A M ULT I - PRONG ED MARKETING APPROACH STRATEGY I S CRITICAL
FOR YOUR SUCCESSFUL ACTIVATE MY SIDE HUSTLE NOW
What Kind or Response Should You Expect from Your Direct Mail Postcard?
These days there are so many things vying for our customer’s attention, so our customer’s get easily distracted. They become oblivious to Advertising. Here are steps to get the most from your Advertising.
What Is a Multi-Pronged Marketing Strategy? A multi-pronged marketing strategy refers to using multiple marketing tools to achieve a strategic objective. A multi-pronged marketing strategy is like creating a delicious entree. To achieve the best results, a person relies on multiple ingredients, not just one ingredient.
The goal in Business is to maximize profits. Businesses maximize their profits in many ways but Marketing
/Advertising remains key to their success. Marketing is an effective tool to inform people about business operations. However, focusing on one marketing tool can’t produce the same results as a multi-pronged strategy when it comes to Activate My Side Hustle Now.
To achieve the best results, a person must rely on multiple ingredients, not just one ingredient. Beyond that, business owners must determine the appropriate blend of marketing techniques in order to create a masterful multi-pronged Activate My Side Hustle Now marketing strategy. One effective way business owners can develop a focused Activate My Side Hustle Now marketing strategy is by hiring subject matter experts. Online Marketing and Offline Marketing Specialist have knowledge about potential risks and subject matter insight that could likely affect your strategy. By working with specialists, an Activate My Side Hustle Now owner can create a plan that reduces negative impact, and any risk their strategy may have on their Activate My Side Hustle Now.
Create an Online and Offline Marketing Plan
Online Marketers can help Activate My Side Hustle Now owners navigate the maze associated with getting notice and standing out from the crowd on the internet by leveraging web-based channels to spread a message about a company’s brand, products, or services to its potential customers. The methods and techniques used for online marketing include email, social media, display advertising, search engine optimization, Google Adwords and more. The objective of marketing is to reach potential customers through the channels where they spend their time reading, searching, shopping, and socializing online.
While the Internet’s impact on marketing is undeniable, it may be exaggerated. According to Internet World Stats,
78 percent of the population in the U.S is online
73 percent access Facebook at least once a month.
That still leaves nearly 70 million Americans who can’t be reached through online marketing efforts.
92 percent of Americans are aware of Twitter
8 percent actually use Twitter.
This creates a world of opportunities for advertisers to reach out through offline media channels. Even though the arrival of the Internet appeared to be the end for print-based and other “dated” mediums, marketing campaigns using offline channels are still a fundamental aspect of many company’s marketing mixes. In fact, traditional offline media such as TV, radio, and print still plays a leading role in online searches for products and services.
Given the Internet’s tremendous rise in popularity, today’s marketers refer to other media channels that aren’t connected to the World Wide Web as “offline.” Offline marketing strategies utilize offline media channels to create awareness of a company’s products and services. These campaigns can include radio and print advertising – including billboards, signs and pamphlets – telemarketing, and television ads. Recently, offline marketing and online marketing strategies are more frequently used in collaboration with one another.
Many businesses find that their potential customers are both online and offline. To maximize their potential, business owners realize that their marketing strategy for their Activate My Side Hustle Now should encompass both avenues of reaching people.
The goal is to get your brand or message in front of the right set of eyes. The goal is to target consumers who are already actively interested in your product or service. But this must be done in a natural way. Make your marketing/
advertising campaigns count. If you put the needs and desires of people in the forefront of your mind, qualified leads and conversions will follow.
Look how probability is used in Business
One type of Business decision-making analysis involves using Probabilities and Economic measures to make
decisions. The expected value of different outcomes is the weighted payoff based on probabilities. … The second way is to use subjective probability or using a rough estimate to figure out probability.
Why is probability important in business?
Many businesses apply the understanding of uncertainty and probability in their business decision practices. Probability models can greatly help businesses in optimizing their policies and making safe decisions. Though complex, these probability methods can increase the profitability and success of a business.
The optimization of a business’s profit relies on how a business invests its resources. One important part of investing is knowing the risks involved with each type of investment. The only way a business can take these risks into account when making investment decisions is to use probability as a calculation method. After analyzing the probabilities of gain and loss associated with each investment decision, a business can apply probability models to calculate which investment or investment combinations yield the greatest expected profit.
Type of Marketing Strategies
Very often the success or failure of a company is a direct result of an effective or not so effective marketing strategy. Therefore, choosing a marketing strategy that fits the company product is of vital importance.
Deciding on your audience
The first step toward developing an appropriate marketing strategy is to know your audience. Are they 15 to 25-year-old gamers? 21 to 40-year-old football fans?
Creating a Psychological Process Profile
Secondly, you should create a hypothetical psychological process a buyer of your product will take as a result of your marketing efforts.
Connect a Type of Marketing Strategy
Based on your understanding of the target audience and the process you wish to take them through, choose a type of marketing strategy that you believe will have the greatest positive impact.
Assess your Efforts
With whatever data is available through your marketing methods, assess whether your assumptions were correct and react accordingly.
What Kind or Response Should You Expect from Your Direct Mail Postcard?
A Quick Lesson in Marketing:
Whether you are selling pizza or play-yards, the principles are the same, and the response you will receive depends greatly on your ability to use them correctly.
R – Reputation:
Your response to a particular direct mail piece will be determined by your reputation. If you are a new business and no one has ever heard of you before, then your response might not be as great, until you have created some “buzz” in the community. Just like a new restaurant in your home town, you drive by it, you receive coupons to try it, but until someone you know says it is a great place to eat, you probably won’t try it out. By the same standpoint, if everyone in town is raving about how good the food is, people are going to be more willing to try it out.
The best-case scenario is for your business to create a positive “buzz” about your service offer that will resonate with people when they see your advertisement. The marketing term for this is called “branding” or “USP” – “Unique Selling Position”. It is what separates you from the rest. Examples would be: “The Biggest Burgers in Town”. One way to boost your response to any marketing effort is to get yourself a “USP” making your business uniquely different from all the rest. Then use it in all of your marketing efforts. The key in marketing, is to get people to say. “I’ve heard
of that place.
E – Environment:
Where you are located (your zip codes location) will directly affect your response rate. But, also our geographical location (what area of the country or city you may be in).
S – Services:
What you offer a typical customer in the way of services has a huge impact on your response. What do you have that might be appealing to the family in your neighborhood?
P – Prior Marketing:
This is simply how much marketing, door-knocking, phone-calling etc. you have done in the past. If you have never informed or educated your local area about your services, how can you expect people to want to try you service out?
O – OFFER:
Which sounds more appealing of the 2 headlines: “Buy one Get One Free” Or – “10% Off Your Order”.
N – Need:
Have you developed a need for your business? “What’s in it for me?” “What do you have to offer that I can’t get somewhere else?” You must create a need in your market for your business.
S – Supporting Media:
Do you have a website, and is it any good? Your website is very important when you do a direct mail
campaign, if you don’t have a call to action number. A huge majority of people will look at your
website first, before they make a decision to try your service.
E – Evaluation:
You must track and identify not only what forms of advertising work for you, but also what types of offers have worked well in the past.
Return on Investment vs Response on Investment
The #1 question we get asked by businesses is “What kind of response will I get from my direct mail campaign”? In all the marketing books that exist today, there really is not such a term as “Response on Investment”. That question is really too vague. It could mean website hits, phone calls, Facebook looks, etc. And measuring all this is virtually impossible.
What you really want is for people to call your advertised number and spend money. The question you should be asking is… “What kind of return on investment will I get with my direct mail campaign?”
If your business currently spends money on any form marketing or advertising, or is contemplating spending money on marketing or advertising, you should become aware of a critical aspect of advertising and marketing – Measuring Return on Investment.
Please don’t imagine that you don’t need to focus on ROI. Part of being good stewards of your finances is measuring the return you get on your investments, including marketing and advertising.
Return on Investment
Return on Investment (abbreviated ROI) is simply the value your business receives in return for the money it spends on a given advertising medium or campaign. As a business you could measure that value in several ways.
One philosophy many businesses adopt is to view their advertising efforts as simply a way of sowing seed and increasing their name recognition and community profile. Certainly, there is a value to that. However, it is not a measure we recommend you adopt.
Clients spend large amounts of money and they expect a rate of return that justifies those investments. In other words, they compare the investment they give to what they get in terms of new customers, repeat business, and overall dollars.
You should demand that it works in a clearly measurable manner. Whether it is Direct Mail, Postcard Marketing, Newspaper Ads, Billboards, Cable Television, Social Media or Pay-per-Click marketing, you should demand that you receive commensurate value for your advertising dollars.
How to measure Return on Investment?
In our minds, there is but one measure of marketing success, and that is bringing new customers Home Service Inquiry’s.
How much response is enough?
So, what is a “good response” and how can I justify my advertising investment?
Here are 3 formulas you need to include in your analysis of a mailer’s success.
1. The Direct Response Ratio Formula
This is perhaps the simplest: Your business mails 10000 postcards – You receive 100 new customers over a 3-week period of time. 100 (customers) divided by 10000 (number of pieces mailed) 100/10000 =.01%. So, the return on your investment would be 1%.
2. The Cost-Per-Lead Formula
Using the response rate of 100 new customers. Assume that the cost of your marketing campaign was $1000
10 new Service Inquiry’s called your advertised number for service. $1000 (the cost of your campaign) divided by 10 (new service inquiry’s) 1000/10 = 100. So, the average cost for your campaign to bring in 1 new Service Inquiry was $100.
3. The Residual Profit Ratio
Using the response of 100 new customers. Assume the cost of your 10,000-postcard marketing campaign was $3500. You received 100 customers as a result. You average that 1 new customer will spend $75 on their visit. Your residual profit ratio would be $75 x 100 = $7500. Minus the cost of your marketing campaign of $3500, the residual profit ratio would be $4000.
The Final “Extra Special Kicker”
Most businesses miss this, but along with your 100 new customers, you also receive access to their circle of friends, neighbors, and relatives. This is huge! This alone can be a tremendous boost.
What is important is that your business knows where it is spending its “marketing budget” and to know how
effective each area is. The only way to determine this is to use the return on investment formulas.