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30 Sep 2010
Business

Richard Branson’s Success

Richard Branson recently shared his answers to successfully building businesses in Entrepreneur Magazine.

These are his tips in his words.

No. 1: Enjoy What You Are Doing.

Starting a business is a huge amount of hard work, requiring a great deal of time, you had better enjoy it. For me, building a business is all about doing something to be proud of, bringing talented people together and creating something that’s going to make a real difference to other people’s lives. A businessman or businesswoman has to get every single little thing right when first setting up in business in order to succeed. However, unlike a work of art, the business is never finished. It constantly evolves.

No. 2: Create Something That Stands Out.

Whether you have a product, a service or a brand, it is not easy to start a company and to survive and thrive in the modern world. In fact, you’ve got to do something radically different to make a mark today. Look at the most successful businesses of the past 20 years. Microsoft, Google or Apple, for example, shook up a sector by doing something that hadn’t ever been done and by continually innovating. They are now among the dominant forces.

No. 3: Create Something That Everybody Who Works for You is Really Proud of.

Businesses generally consist of a group of people, and they are your biggest assets.

No. 4: Be a Good Leader.

As a leader you have to be a really good listener. You need to know your own mind but there is no point in imposing your views on others without some debate. No one has a monopoly on good ideas or good advice. Get out there, listen to people, draw people out and learn from them. As a leader you’ve also got to be extremely good at praising people. Never openly criticize people; never lose your temper, and always lavish praise on your colleagues for a job well done. People flourish if they’re praised. Usually they don’t need to be told when they’ve done wrong because most of the time they know it.

No. 5: Be Visible.

A good leader does not get stuck behind a desk. I’ve never worked in an office – I’ve always worked from home – but I get out and about, meeting people. It seems I am traveling all the time but I always have a notebook in my back pocket to jot down questions, concerns or good ideas.

If I don’t write them down, I may remember only one the next day. By writing them down, I remember all 10. Of course, I try to make sure that we appoint managing directors who have the same philosophy. That way we can run a large group of companies in the same way a small business owner runs a family business – keeping it responsive and friendly.

When you’re building a business from scratch, the key word for many years is “survival.” It’s tough to survive. In the beginning you haven’t got the time or energy to worry about saving the world. You’ve just got to fight to make sure you can look after your bank manager and be able to pay the bills. Literally, your full concentration has to be on surviving. Obviously, if you don’t survive, just remember that most businesses fail and the best lessons are usually learned from failure. You must not get too dispirited. Just get back up and try again.

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22 Sep 2010
Advertising • Buying Behavior • Direct Mail

Wow Numbers Mean Direct Mail Success

As a follow up to our post about “WOW” numbers:

According to the USPS Household Diary Study, 79% of all households read or scan the advertising mail sent to their home.

ATG’s Cross-Channel Commerce: The Consumer View report found that 78% of consumers are using multiple channels to research, shop, and ultimately complete purchases. Consumers browse and research online, then make the purchase in the store–39% went to the store to touch/feel the products; 36% visited the store to compare brands; 22% visited the store because they needed the product immediately

76% of Internet users said they were directly influenced by direct mail; 67% were influenced by TV; and 58% of email users were influenced according to Exact Target’s Channel Preference Study. Additionally, 75% of 25-34 year-olds have made a purchase as a result of direct mail and 62% of 18-24 year olds purchased due to direct mail.

R2integrated, an integrated marketing and technology company found that 65% of companies had not increased revenue or profited using social media.

Public Television stations have reversed their decline in acquiring new donors through direct mail campaigns. DMW Direct analyzed 700 campaigns representing 34 million pieces mailed and found that $295.32 was raised per thousand pieces mailed in 2009, up 16.3% from 2008 and the average gift was $42.10 up from $41.64.

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16 Aug 2010
Advertising • Buying Behavior

Advertising is Still Important

The graphic from the previous post about Word of Mouth showed that advertising, including direct mail, is the most important factor of consumer purchasing decisions during the “initial consideration” phase of the purchase decision making process.

Consumers “pull” information to them later in the purchase decision process.

How can we help you use direct mail to help you build your brand or stimulate demand?

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06 Aug 2010
Buying Behavior • Direct Mail

Bombardment Can Hurt Consumer Loyalty Too

DMNews posted an article about how customer loyalty practices can build brands. American businesses that have the strongest bottom lines right now are those that enjoy the strongest brand loyalty. More and more organizations are searching ways to gain visibility for and engagement with their brands. Marketers have always known the value of brand building. Once consumers begin to trust a brand, their loyalty to it grows – and loyal customers have far higher long-term value than opportunistic customers.

Consumers have shown that they will defect from brands that bombard them with impersonal and irrelevant information. However, they are more likely to make a purchase after a personalized interaction with a brand.

First impressions can’t be taken back, so it’s important to interact with interested consumers effectively – not damage your brand for future customers.

Direct mail has been shown to be a great brand building tool. The piece can be touched and felt and it is not considered to be an intrusive interruption – it is desired communication.

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18 Jun 2010
Buying Behavior

Other Ways to Look at Status

A recent briefing from Trendwatching.com listed “Statusphere” as a trend to watch. They defined the term as recognition and respect for fellow consumers who are no longer solely obsessed with owning or experiencing the most and/or the most expensive. Those who stray from the “consuming more” path now have eminence too. It is a recognition that status can also be about acquired skills and knowledge, eco-credentials, generosity or connectivity.

The post stated that “because man’s vanity, ego, his yearning to be recognized, seen, admired, heard, envied and lusted after knows no boundaries, there will always be new ways to help him/her stand out from the herd.”

What can you do to use this for your business?

Who are your customers are trying to impress and how? If you find your brand is still mainly focusing on BIGGER, BETTER, HARDER, but your customers aren’t, then you perhaps you should consider other ways to help your customer gain status from skills, green credentials, generosity and connectivity.

If you already serve a diverse crowd of status seekers, figure out how you can help them to better show off their new status symbols or better tell their status stories. While showcasing, visibility, and stories are used to respond to consumers desires for status with MORE. Helping your customers tell stories or show how they are generous, green, have knowledge, skills and are connected may be the message that gets them to act.

Do you need to tell customers how you can help them have more status in new ways? Something that can be touched and felt, sent directly to your desired audience can tell your story in ways that can’t be told with a screen.

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02 Jun 2010
Buying Behavior • List

Loyalty Programs

DMNews reported the efforts of some well know brands to maintain customer loyalty. Retaining customers has taken on renewed focus for many companies recently in an effort to combat reluctance to spend during the recession. Some loyalty programs have become more elaborate and offer more rewards and discounts than in the past.

“Target is looking for ways to make it easier for our guests to find additional savings,” says Target spokeswoman Leah Guimond. “We’re currently testing a new rewards program in select markets that offers guests a percent off all purchases made with their REDcard.”

Best Buy’s Rewards Zone program not only offers more rewards to its most loyal customers, but it focuses on keeping in touch with those consumers. “The rules require that we have a valid way to connect to the customers and we’ve introduced a high-value tier that gets additional benefits,” says Bob Soukup, senior director of loyalty at Best Buy. “This lets us reward those customers who are interested in having a relationship with Best Buy. It also lets us concentrate extra attention on our best customers.”

Hilton, worked on increasing enrollment in its loyalty program by reaching out to a different audience than it did before the recession. Rather than its frequent-traveling, elite customer base, the hotel conglomerate shifted its focus to more casual travelers by “being more active with promotional activity, both added-value discount offerings and loyalty program offerings,” says Jeff Diskin, SVP of brand management and marketing at Hilton. “We want to engage with all travelers primarily through our HHonors [loyalty] program, to facilitate the dialog we can have through different channels when they’re connected to us and be able to drive promotional activity and business where we need it,” Diskin adds. “In the past 15 months, we’ve pretty much had an HHonors-based promotion every quarter. What that’s done is drive enrollment, so now we’re getting the business they’ve booked for the promotion and then using that database for some really directed offerings.”

Brand marketers are also realizing the power of loyalty marketing in driving the bottom line. J&P Cycles, a multichannel retailer of aftermarket motorcycle parts, used the insights it gained from members of its Gold Club loyalty program to adjust prices on “tens of thousands” of its SKUs, says Rich Brecht, senior contact center manager for the company. “As the economy really took a dive, we found a lot of our feedback was coming on shipping charges and price,” Brecht says. “So we lowered the Gold Club shipping minimums, and if a customer didn’t order this product from us today because it was cheaper elsewhere, we started aggressively logging that to adjust prices.”

Marketers without existing loyalty programs are now taking a second look. Printer manufacturer Epson is considering a loyalty program to encourage buying ink direct from the company. Such a program was tested and killed in the past, says Chris Nickel, manager of CRM and direct response marketing for Epson, but momentum has begun to build behind the idea again.

Is there a way that we can help you implement a loyalty program using your existing customer information? Just letting your customers know that you appreciate their business may be the reminder they need to stay loyal to you. A “thank you” card sent in the mail can go a long way.

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01 Jun 2010
Direct Mail

88% Response Rates

The U.S. Census is still advertising, urging people to complete and mail back census forms. The Harvard Business Review’s Daily Stat forwarded some information from the Pew Research Center anticipating that 12% of Americans would not fill out the form.

What does that mean? A form mailed to Americans generated an 88% response rate. 88% is a very big number! The information published by the Pew Center goes into more depth with characteristics and found that the likely non-respondents were younger and had less education.

Many so called gurus and experts are not suggesting that businesses use mail right now, they aren’t promoting mail as a fabulous tool to let people know that you and your products are great. The problem is that most of what businesses are doing to market themselves and create revenue right now, search optimization, pay per click, e-mail and many other of the “latest, greatest marketing methods” are not working.

The Internet is a great and wonderful universe. It has taken the place of phone books, reference books, and perhaps some newspapers in our lives and businesses. What do you do as you decide how to market your products and services? You need to be found. If people are looking for solutions to problems and you can solve them, be there at the top of the search results with your solution. If you are trying to stimulate curiosity, interest, excitement, demand and revenue, you might need to look at other ways to create that for your products, services and brand.

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30 Apr 2010
Advertising • Marketing Strategy • Tough Times Marketing

The “Down Sell”

BNET posted an article by Jeremy Quittner suggesting a new strategy. We are very familiar with “up-selling”, the practice of giving a product premium characteristics and a premium price too. There are success stories of luxury brands that began as basics all over the place. Think of what Starbucks has done to the 50-cent cup of coffee.

In this economy, down-selling might be a worthy strategy. Consumers may be spending again, but they’re doing so cautiously and with a newfound resolve to stick to a budget. If they’re giving up the bells and whistles in favor of more basic and affordable products, why not follow suit and take the “premium” out of your premium products?

It’s a much trickier proposition — that’s why. If you go too cheap, you risk, among other dangers, killing your profit margins and diluting your brand.

Ways to try this strategy:

Give Customers Something New
You could simplify an existing product by stripping it down to its essentials, or invent a completely new, cheaper product. Go to your customers for clues about what they’re looking for and what they’re willing to buy. Just make sure you don’t give them exactly what they say they want — your customers probably only know what’s already out there. It’s your job to figure out what’s new.

Pitch the Value
Marketing non-premium products in a down economy requires a different kind of sales pitch. Convey that they are still getting a valuable product, but it’s priced for this economy, and the value may not last. That way, customers get the message that you are looking out for their needs and you are still providing the high quality that they associate with your brand.

Know Your Brand
Down-selling customers won’t work for every company, particularly if your image depends on an air of high-end exclusivity to differentiate it from your competitors. Don’t cannibalize your core (business, products, brands or customer base) to stimulate sales in the short term without thinking long term and strategically.

When you are ready to introduce your new ideas, direct mail is a great way to test messages, approaches and innovations.

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28 Apr 2010
List • Marketing Strategy

Courting a Wary Customer

Deliver Magazine and Sid Liebenson suggest three ways to build and maintain loyal relationships when customers are running scared.

Consumers are retrenching, economizing and just plain scared. But as the saying goes, the pessimist sees difficulty in every opportunity, and the optimist sees opportunity in every difficulty.

The recession presents the perfect opportunity to finetune your marketing efforts that will build loyalty among your current customers. It also is the prime time to go into acquisition mode and attract competitors’ customers to your brand. Here are three ways to do it:

1. Get personal. Consumers are vulnerable in a down market: They’re rethinking their brand loyalties as they look to economize and reconsider what they value in a brand. Keeping your customers means personalizing like you’ve never personalized before.

Mine your data to let your customers know you understand what’s important to them. For example, you might send a message on a catalog overwrap saying, “In the spring, you bought this lightweight cotton sweater from us. Now that it’s fall, here’s what people who bought that sweater are buying now.” This shows you care about what they are thinking, and there’s some logic to what you’re recommending — you’re not selling them something just to sell it.

Your marketing messages need to be not only personalized, but frequent. In a tough economy, it’s common for consumers to question where every penny is going. When they do that, suddenly every relationship is a little at risk. Their question becomes “Am I really getting value from this relationship, or is there something that will satisfy my needs equally for less money?”

2. Don’t make cuts. Now is not the time to scale back on marketing spending. If you don’t stay in touch with your best customers — while they’re continuously exposed to messages from your competitors — the idea of buying your brand gets further from their mind. This is especially true when consumers are already reconsidering their brand loyalty.

In several categories, competitors aren’t marketing as much or they’re reducing campaign frequency. With these cutbacks, some marketing media have become cheaper. If you’re not afraid to spend some money on acquisition, chances are your media costs can be a little more efficient.

3. Show them you care. Empathize with customers to demonstrate you understand what they’re going through during the recession. Health care, for example, is a big concern for consumers right now.

You should always practice good marketing — personalization, appropriate messages, frequent touches — but focus on these things even more to keep your customers with you through the economic crisis. When times are better, you’ll have your core group of customers — and then some.

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19 Apr 2010
List

Another Reason for List Hygiene

Deliver Magazine told of a valid reason to regularly scrub mailing lists. Sure, mailings sent to the deceased get responses — but they’re usually from distressed family members commenting on how disrespectful and downright rude the company is for sending it in the first place.

“Not only is this a waste of a company’s time and money, it also can be extremely damaging to a brand, resulting in customers lost rather than gained,” says Kirk Schuh, vice president of marketing delivery services at ARGI, a database marketing company. “Regularly cleansing files must become part of a marketer’s regular list hygiene routine”, Schuh says. “Deceased suppression is a delicate issue,” he adds. “No matter how vigilant marketers are, their lists always can benefit from routine maintenance and enhancement.”

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