June, 2010 archive
Do You Make This Common Mistake in Your Mailings? 0
Imagine… a proven method to doubling the response of any direct mail campaign, yet most marketers aren’t doing it – incredible!
What am I talking about?
Well it’s a simple yet powerful way to harvest twice the profits from every direct mail campaign you ever run. And best of all, it works for almost every industry, every market and every situation.
I’ll tell you more about this strategy in a second.
But first, did you know that:
… A study done by the Association of Sales Executives revealed that 81% of all sales happen on or after the fifth contact?
… Or that businesses who have good follow up systems in place enjoy higher conversion rates and more referrals than those that don’t?
This means that if you aren’t sending follow up letters with your sales letters, you are leaving real untapped profits on the table…
Up to 100% more to be precise, as that’s how much extra response I have seen (sometimes more) when a sales letter is followed up a reminder sequence.
So why don’t business owners send more follow ups with their sales letters then?
Well in my experience, there are two reasons…
Firstly, most business owners don’t realize that multiple mailings (sometimes referred to as customer farming) can result in such a rise in response. They simply send out their first mail piece and think that’s enough, never knowing they have only tapped into just half the profits.
But interestingly, that is not the most common reason I encounter when speaking to small business owners.
The most common reason why businesses don’t follow up with their mailings is simply a lack of systems.
Let me explain…
You see, most small business owners I talk to tell me they simply don’t have enough time to follow up with the prospects who haven’t responded to their mail.
But this in itself doesn’t mean that these business owners don’t have enough time to do the follow up.
It just means that these business owners don’t have the right systems in place to make their follow ups work.
In fact, a good follow up system should actually have three main things going for it.
1. It should be systemized,
2. It should produce predictable results,
3. And it should require a minimum amount of time an effort to make it run.
This means that following up with your prospects isn’t the only important factor at play.
Your follow up should also be systemized to ensure it is consistent, automatic and almost effortless to do (or it could be too costly and time consuming to be worth your while).
Believe me, no matter what you products sell or what industry you are in, your business will almost certainly benefit from having such a system follow up in place.
Do you want to learn the easiest way to get more customers fast? I have just completed my brand new guide “7 Ways to Get More Customers” where I outline everything so it’s as easy as 1, 2… 3. Download it for free by visiting
Cost Reduction Guidelines For Businesses 0
Businesses may go bankrupt due to several factors, but one of the biggest reasons is the failure to control their finances. It goes without saying that without enough money in the bank, a business cannot survive and cash flow problems brought on by poor cost control are one of the fastest ways that a business goes under. Organizations are continually looking for methods by which to lower costs, especially in these tough economic times. Any business can attempt short term recovery methods to get back on their feet or to maintain operations by attempting the following practices:
Utilities – Don’t miss out on savings by neglecting to compare your current gas and electricity providers with other carriers. Using a broker will provide a wide range of tariffs, enabling more savings opportunities. This requires little effort and can lead to big savings. If you choose to switch providers, be aware of the proper time to provide a cancellation notice to your current provider so you do not get locked in to another long contract.
Outsourcing – Areas of the business such as IT, HR, and finance may be outsourced in order to reduce costs. Manufacturing, distribution, customer service, and marketing may also be outsourced to places such as India or the Philippines depending on the industry.
Banking – Remember that your bank charges are not fixed in stone. There are a number of areas where banks profit from your business and you should look to minimize these. For example, what interest rates are you being charged? What are you receiving for any accounts in credit? Lots of banks have different levels of clients, and paying a higher monthly fee may result in a lower cost overall through reduced transactional fees.
Business Rates – The rates that your business pays can be challenged every five years and you shouldn’t assume that they won’t change. You can challenge this yourself or use a specialist consultants. If using a consultant, ensure that they don’t charge an upfront fee. What you want is to only pay them a charge that relates to the savings that they make for you.
Telecoms – Due to the deregulation of the telecom market, your business has plenty of choices. Big brand providers can save 10% off line rental with ease. More savings can be found on call charges. In addition to making apples to apples comparisons, be sure to closely review any contract lengths.
Office Stationery – Combining suppliers and invoices not only enables savings by purchasing from one place, it also increases your ability to negotiate. This ability increases if you are part of a buying group. By monitoring your own usage and limiting the number of authorized reordering personnel, you can reduce costs. Using your own products can lead to 25% savings.