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Back to Prospecting Basics in 2009
By Todd Miller, director of marketing & database services, Lenser
In a recession, multichannel merchants are looking
for ways to save money. Unfortunately, many think
they need to cut new customer acquisition entirely
from their budgets.
For most companies, existing customer churn is
inevitable. It is vital, especially in tough times,
to keep your buyer file from atrophying.
The best thing multichannel merchants can do with
their prospecting is get back to basics. Here's
three areas to consider: house file prospecting,
cooperative database prospecting, and traditional
outside list prospecting.
House File Prospecting Tip: Reduce the timeframe
between the delivery of the initial catalog request
and the subsequent mailing. There are many
companies who mail infrequently but have limited
seasonality so they let months pass in between
catalog requester mailings. Strike while the iron is
hot. Get a second book in the mail within four to
six weeks after the initial catalog request
fulfillment.
Co-op Prospecting Tip: Re-mail early round
control model names. Often, in our reviews of
past prospecting performance, we observe results
multiples of 2:1—sometimes even higher—when
comparing early round control models to late round
test models. Companies re-mail inquiries—why not
re-mail high-performing co-op prospects, too? Time
and time again, we see follow-up mailings to our
tried and true cooperative prospects outperforming
those at the bottom of the barrel—and by significant
margins. Accounting is a snap—provide computer
verification of re-usage to each cooperative firm,
and then issue one additional invoice.
Traditional Outside List Prospecting Tip: Before you
eliminate a list entirely, ask your broker to get
creative with selection criteria. Just because a
particular list select is not available on the data
card does not mean it does not exist. It never hurts
to ask, so ask for the world. The answer might
surprise you. Providing hard evidence of a list's
under-performance usually helps, too—be sure to keep
your broker in the loop with the performance of the
lists and selects they recommend. When you do, a
good broker will always be one step ahead of you.
After all, in times like these, everyone wants to
retain business.
---Source: List
& Data Strategies Jan. 5, 2009 newsletter (www.multichannelmerchant.com).
Todd Miller is director of marketing & database
services for catalog consultancy Lenser.
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