All Information Sources Available To Pull 3,000% Return On Investment

by admin on May 15, 2010

When you’re putting together information to use in a marketing plan or campaign, you should take advantage of information already available for use. It isn’t necessary to collect all the information you need (that would be impossible). You don’t want to fall into the trap of “paralysis of analysis”, and it can also be very costly in terms of time and money.

The following types of information are available through the Chamber of Commerce, your local library, Better Business Bureau, local newspapers, and media such as TV and radio.

#1    Demographic information on potential customers.

#2    Local business information describing characteristics of competitors and other businesses in the area.

#3    Local economic activity and trends.

#4    Proposed growth plans that might affect your business.

#5    Customer buying activity and patterns.

#6    Media rates and data information.

#7    Other local business information you may want to obtain.

Let me give you an example of someone who did the research on their potential market. It was a restaurant. They realized their catering wing did sports banquets but their main business was just being a restaurant. They never really thought of themselves as being in the sports banquet business. They took a catering order from a school, not knowing what it was for. When they dug a little further, they found out they had catered four sports banquets in one month, and there were 400 schools in their city.

They targeted all the schools in a two county area of a certain size, wrote a specific message to the athletic directors, and pulled a 3,000% return on their investment. That may sound like a lot, and it is. You may not believe that.

They mailed out $100 worth of letters at a cost of $1.00 per letter and it generated $6,400 worth of sales.  They sent out a nice package, not just a #10 envelope, what appeared to be a priority envelope and a response card and some other things. $640 for every $1 spent.

The catering arm of their business is simply add-on, so every additional dollar they brought in put $.50 to their bottom line. They’re using leverage to add to this example. They also used information they gathered from their market.

Avoid High Pressure Sales

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