During this time of economic uncertainty businesses may be looking to cut back on overhead to keep going. Many times companies will reduce funding to marketing first, thinking it is the least important division within an organization. That fallacy is far from the truth. Without marketing and keeping your company’s name in the forefront you can quickly become forgotten, hence losing even more business.
Recently the President of Precision Analytics, Larry Feil, was interviewed on NPR (National Public Radio) about his thoughts on what to do about this very situation.
PRECISION ANALYTICS – “Smart Marketing Services”
NPR: I understand your company recently celebrated 20 years in business in Charleston: a marker that partially inspired offering marketing services to your clients. How did that come about?
LF: Well, our business started with mailing and fulfillment services 20 years ago, and, after requests from our clients, we expanded to include printing services. Then we saw so many businesses struggling to create marketing programs – programs we would help fulfill. We began offering these services because we know first-hand what works, and how to make it cost-effective.
NPR: How much has the economic downturn affected your clients? How are they responding?
LF: A lot of our clients, businesses of ALL SIZES, are hesitant about spending money right now: they are understandably very careful about what they spend, how they will know if it’s working, and the return they expect.
The problem with NOT investing in marketing when things get tough is that you can not get ahead. A down economy is the only time to really change, to gain market share in a big way.
Our clients are spending, but they’re smart about it. They are getting very precise about marketing. This has always been our approach: find out all you can about your customers to make good initial decisions, test various targeted approaches, and invest only in things that work. Our belief is: “the more information you have, the more you profit in the end.”
NPR: I understand you’ve been counseling clients on some simple ways “to boost business” after the summertime slump that so many businesses see, especially in Charleston. Can you share your TOP FOUR TIPS with our clients?
LF: Number one is Know your customers! Your current customers offer the key to the kingdom! Know all you can about them (both in demographics and psychographics) and create compelling reasons to communicate with them; but make sure you offer great value. Typically, at the start, our clients don’t really know who their customers are! Our clients get so much out of this first step; we analyze their customer base, and offer up all kinds of demographic and psychographic information. This step alone, and it is so inexpensive, can really make a big difference: because you know who your customers are, you only spend money marketing directly to the right people. It’s fast, inexpensive and can have a profound result.
NPR: And I imagine that a focus on online/Internet opportunities are important?
LF: Yes, our second way to get a boost is to ensure people can find you online. Quality SEO (or Search Engine Optimization) makes it easy for customers, people who want what you have to offer, to find you. Don’t underestimate the business that will come your way if you do this one, simple thing well.
The truth is that websites are no longer just an online brochure – it can actually turn be a solid lead-generating tool. Just by adding an opt-in form, where people can sign up for your Email list and receive valuable information or coupons, can increase your conversion ratio – or convert people into customers – TENFOLD!
NPR: What was it you mentioned about Testing & Tracking – why is that important?
LF: Tip 3: If you’re being careful about money, you want to invest only in initiatives you know will work by testing with small groups beforehand. From Emails to direct mail and ads, you’ll have more confidence in your results. How can you gauge success without tracking the results? There are all kinds of new, high-tech ways to track all your ads, Emails, direct mails and even trade show results – with real-time dashboard technology it’s easy.
NPR: And what’s the last tip?
LF: PERSONALIZATION: It is about talking directly and individually to the consumer. Put someone’s name on a direct mail piece or on an Email, and you increase the response rate dramatically.
Even better, we can create PURLS – or personalized url’s – where we send your customer a postcard or email with a link to your website. However, the website URL includes their name and is targeted to their demographic: you are then communicating a message they actually want to hear.
This action really makes customers sit up and take notice. The results are astounding. It’s funny; our business customers are more excited by this than anything else right now.
Currently Mr. Feil and the Precision Analytics team are working on launching what they see as an exciting new direction in targeted email marketing. Come back for more on this venture next month.
BeezBuzz is supported by Precision Analytics ~ Charleston, SC