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Will You Add? - Increase Direct Mail Response Rates (And Revenue) By Segmenting Your List
Are You Stunting Your Business Growth? (Second Article of 2)
Getting people into your business does presuppose that you'll take their advice!I've only ever found two companies who didn't want to grow their business! And a recommendation I made to one of the companies would have doubled their turnover, with practically no work on their part!You don't need to let hidden opportunities or threats stunt your company growth. It's simply a matter of having the courage to
ou may spot a new market for your products. Or find a way to upsell existing customers when they renew their orders.
Getting people into your business does presuppose that you'll take their advice!I've only ever found two companies who didn't want to grow their business! And a recommendation I made to one of the companies would have doubled their turnover, with practically no work on their part!You don't need to let hidden opportunities or threats stunt your company growth. It's simply a matter of having the courage to
Trends
You discover that one shirt is more popular this year than it was last year. Is this a fad? A trend? Look carefully and find out. Maybe you can capitalize on this new development to grow your business with existing and new customers.
Conventional methods implement the costs of change and prevent benefits. Benefit from change through R-pM.Many of us have participated in business change projects. I am sure that we share many experiences with the difficulties in gaining successful business change. We have read about many cases of problems and disasters. Why after all this experience and the many stories of unsuccessful business change, do we c
I recommend that you start by segmenting your house list. Dividing your customers into groups that share a common interest helps you understand your customers better. Let me illustrate.
Assume you are a business that manufactures and markets a line of polo and golf shirts that businesses issue to their staff as casual uniforms. You examine your house list to find out who buys what, and when and how. You are looking for patterns, trends and opportunities.
Gender
You discover that 75% of your customers buy shirts for male staff only, even though you carry a line of women’s shirts. There may be an opportunity here. You may be able to find customers in similar industries as your customers, but in businesses that are operated by women and that have female staff.
Industry
Looking at the SIC codes in your house file, you learn that a large percentage of your clients are retailers. This means you can look for other retailers in other industry segments that may also be interested in your product line.
Buying cycle
Another piece of data that you uncover is that a sizeable segment of your customer base prefers to have their shirts embroidered with their company logo or slogan. What do these customers have in common besides that? Are they in similar industries? Are they all involved in the hospitality industry? You may spot a new market for your products. Or find a way to upsell existing customers when they renew their orders.
Trends
You discover that one shirt is more popular this year than it was last year. Is this a fad? A trend? Look carefully and find out. Maybe you can capitalize on this new development to grow your business with existing and new customers.
Suppose you launch a product in the markets. You have complete faith in it and know that can work wonders for the customer who uses it. However this product could be sitting on the shelf for months on end if the target customer is not aware about its existence. Here is where the role of communication and promotion comes into the picture. Among all other promotional methods and props - car magnets could be one of the m you are a business that manufactures and markets a line of polo and golf shirts that businesses issue to their staff as casual uniforms. You examine your house list to find out who buys what, and when and how. You are looking for patterns, trends and opportunities.
Gender
You discover that 75% of your customers buy shirts for male staff only, even though you carry a line of women’s shirts. There may be an opportunity here. You may be able to find customers in similar industries as your customers, but in businesses that are operated by women and that have female staff.
Industry
Looking at the SIC codes in your house file, you learn that a large percentage of your clients are retailers. This means you can look for other retailers in other industry segments that may also be interested in your product line.
Buying cycle
Another piece of data that you uncover is that a sizeable segment of your customer base prefers to have their shirts embroidered with their company logo or slogan. What do these customers have in common besides that? Are they in similar industries? Are they all involved in the hospitality industry? You may spot a new market for your products. Or find a way to upsell existing customers when they renew their orders.
Trends
You discover that one shirt is more popular this year than it was last year. Is this a fad? A trend? Look carefully and find out. Maybe you can capitalize on this new development to grow your business with existing and new customers.
It would be so easy to clean up the image of the company. Over the course of four years I made every attempt to explain to the corporate offices the reason the company was beginning to look so bad.The downfall of this company will be the loss of the dedicated associate base it originally had when Sam Walton was still alive.Obviously, although I spent all of my work days among the hundreds and thousands women’s shirts. There may be an opportunity here. You may be able to find customers in similar industries as your customers, but in businesses that are operated by women and that have female staff.
Industry
Looking at the SIC codes in your house file, you learn that a large percentage of your clients are retailers. This means you can look for other retailers in other industry segments that may also be interested in your product line.
Buying cycle
Another piece of data that you uncover is that a sizeable segment of your customer base prefers to have their shirts embroidered with their company logo or slogan. What do these customers have in common besides that? Are they in similar industries? Are they all involved in the hospitality industry? You may spot a new market for your products. Or find a way to upsell existing customers when they renew their orders.
Trends
You discover that one shirt is more popular this year than it was last year. Is this a fad? A trend? Look carefully and find out. Maybe you can capitalize on this new development to grow your business with existing and new customers.
It is so easy to fall for their sales pitches. I know, even after creating my site I still find some of the sites tempting. But then, after listening to their lies you did the unthinkable and paid money for their service . . . and ended up with a bunch of nothing.You're mad, now it's time to get even. No, I don't suggest you bomb the company. I suggest you put them out of business legally. There are lots agencitry segments that may also be interested in your product line.
Buying cycle
Another piece of data that you uncover is that a sizeable segment of your customer base prefers to have their shirts embroidered with their company logo or slogan. What do these customers have in common besides that? Are they in similar industries? Are they all involved in the hospitality industry? You may spot a new market for your products. Or find a way to upsell existing customers when they renew their orders.
Trends
You discover that one shirt is more popular this year than it was last year. Is this a fad? A trend? Look carefully and find out. Maybe you can capitalize on this new development to grow your business with existing and new customers.
Lists of donors, board members, and sometimes staff are included in a nonprofit annual report, often on the report’s final pages. Here are five frequently asked questions about these lists.Do we need to list absolutely everyone who donated any amount of money?No. Many organizations set a minimum dollar amount for inclusion in the annual report to keep the donor list to a reasonable length (one or ou may spot a new market for your products. Or find a way to upsell existing customers when they renew their orders.
Trends
You discover that one shirt is more popular this year than it was last year. Is this a fad? A trend? Look carefully and find out. Maybe you can capitalize on this new development to grow your business with existing and new customers.
Frequency
You also learn that many of your customers order their shirts in the Spring. Is this because the weather is growing warmer, because your Spring prices are always lower, or because your clients must hire all new staff each Spring? Each of these three reasons presents a different opportunity.
Payment method
Your customer database also tells you that the most popular payment method is cheque, followed by credit card and cash. The most popular medium is your catalog, followed by your website (although your website is growing in popularity). Are there opportunities here for reducing your promotional costs by moving your entire catalog online? Or for sending promotions by email instead of postal mail?
As you can see, the advantages of segmenting your customer database are great.
- you get to understand your customers better
- you uncover opportunities for creating special offers for unique segments of your list
- you discover trends that help you modify your product line
- you gather the knowledge you need to make intelligent decisions about which prospect lists to rent
- you discover potential markets that you had not even considered before
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