I sometimes get asked how it is that we grew this Newtown Square, PA accounting firm, and how we advertised.
(Honestly though, I’m surprised MORE people don’t ask, as I know I’m continually seeking out smart Newtown Square, PA-area business owners to determine how I can learn from them.)
Well, when someone asks me this question and REALLY does want to know my answer, I give a form of what I’ve written about this week. It’s all about testing, tweaking … and continual improvement.
And it requires a kind of thinking that may be different from what you’re used to.
(Also — note what I have included at the end of the post. It’s worth acting upon, especially as a business owner.)
Stephen Venuti’s Direct Mail On a Budget
Here’s the deal: Marketing can be expensive, sure.
That’s why you do NOT want to “come huge” right out of the gate with new mail campaigns. Instead, it’s a very good idea to “test” small, and then continue to tweak and improve what works. Even before I get into technique, I want to get that in your head right out of the gate … it’s a big mistake made by incredible amounts of my small business owner friends.
Here’s how you do it right…
Start with a small list of about 300 prospects. Anything less than this isn’t a very good sample size for a test. Frankly, even this could be a bit small — marketing experts suggest 1000 names on a list for a true test … but this will do on a budget.
Send out at least 2 steps before you consider it a failure.
Include a true tracking mechanism. This can be a dedicated 800 number, a specific website domain or a local number from this particular mailing. It could be a special appointment or product request form, requesting a specific Free Report, using a particular mini-website to gather information–it actually doesn’t matter a LOT.
What matters most is that you have a way to separate out any respondents from this particular mailing AWAY from other kinds of inquiries from your website, other ads, referrals, etc.
Measure results by ROI. You can spend a bunch of money to get high response rates, and when the economics are there … it’s not a bad idea. If your transaction size is large, you can do more creative strategies (lumpy mail, unusual items to get things opened and read, etc.) … but the main thing to track is ROI, not “response rates”, because actual ROI is the only consistent across-the-board metric.
Try to beat your best. First, you need to HAVE a “best” piece!
Once you’ve established the best test results, then it’s your job to tweak small elements (NOT the entire piece) to see what works better. This is where it gets fun! You see, you get to see instant feedback about what’s really working. Then, as you see higher numbers from different elements that you test, retain those, and keep honing and building something truly great.
Follow these steps, and you won’t blow your budget on unproven marketing.
I would ask that you forward this article to a business associate or client you know who could benefit from our assistance–or simply send them our way. While these particular articles relate to business strategy, as you know, we specialize in tax planning and accounting for small business owners. And though we’re reaching our limit of new clients, we always make room for referrals from trusted sources like you.
Warmly (and until next week),
Stephen Venuti
610-353-0686
++++++++
FREEDOM! (Enjoy Having Peace of Mind from the IRS)
$50.00 Towards Tax Planning Strategy Session
Print this out and bring it to our office for a special strategy session for how you are using your income. We’ll identify the BEST ways for you to maximize your wealth for the current year, so that we won’t just be “cleaning up” after the fact. Time to give yourself a raise, through smart and careful planning!
Response Deadline: July 12th, 2013
Limit: First 5 respondents only (we’re limited by capacity)
Email or call us (610-353-0686) now!
++++++++
