m not already making use ofSet up a plan for testing that untapped infoAssess the need for any additional informationSet a plan in motion to collect it
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Another reminder: Use list cards Another reminder: Use list cards as marketing intelligenceas marketing intelligence
For any marketer who is renting their names, you can find:Their average orderHow aggressively they’re acquiring customersWhat’s their attritionWhat’s the profile of their customersOften lots moreWhat’s your competition doing?
“I have a good handle on the psychographics of my subscribers. Can you help me reach more just like them?”
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One source for us to look at…
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Testimonials
www.ShoppersVoice.cawww.ShoppersVoice.ca
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“Of course I use response rates to figure out what’s working in my plan. Isn’t that enough?”
What publishers are measuringWhat publishers are measuring
Front-end/short-termMeasurement of a campaign’s results just following the time of initial sale or contactResponse rates
Back-end/long-termMeasurement of a customer/inquirer’s performance (value) after trialConversions from trial subsRenewalsLifetime Value (LTV)
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You don’t need to be math You don’t need to be math expert. The concepts are expert. The concepts are straightforward.straightforward.
Yah, kids. The ideas
ain’t so tough!
Lifetime Value will vary by sourceLifetime Value will vary by source
YEAR 1 2 3 4 5
Unit sales p.a. 1.0 0.7 0.49 0.34 0.24
Direct revenue $50.00 $35.00 $24.50 $17.15 $12.00
Indirect revenue $6.00 $30.00 $21.00 $14.70 $10.20
Direct costs $24.00 $16.80 $11.76 $8.24 $5.60
Indirect costs $3.00 $2.10 $1.48 $1.02 $0.72
Net revenue $29.00 $46.10 $32.26 $22.59 $15.88
Net present value p.a. (10%)
$29.00 $41.90 $26.66 $16.97 $10.84
Total lifetime value (sum of NPV’s) = $125.37
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The take away:The take away:
Make sure you’re looking beyond immediate response ratesKnow what each subscriber is really worth to you––By sourceBy source––By mediaBy media
“You talked about planning for personal –psychographic data collection. What can I legally –ethically –collect?”
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PIPEDAPIPEDA
Personal Information Protection and Electronic Documents Act
Consumers Consumers areare willing to sharewilling to share
•• Majority of consumers are Majority of consumers are ““privacy privacy pragmatistspragmatists”” (63%)(63%)
•• ……although concerned about privacyalthough concerned about privacy•• …… they are prepared to provide they are prepared to provide
information in exchange for offers of information in exchange for offers of value from companies who treat their value from companies who treat their information with careinformation with care
Source: 2002 Harris PollSource: 2002 Harris Poll
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Privacy is on consumers’ radarPrivacy is on consumers’ radar
Perceived risk of privacy violation determined via channel:–– Telephone/eTelephone/e--mail highest, fax lowestmail highest, fax lowest
Increasingly taking steps to protect privacy:–– Falsifying informationFalsifying information–– Getting off marketing listsGetting off marketing lists–– Selective disclosure of personal informationSelective disclosure of personal information
ButBut……consumers consumers wantwant to hear from to hear from the companies they trust!the companies they trust!
CANADA’S PRIVACY LAWCANADA’S PRIVACY LAW
Based on the principle of consent
Gives individuals ability to control the collection, use and disclosure of their personal information
Not channel specific
Key to success: –– Effective management of customer expectationsEffective management of customer expectations–– transparencytransparency
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THE 10 PRINCIPLESTHE 10 PRINCIPLES
Accountability
Identify the purpose
Obtain consent
Limit collection
Limit use, disclosure and retention
Accuracy
Appropriate safeguards
Openness
Individual access
Responsive to compliance challenges
How much do YOU rely on How much do YOU rely on outbound Telemarketing?outbound Telemarketing?
This is Business to Consumer…US Federal no-call list decimated pool85+ million and counting5 year effective registrationCanadian legislation imminent
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Canada: doCanada: do--notnot--callcall
Legislation introduced in the House of Commons in DecemberDebated on February 7th: all party supportWe’re looking for BtoB exemption / established relationshipFTC affords it in the USWe appear this Spring in front of a Federal Committee18 months implementation?
Parting ShotsParting Shots
Don’t shortcut any elements of your plan. They’re all critical.Spend time with your SWOT – it will prompt your most valuable insights.Don’t navel gaze – borrow smart from all industries.Psychographics – the higher up the ladder, the higher the returns.
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Parting ShotsParting Shots
Integrate – it makes a big difference.Focus on the attributes of the high performers. Find more like them.Search – it’s your future for returns and market intelligence.Know your data. What’s in it. What still needs to be in it. And make it happen.
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ResourcesResources
www.the-cma.orgUpdates on breaking industry issues–– Make sure youMake sure you’’re on their list for ere on their list for e--mail mail
updates (luncheons, seminars, updates (luncheons, seminars, conferences, special events)conferences, special events)
www.the-dma.org–– Good starting place for US related direct Good starting place for US related direct
marketing issuesmarketing issueswww.canadapost.ca–– Postage rates, regulations, marketing toolsPostage rates, regulations, marketing tools
Fundamentals of a Fundamentals of a Direct Marketing PlanDirect Marketing Plan
Mags University
June 7, 2005
Daniel G. Wiest, PresidentWiest & Associates Inc.
The Customer Acquisition and Retention Company™
www.wiest.ca
© 2005 Wiest & Associates Inc.
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