3 Ways to Grow Your Business!
1) NEW CUSTOMERS
Overcome the customer life cycle by developing a constant stream of new clients and customers. Direct mail is an excellent way to get noticed, especially if you use an oversized mail piece. Prospects are 15% more likely to respond to large format direct mail piece than a postcard or letter sized piece. A strong offer on a direct mail piece is absolutely critical to having new prospects consider your business – or even pay attention to your solicitation!
2) INCREASE RETURN VISITS
Increase frequency of purchases by existing customers. Return visits are heavily impacted by promotional events. Be sure you’re reaching out to your customers at least once per quarter to ensure that your business is top-of-mind when your customers are back in the market for your product or service.
Increase the average purchase by existing customers. Coupons can have a huge influence on this, especially when you have graduated offers that reward customers for spending more or purchasing multiple items as a package.
In addition to growth, it is important to have a reasonable method of determining the success of your campaign. Often, business owners only look at one of the following ways of measuring ROI, but please take a moment to consider all three:
Immediate ROI – What they spent on a promotion relative to what the promotion directly generated in sales during the promotion. This gets the most focus.
Lifetime Value of a Customer – For acquisition campaigns in which existing customers are excluded, it is more critical to view the ROI in the context of the extended lifetime value of a customer rather than just the immediate return.
Enterprise Value Enhancement – Acquiring new customers, and the related revenues, increases the business’s actual value.