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Today we’re going to talk about something I see most businesses doing terribly wrong…
But first a quick story:
Let’s say that a business spends their marketing budget trying to generate leads through direct mail, place ads in trade journals, and newspapers. And let’s say the call to action in all of these ads is for the prospect to call in to the business.
You with me so far?
Now let’s say that all of the ads and direct mail pieces had the same phone number on them. And let’s say that number on those ads and direct mail pieces ring through to a receptionist, who then handles the call.
Wrong. Wrong. Wrong.
That business is doing things exactly wrong in at least three ways.
First, the business should be testing which ads and direct mail pieces work best. This way, they can ramp up what works and cut back on— or cut out— what doesn’t.
A good way to do this is by using different numbers or different extensions for each ad. This way you can see exactly how many calls each ad or mail piece is producing.
That said, you should then record every single bit of relevant information from each caller, everytime.
Let’s say the business is currently running two ads, one in a trade journal and one in a newspaper.
And let’s say they are recording how many calls each ad produces and they find the newspaper is pulling in more calls at the same cost as the trade journal, let’s say 100, whereas the trade journal is only generating 50 calls.
Now, if you judge the success of the ads on call-ins alone, you might find that the newspaper is the winner and the trade journal is the loser.
But let’s just say that the newspaper produces a customer with an average lifetime value of $1000, and the trade journal generates a customer with a lifetime value of $10,000.
Still think the newspaper won?
That’s why you measure everything you possibly can for each ad, salesletter, or direct mail piece you put out. And you judge winners and losers on all criteria, especially how it affects your bottom line.
We’ll be talking about the other two mistakes later on in the week. Believe me, you’ll want to follow this, as probably 90%+ of businesses out there handle their inbound marketing incorrectly… leaving a ton of money on the table.
Clipping is a handy way to collect important slides you want to go back to later.