IT'S ALL A MATTER OF TIMING
IT'S ALL A MATTER OF TIMING
After all, the job of direct marketing is to deliver the right offer; to the right people, at the right time in their buying cycle.
Sure, past direct marketers have observed time-proven formulas with regard to timing. Traditionally special events like Christmas and Boxing Day produce a surge in shopping.
We know that the weather affects buying patterns: good weather sees a boost in leisure commodities while bad weather accounts for more comfort items sales.
However, to be in the right place at the right time requires vigilance and the effective use of data intelligence to accurately identify which customers or prospects are most likely to respond when.
Case in Point: CIBC credit cards
When I worked on the credit card business for CIBC, we discovered that when people reported a change of address, it was the ideal time to offer them an incentive either to postpone payments for a month, give them cheques with a lower interest rate or a temporary increase in their credit limit, similar to the one that every credit card offers before the year end holiday season.
We deduced that people, when moving, are prone to renovate their new premises and we were right. There was an immediate spike in the response.
Another example:
When the Government forced BellSouth to dismantle their monopoly and allow a host of new telephone companies to compete for the mobility telephone business, BellSouth lost many customers overnight. It tested many options from deep discounts to added services to lure back customers but nothing seemed to work.
It was only after a survey that they finally discovered that the reason they could not entice customers back was that these customers had signed a new yearly contract with the competitive companies. Just like the insurance cycle.
They went back to their old files, began systematically to work out the date of departure of their customers, targeting lapsed customers near the departure dates and enjoyed a significant gain in response.
You Talking to Me? Are you talking to me?
Often whom you talk to and when you talk to them are more crucial to success than just the incentive you offer.
Every product or service can gain if direct marketers focus on this fact and every business can grow if we understand the right time to talk to our customers.
When you get the combination right, you'll be amazed at how often people listen and respond positively.
ITS ALL A MATTER OF TIMING - To learn more about this author, visit Billy Sharma's Website.
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Dayton Bird once aptly defined direct marketing as 'salesmanship in print'. Now, this being true, shouldn't we direct marketers be paying careful attention to another statement that good salespeople heed, "How to be at the right place at the right time. "
After all, the job of direct marketing is to deliver the right offer; to the right people, at the right time in their buying cycle.
Sure, past direct marketers have observed time-proven formulas with regard to timing. Traditionally special events like Christmas and Boxing Day produce a surge in shopping.
We know that the weather affects buying patterns: good weather sees a boost in leisure commodities while bad weather accounts for more comfort items sales.
However, to be in the right place at the right time requires vigilance and the effective use of data intelligence to accurately identify which customers or prospects are most likely to respond when.
Case in Point: CIBC credit cards
When I worked on the credit card business for CIBC, we discovered that when people reported a change of address, it was the ideal time to offer them an incentive either to postpone payments for a month, give them cheques with a lower interest rate or a temporary increase in their credit limit, similar to the one that every credit card offers before the year end holiday season.
We deduced that people, when moving, are prone to renovate their new premises and we were right. There was an immediate spike in the response.
Another example:
When the Government forced BellSouth to dismantle their monopoly and allow a host of new telephone companies to compete for the mobility telephone business, BellSouth lost many customers overnight. It tested many options from deep discounts to added services to lure back customers but nothing seemed to work.
It was only after a survey that they finally discovered that the reason they could not entice customers back was that these customers had signed a new yearly contract with the competitive companies. Just like the insurance cycle.
They went back to their old files, began systematically to work out the date of departure of their customers, targeting lapsed customers near the departure dates and enjoyed a significant gain in response.
You Talking to Me? Are you talking to me?
Often whom you talk to and when you talk to them are more crucial to success than just the incentive you offer.
Every product or service can gain if direct marketers focus on this fact and every business can grow if we understand the right time to talk to our customers.
When you get the combination right, you'll be amazed at how often people listen and respond positively.
ITS ALL A MATTER OF TIMING - To learn more about this author, visit Billy Sharma's Website.
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