Presentation on theme: "WPA 2004, 2-Day Publishing Conference Striving for Excellence: Increasing Productivity & Profitability Renaissance Hotel-Los Angeles Airport April 22-23,"— Presentation transcript:
WPA 2004, 2-Day Publishing Conference Striving for Excellence: Increasing Productivity & Profitability Renaissance Hotel-Los Angeles Airport April 22-23, 2004
New Business Acquisition Developing a Strategy Making the Most of What Youve Got
Developing a Strategy How to Best Analyze Your Sources Tips and Tricks to Testing Setting up Your Source Mix
How to Best Analyze Your Sources Generate an apples-to-apples comparison Paid Publications use net revenue/copy Controlled Publications use cost/order
Tips and Tricks to Testing 5 Dos and Donts for Testing
Do… 1. Test only one graphic element at a time. Each segment should have one singular variation Dont leave yourself wondering if the package did better because of the new size or the different color.
Do… 2. Test entirely new packages. Throw rule #1 out the window when testing new packages. O.K., maybe not all the way out the window.
Do… 3. Conduct more than one test at a time. Two tests create four splits. Three tests create eight splits…its exponential!
Do… 4. Test groups in disproportionate numbers (also called back testing) Use this trick when the test is a formality and you just want to know the impact. …or when your publisher has already decided what wins (like with a price change).
Do… 5. Use net revenue/copy as the final gauge Net revenue/copy or cost/order are tempting alternatives, but they dont take into account term.
Dont… 1. Dont measure results across time frames Only compare your List A results from January against your List B results from January. If you must compare list results mailed at different times, establish a baseline.
Dont… 2. Dont confuse effort results with series results. When testing an individual effort within a series, measure the results of the series, not the test.
Dont… 3. Dont be afraid to set up a test yourself. Leave big, complicated promotional mailings to the experts, but if youre on a shoestring budget and running using an in-house list, you can split it yourself.
Dont… 4. Dont limit testing in new business promotions to previously used lists only. If youre testing against package fatigue, limiting the test groups in this way favors the new package. Even if youre using the 80/20 rule of list selection, your results will be skewed toward the reaction of 80% who may have seen your control package.
Dont… 5. Dont pay too much attention to test results from small sample sizes. You can still test, but know that your levels of confidence shrink with the total response you receive. Use statistically insignificant results only to determine what to test next.
Setting up Your Source Mix See separate spreadsheet.
Making the Most of What Youve Got Lead Generation Maximizing Your Pay-up Circulation Myths Dispelled
Lead Generation With list universes shrinking, direct mail response plummeting, and no viable substitute sources, where does one turn? The best new list ideas might be internal Point of Contact Database Marketing Trap all customers and potential customers as they call, e-mail, or visit your website.
List Building Ideas 1.Back issue purchasers. Set up your customer service so these orders are trapped in a database. Utilize it! 2.Ancillary product purchasers. 3.Trade show, conference, seminar attendees. 4.Your bad pay file…yes, this works…especially in conjunction with a direct mail voucher package. 5.Website visitors. 6.Advertisers and their prospects. Their reaching your audience. Are you reaching theirs? 7.Re-mailing to twice-rented names.
Maximizing Your Pay-up Timing Text tips Response devices Other tricks
Timing - Factors to Consider Crossing in the mail (more space between earlier efforts) Timing of fulfillment updates Mail class (use standard A for bills, not renewals) Critical urgency with first invoice, especially for telemarketing and low- decision driven direct mail
Text and package tips Good envelope teasers: Heres the Invoice you Requested 2 nd Notice (numbering efforts is a bad idea for renewals but a good idea for invoices) Attn Postmaster: Do not forward unless addressee has filed an authorization change of address form. If undeliverable, please handle in accordance with U.S.P.S regulations
Text and package tips Text copy: Generally, the urgency increases as the series progresses (corresponds with timing?) Key phrases and general themes by invoice #: 1. Thank you for your order. 2. Are you enjoying your subscription? Did you receive our invoice? 3. In order to avoid an interruption in service... 4. Reinstate your service. 5. Its come to my attention… (from the CFO/Controller) 6. Failure to pay may result in further collection activity.
Response Devices Use a CRE, not a BRE Include a return address on the invoice (especially for B to B pubs) CRE is big enough for invoice, but also big enough for a check
Other Tricks Attached bills Order acknowledgement postcards (especially for telemarketing orders) Renewals at birth
Circulation Myths Dispelled Myth #1: Dont lower your renewal price at the end of the renewal series. Youll train subscribers to wait for a better offer. Revision: Would you rather have trained subscribers or former subscribers.
Circulation Myths Dispelled Myth #2: Your telemarketing company is doing their best because you are paying them per sale. Revision: Dont count on your telemarketing company to be self motivated. Track their sales and monitor performance regularly.
Circulation Myths Dispelled Myth #3: The promotion that yields the most long term subscribers increases your circulation the most. Revision: Be aware of the churn.
Circulation Myths Dispelled Myth #4: Test, test, test. Test something with every new business package. Revision: Dont test for the sake of testing. Circulators dont have time to do everything. Focus on tests that would yield the greatest results. Guard your time against big, fruitless ideas.