January 19, 2010
Sequential Marketing is the Key to Cost-Effective Marketing
Sometimes a simple rule like 1+1 =2 just isn't true in marketing. In marketing sometimes 1+1 =3 …. and better still 1+1+1 = 7 .. or 8 …or even 9.
Let me explain why simple maths don't always apply in marketing and why sequential marketing is the key to really cost effective marketing.
Sequential marketing has been around for so long that many of us have forgotten what it is and how to use it to effect. So let's go back to basics and re-learn a few lessons about marketing. We all know that if we market a product or service we should get a measurable result.
For example if we send out a mailshot we will typically get between 1-2% response rate. If we advertise online with Google Adwords the average campaign returns a 0.8 – 0.9% Click Through Rate (CTR). Now lets face it these results aren't great. A 1-2% response rate toa mailshot is never going to set the world on fire. OK it might well be profitable but it really means we also have a 98-99% failure rate.
Adwords are even worse if measured purely by the CTR .. it returns a failure rate of over 99% on average. (OK lots of my campaigns run at 4-5% CTR and some go as high as 23% .. and it is a very cost effective form of advertising that I find highly profitable .. but there is room for a lot of improvement.
So how about if you follow up your mailshot with a phone call? This is where 1+1 =3 because when you run a series of marketing campaigns in sequence they reinforce one another and suddenly the results you get become greater than the sum of the individual constituents.
A few years ago I sent out a series of 25 emails to prospects and within 20 minutes received a single reply – a 4% response rate. My objective was to arrange meetings with the recipients and so I had my first offer of a meeting in that short space of time. But what about the other 24 prospects?
Well in my email I said I knew how busy they were and to save them the trouble of replying I would ring them in a few days. I made those 24 calls and 23 of them agreed to meet with me. The sum of the sequential marketing had come to an amazing 96%.
Sometimes a short sequence of just two marketing elements isn't enough to give the best results. Sometimes you need to plan a sequence of five, six or seven elements .. but one thing is sure, the more you combine your marketing into a series of elements th more successful it will be and you will see how 1+1 often equals 3 or more.