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.
Retention direct mail is a great way to increase return visits through the use of coupons and offers that your customers are interested in. By giving them a reason to come back, you can both increase the chances that they will make a purchase and get them to make a return visit.
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.
You can also suggest “companion” items at key stages of the purchasing process that complement or enhance an item that is currently being purchased. By suggesting items that either customers have purchased with another item or by suggesting items that enhance a given product, you can effectively “up-sell” to your customers by integrated strategically placed offers at specific stages of the buying cycle.
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.