Fundamentals of a Direct Marketing Plan - Wiest

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Fundamentals of a Fundamentals of a Direct Marketing PlanDirect Marketing Plan

Mags University

June 7, 2005

Daniel G. Wiest, PresidentWiest & Associates Inc.

The Customer Acquisition and Retention Company™

www.wiest.ca

© 2005 Wiest & Associates Inc.

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This morning’s agenda:This morning’s agenda:

Elements of a direct marketing planWhat really matters in that planWhat’s important in databse marketingSome places you can make a difference

"If I had 8 hours to chop down a tree, I'd spend 6 sharpening my ax”

Abraham Lincoln: 1809-1865, Sixteenth President of the United States

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The essence of Direct Marketing

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It’s all based on PhysicsIt’s all based on Physics

Newton's first law of motion:An object at rest tends to stay at rest and

an object in motion tends to stay in motionwith the same speed and in the same direction unless acted upon by an unbalanced force.The "law of inertia"

Dan’s First Law of Marketing Intelligence

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Don’t navel gaze…

What Direct Marketing Looks LikeWhat Direct Marketing Looks Like

Advertising SalesPromotion

DIRECTDIRECTMARKETINGMARKETING

EventMarketing

PublicRelations

Direct Mail Telemarketing Digital Media Catalogues Fax

INTERACTIVE CUSTOMER DATABASEINTERACTIVE CUSTOMER DATABASE

InternetE-mailDR TV

WirelessCableRadio

DR Print Advertising

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Elements of a Direct Marketing Plan

Direct Marketing Plan ComponentsDirect Marketing Plan Components

6. Objectives

7. Strategy

8. Tactics

9. Budget

2. Business/Product/Service Definition

1. Executive Summary

3. Competition

4. Target Markets

5. SWOT Analysis 10. Measures of Success

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The 30 Minute Manager’s Guide The 30 Minute Manager’s Guide to a solid Direct Marketing Planto a solid Direct Marketing Plan

1. Executive Summary

Written after completion of plan

Summarizes objectives, key elements of strategy and reasons for implementation

Keep it to a paragraph or two

Components of your DM planComponents of your DM plan

2. Product/Service/Business Definition

Brief description of product/service covered by plan

What is actually happening with the business

What is potential for business in future

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3. Competition

Summary of direct and indirect competition

Include brief description of:

–– Competitor strengths and weaknessesCompetitor strengths and weaknesses

–– Market share Market share

–– Potential future competitionPotential future competition


4. Target Market

Special attention must be paid to your target market at all times

Target market considerations

–– GeographicGeographic

–– DemographicDemographic

–– PsychographicPsychographic

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Sidebar: Targeting variablesSidebar: Targeting variables

Geographic–– Postal code, city, suburbs, ruralPostal code, city, suburbs, rural

Demographic–– Income, family compositionIncome, family composition

Psychographic–– Leisure pursuits, social goals, life stage, Leisure pursuits, social goals, life stage,

matters of the heart and headmatters of the heart and head

5. SWOT analysis = identification of:

SStrengthstrengths

WWeaknesseseaknesses

OOpportunitiespportunities

TThreatshreats

Marketing objectives evolve directly from your SWOT analysis


Internal toCompany

External toCompany

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Sample SWOT AnalysisSample SWOT AnalysisStrengths• Excellent renewal rates for direct mail generated subscriptions

• New Editorial focus being introduced based on market research

•Have direct mail control acquisition package that has been proven successful to elusive male reader base

Weaknesses

• Poor renewal rates for broadcast generated subscriptions• Lack of psychographic data in our database•Limited analysis resources•Only have 10% of the subscriber base’s e-mail addresses•Web site not setup to support sales or subscribers• Aging subscriber base, limited success attracting younger readers

Opportunities

• Growing Internet readership offers opportunities for cross promotion•Supplementing of e-mail addresses for low-cost CRM and renewal activities•Online collection of data for richer psychographic targeting

Threats • Younger subscriber base is more apt to be lured away by digital alternatives•Rising print costs•Rising postage costs

•Direct mail acquisition costs•Direct mail renewal costs•Publication mailing costs


6. Objectives

Objectives are a statement of whatyou want to achieve

They must be quantifiable and time limited

Groundwork for strategy and tactics laid by objectives

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Sample ObjectivesSample Objectives

Generate 8,000 new subscribers by January 31, 2006Reduce lapsed subscriptions by 5% by November 30, 2005Append 4,000 e-mail addresses to the existing subscriber base records by December 31, 2005


7. Strategy

Strategy is statement of howobjectives will be achieved

Logical sequence of activity outlining actions for planned period of time (usually no less than 12 months)

Strategies developed from clear objectives

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Sample StrategiesSample Strategies

Expand acquisition beyond traditional list poolsLeverage psychographic variables in acquisition and retention effortsEnhance our analytics competency to improve our predictive capabilitiesTest the improvements that integrated campaigns can make with our renewal efforts


8. Tactics

Tactics are what you do to achieve your objectives

Track tactics to measure success or failure

Tactics break strategy into manageable sections and provide detail for achieving objectives

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Sample TacticsSample Tactics

Test 20,000 new Target Source names in our September 2005 acquisition campaignA/B split test renewals with / without e-mail support to our control direct mail during Q4Revise subscription card in time for Q3 acquisition campaign to include collection of e-mail address and key predictive data

Sample TacticsSample Tactics

Test e-mails deployed with current control in September renewal series–– 1 week prior to DM receipt1 week prior to DM receipt–– Concurrent with receipt of DMConcurrent with receipt of DM–– 1 week after receipt of DM1 week after receipt of DM

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Components of the DM planComponents of the DM plan

9. Budget

Essential

All activity to adhere to budget

10. Measures of Success

Identify criteria for success:

–– Response RateResponse Rate

–– Conversion RateConversion Rate

–– Cost per subscriptionCost per subscription

–– Lifetime ValueLifetime Value

Let’s look a closer at

some of the elements that really make a

difference

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Focusing on the Target MarketFocusing on the Target Market

Target market includes people who:

–– Already subscribe or use your Already subscribe or use your product/service: existing customersproduct/service: existing customers

–– People similar in profile to existing People similar in profile to existing customers: prospectscustomers: prospects

Focusing on the Target MarketFocusing on the Target Market

Essential to understand target market in order to:–– Successfully develop relevant messages and Successfully develop relevant messages and

offersoffers

–– Generate an acceptable response Generate an acceptable response –– Effectively select mediaEffectively select media

Target market profiles, data collection and legalities of use vary according to whether they are:–– BusinessBusiness--toto--business targetbusiness target

–– BusinessBusiness--toto--consumer targetconsumer target

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Sources of Targeting InformationSources of Targeting Information

Compiled Database

Responder Database

In-house Database

Ease of collection

Effectiveness

of Data

Easiest

Toughest

Most

Least

Effectiveness of variablesEffectiveness of variables

TargetingVariables

Geographic

Demographic

Psychographic

Ease of targeting

Effectiveness

of Targeting

Most

Least

Easiest

Toughest

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How far do you take psychographic

targeting?

Clustering (e.g., PSYTE, Clustering (e.g., PSYTE, Geopost™) is Geopost™) is getting theregetting there for for psychographic targeting, but…psychographic targeting, but…

Dan – L7G 4S7• Married• Marketer• Daughter - 15• Cats• Jeep Grand Cherokee• Classical Music• Does OK

George – L7G 4S7• Married• Farmer• Son - 40• Cows• 87 Cadillac• Country• Filthy Rich

Known Psychographics on a house file still win the targeting game.

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Targeting tip:Targeting tip:

Make it your business to know which variables are most predictive for youUse them in your data workAggressively collect those that matter

An example of the power of An example of the power of targetingtargeting

Simple data collection that leverages psychographic attributesAnd has a great ROI

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Customer MentoringCustomer Mentoring

Digital Mentoring ProgramDigital Beginnings = customer

portal3 distinct customer segments––Early adoptersEarly adopters––Frequent picture takersFrequent picture takers––Special occasion picture takersSpecial occasion picture takers

Customer MentoringCustomer Mentoring

E-mails targeted at their usage

Tips and project ideasTrigger events / target

reminders54% Return on Investment

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Considerations for Considerations for youryour planplan

Developments in integrated direct marketingTechniques that are winning

Mail is still criticalMail is still critical

…and it will be in all our lifetimesLead roleSupport roleIntegrated roleHowever… shifting reliance on mailEspecially apparent in youth

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Important functions of eImportant functions of e--mail in mail in integratedintegrated marketing marketing

Creates lift in responseExtends response curvesCreates a response in cases where other media simply fall short

Multi channel targeting works harder Multi channel targeting works harder and and differentdifferent –– than customers thinkthan customers think

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How is this relevant to How is this relevant to youryourdirect mail renewals?direct mail renewals?

The lift was created by the emailBut the responses were still resulting from the mailEven though they were ordering via phone or Internet…The promo code was from the mailpiece

Even the big guys, even bricks and mortar are jumping on the

bandwagon…

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Home DepotHome Depot

Once they proved the value in e-mail appending…

From 500,000 to 5,000,000 e-mail addresses in customer file in just 18 months

Caution: where your eCaution: where your e--mails mails wind up…wind up…

Major issue – 22% undeliverableWill only worsenISP’s–– Proprietary concernsProprietary concerns–– OrganizationOrganization–– InterestInterest

Corporate roadblocksIndividual blocksIndividual lack of understanding

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Would we tolerate 22% of our Would we tolerate 22% of our mail being dumped by Canada mail being dumped by Canada Post or the USPS?Post or the USPS?

“Is my plan helping me find the most valuablecustomers in my database?”

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Don’t forget what Don’t forget what reallyreally countscountsin this businessin this business

Where you have the most leverage:List 40%Offer 30%Creative 30%

Pick your battles accordingly…

Targeting approaches within a Targeting approaches within a house filehouse file

80 / 20 ruleDecile RankingRFMPredictive Modeling

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One way to go: One way to go: RFMRFM AnalysisAnalysis

Three principle measures of previous buying

––RRECENCY: latest purchase or activity record ECENCY: latest purchase or activity record –– the most the most predictivepredictive

––FFREQUENCY: Indicates number of transactions made REQUENCY: Indicates number of transactions made within a timeframewithin a timeframe

––MMONETARY: Total expenditure by customer within ONETARY: Total expenditure by customer within same same ‘‘frequencyfrequency’’ time frametime frame

Assumptions and Applications of Assumptions and Applications of Recency, Frequency and MonetaryRecency, Frequency and Monetary

FACTORFACTOR ASSUMPTIONSASSUMPTIONS APPLICATIONAPPLICATION(by priority)

RECENCY• More recent customers more likely to buy again. Lifestyle changed for people transacting long ago; readiness to purchase again

• Select contacts by most recent transaction date

• Contact each customer near end of usage cycle - renewals

FREQUENCY • Repeat purchases – in your case: cross-sells, up-sells, products, publications

•Renewals

• Communicate frequently with customer

MONETARY• Clients who spend a lot of money may do so again. Include clients who purchase large one offs

• Purchase under special circumstances

• Analyse purchase pattern and needs

• Consider special promotions

THE MOST VALUABLE CUSTOMERS ARE THOSE WHO SCORE HIGH ON THE MOST VALUABLE CUSTOMERS ARE THOSE WHO SCORE HIGH ON ALL THREE CRITERIAALL THREE CRITERIA

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Don’t get scared!Don’t get scared!

2 minutes, and you’ll uncover the 2 relevant figures in the following RFM analysisEven if your data doesn’t allow you to dig this deep, there’s a tip at the end

One avenue: Recency, Frequency, and Monetary Values (RFM) Recency of transaction: 20 points if within past 3 months

10 points if within past 6 months 5 points if within past 9 months 3 points if within past 12 months 1 point if within past 24 months

Frequency of transaction: Number of purchases within 24 months x 4 points each (Maximum = 20 points) Monetary value of transaction: Dollar volume of purchases within 24 months x 10% (Maximum = 20 points) Weighting assumption: Recency = 5

Frequency = 3 Monetary = 2

Customer Purchase Recency (months)

Assigned Points

(x5) Weight Points

Frequency Assigned Points

(x3) Weight Points

Monetary Assigned Points

(x2) Weight Points

Total Weight Points

Cumulative Points

A A A

B

C C C C

1 2 3 1 1 2 3 4

1 2 3

12 3 6 12 24

20 20 20 3

20 10 3 1

100 100 100

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100 50 15 5

1 1 1

2

1 1 2 1

4 4 4 8 4 4 8 4

12 12 12

24

12 12 24 12

$ 30 100

50

500

100 60 70 20

3 10 5

20

10 6 7 2

6 20 10

40

20 12 14 4

118 57 27

79

132 74 53 21

118 250 372

79

132 206 259 280

Selecting your best targets

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And there are easier starts, if And there are easier starts, if RFM gives you the shakesRFM gives you the shakes

Decile RankingSort database in 10 equal segments in descending order – “best” to “worst”Start with the top 10% and work your way down

Even if you don’t harness RFMEven if you don’t harness RFM

Don’t ignore it!Without any analysis at all, you can still focus on Recency

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“Should I plan on collecting more data up front to target better?”

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What information can What information can youyou be be helping your customers collect:helping your customers collect:

To better target future effortsTo better forecast responseTo better predict how valuable a customer will beTo control costs, forecast revenue, and control bad debt

Columbia HouseColumbia House

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Zero personalizationZero personalization

Standard packageStandard package

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It varies, but you can It varies, but you can continuallycontinuallyLearn from the MastersLearn from the Masters

Become an astute observer of what other direct marketers are doingWhat pieces of information they’re collectingDirect Marketing rule of “twice or more”

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“Integration, hmmm…What online activities should I be including in my plan?”

Good news:Good news:

You don’t have to grope around in the dark.Learn from the testing of others.

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AdTech 2005 results: what AdTech 2005 results: what worked past year worked past year –– top quartiletop quartile

Email house list 45%Paid search ads 41%Behavioral targeting 41%Affiliates 35% Rich Media ads 34%SEO (organic) 29%Text-link ads 24%Pop ups 24%Email newsletter ads 13%Standard Web banners 12%Email rented list 12%

What What didn’tdidn’t work this past year work this past year –– bottom quartilebottom quartile

Email rented list 43% Pop ups 37% Email newsletter ads 30%Standard Web banners 25%Behavioral targeting 19%Affiliates 18%Rich Media ads 18%SEO (organic) 16%Text-link ads 17%Email house list 7%Paid search ads 7%

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Will substantially increase Will substantially increase spending on the following this spending on the following this year:year:

Web Site Revamp 32%SEM budget 24%Custom landing pages 20%Online ads in general 16%Email campaigns 15%

Caution on ECaution on E--mail List availabilitymail List availability

Online sources drying upPIPEDACAN-SPAMConsumer confidence eroding

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Trick questions: Trick questions: YourYour web siteweb site

Do you have one?Do you use it for acquisition?Do you use it for customer service?Do you use it for retention purposes?Do you use it to generate leads for space sales?

If you have a web siteIf you have a web site

Searchmustmust be integrated into

your direct marketing plan

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What role search playsWhat role search playsin your web sitein your web site

*85% of all Web site traffic **70% of all online purchases…originate from a search engine or directory

* Georgia Institute of Technology ** Jupiter Research

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10.6Toile.QC.CA719.2Yahoo! Canada Search6

27.1Yahoo! Search5

30.6Ask Jeeves4

32.0MSN Search3

32.8Sympatico / MSN Search2

38.9Google.COM

59.6Google.CA

70.7Google Sites1

% reachTotal: 91.6%

Search / NavigationTotal audience

Source: Com Score Media Metrix, Jan 2005

Search Engine OptimizationSearch Engine Optimization

Not as apparent to many marketersBenefits not as immediate, but can be immensely more powerfulPart Art, Part ScienceContent, Construction, Code, Character, Cooperation (links)Black Hats vs. White Hats

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Marketers must be the masters Marketers must be the masters of the technologyof the technology

Make it a point to understand what tools are already in placeUnderstand the technology behind getting your message in front of the right prospects, at the right timeSPAMMERS have a better grasp on the system than legitimate marketers

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Natural Results

Natural Results

Paid ResultsPaid Results

?

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A A majormajor intelligence opportunityintelligence opportunity

Focus still on paid search for lead generation and conversionImmense potential for using the results to:–– Improve natural search resultsImprove natural search results–– Refinements in web siteRefinements in web site–– Harnessing results in offline mediaHarnessing results in offline media

“Can you tell me – quickly –how I can compare media choices for my plan?”

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Using response media to target effectivelyUsing response media to target effectively

Fax

CUSTOMER DATABASE

E-mailTelemarketing

DR TV DR RadioMagazines & Newspapers

DIRECT RESPONSE MASS MEDIA

DIRECT MARKETING 1-to-1 MEDIA

Addressed Mail

UnaddressedInternet

Selecting Media for Direct Marketing Selecting Media for Direct Marketing

1. Be informed by

database information

2. Be informed by media providers,

research

3. Develop media test plan

4. Test media5. Use learning to refine media plan

6. Rollout

ACQUIRE, RETAIN, GROW, WIN BACK

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Acquisition example: planning comparisonsAcquisition example: planning comparisons

Low / Medlow /high

low / med

mediumWeb

Low / Medlow / medium

low / med

fastE-Mail

lowmedlowMed /slow

Broadcast

mediummedlowfastNewspaper

mediummedlowslowPrint

HighMed / High

Med / high

mediumMail

LTVROIContact Cost

Time to Market

Media

Classic Trigger Event : targeting moversClassic Trigger Event : targeting movers

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Learn to love DataLearn to love Data

……or at least understand and appreciate or at least understand and appreciate what’s available in what’s available in youryour data.data.

How does How does youryour database measure up database measure up as a marketing tool?as a marketing tool?

Start with your data dictionary – and make sure you understand it–– Lists all fields of informationLists all fields of information–– Important: % population of each field is Important: % population of each field is

criticalcritical–– Appreciate whatAppreciate what’’s there, as much as s there, as much as

keeping an eye on whatkeeping an eye on what’’s yet neededs yet needed

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Once you understand your data dictionary… Once you understand your data dictionary… does it offer you enough to work with?does it offer you enough to work with?

Only set out to collect information–– You can useYou can use–– Has ongoing utility and relevanceHas ongoing utility and relevance–– Will not burden / offend your customersWill not burden / offend your customers–– Will not suppress responseWill not suppress response–– Has an expectation of repaying more Has an expectation of repaying more

than the cost to collect and maintain itthan the cost to collect and maintain it

Data as a research toolData as a research tool

Start with your database, beforecommissioning researchExamine the insights your database yields, before reinventing the wheelWhen you do commission research, think of ways it can loop back into your database

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Additional gems Additional gems –– how do these how do these apply to apply to youyou??

Trigger eventsLife-stage marketingAnticipating subscriber’s needsHelp your subscribers anticipate needs they didn’t know they hadAnalysis to help you get there

Database Assignment: Database Assignment:

Review my marketing objectives for the yearPour a glass of wine, and spend some time understanding the content of my data dictionaryIdentify what’s in there that I’m not already making use ofSet up a plan for testing that untapped infoAssess the need for any additional informationSet a plan in motion to collect it

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Another reminder: Use list cards Another reminder: Use list cards as marketing intelligenceas marketing intelligence

For any marketer who is renting their names, you can find:Their average orderHow aggressively they’re acquiring customersWhat’s their attritionWhat’s the profile of their customersOften lots moreWhat’s your competition doing?

“I have a good handle on the psychographics of my subscribers. Can you help me reach more just like them?”

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One source for us to look at…

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Testimonials

www.ShoppersVoice.cawww.ShoppersVoice.ca

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“Of course I use response rates to figure out what’s working in my plan. Isn’t that enough?”

What publishers are measuringWhat publishers are measuring

Front-end/short-termMeasurement of a campaign’s results just following the time of initial sale or contactResponse rates

Back-end/long-termMeasurement of a customer/inquirer’s performance (value) after trialConversions from trial subsRenewalsLifetime Value (LTV)

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You don’t need to be math You don’t need to be math expert. The concepts are expert. The concepts are straightforward.straightforward.

Yah, kids. The ideas

ain’t so tough!

Lifetime Value will vary by sourceLifetime Value will vary by source

YEAR 1 2 3 4 5

Unit sales p.a. 1.0 0.7 0.49 0.34 0.24

Direct revenue $50.00 $35.00 $24.50 $17.15 $12.00

Indirect revenue $6.00 $30.00 $21.00 $14.70 $10.20

Direct costs $24.00 $16.80 $11.76 $8.24 $5.60

Indirect costs $3.00 $2.10 $1.48 $1.02 $0.72

Net revenue $29.00 $46.10 $32.26 $22.59 $15.88

Net present value p.a. (10%)

$29.00 $41.90 $26.66 $16.97 $10.84

Total lifetime value (sum of NPV’s) = $125.37

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The take away:The take away:

Make sure you’re looking beyond immediate response ratesKnow what each subscriber is really worth to you––By sourceBy source––By mediaBy media

“You talked about planning for personal –psychographic data collection. What can I legally –ethically –collect?”

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PIPEDAPIPEDA

Personal Information Protection and Electronic Documents Act

Consumers Consumers areare willing to sharewilling to share

•• Majority of consumers are Majority of consumers are ““privacy privacy pragmatistspragmatists”” (63%)(63%)

•• ……although concerned about privacyalthough concerned about privacy•• …… they are prepared to provide they are prepared to provide

information in exchange for offers of information in exchange for offers of value from companies who treat their value from companies who treat their information with careinformation with care

Source: 2002 Harris PollSource: 2002 Harris Poll

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Privacy is on consumers’ radarPrivacy is on consumers’ radar

Perceived risk of privacy violation determined via channel:–– Telephone/eTelephone/e--mail highest, fax lowestmail highest, fax lowest

Increasingly taking steps to protect privacy:–– Falsifying informationFalsifying information–– Getting off marketing listsGetting off marketing lists–– Selective disclosure of personal informationSelective disclosure of personal information

ButBut……consumers consumers wantwant to hear from to hear from the companies they trust!the companies they trust!

CANADA’S PRIVACY LAWCANADA’S PRIVACY LAW

Based on the principle of consent

Gives individuals ability to control the collection, use and disclosure of their personal information

Not channel specific

Key to success: –– Effective management of customer expectationsEffective management of customer expectations–– transparencytransparency

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THE 10 PRINCIPLESTHE 10 PRINCIPLES

Accountability

Identify the purpose

Obtain consent

Limit collection

Limit use, disclosure and retention

Accuracy

Appropriate safeguards

Openness

Individual access

Responsive to compliance challenges

How much do YOU rely on How much do YOU rely on outbound Telemarketing?outbound Telemarketing?

This is Business to Consumer…US Federal no-call list decimated pool85+ million and counting5 year effective registrationCanadian legislation imminent

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Canada: doCanada: do--notnot--callcall

Legislation introduced in the House of Commons in DecemberDebated on February 7th: all party supportWe’re looking for BtoB exemption / established relationshipFTC affords it in the USWe appear this Spring in front of a Federal Committee18 months implementation?

Parting ShotsParting Shots

Don’t shortcut any elements of your plan. They’re all critical.Spend time with your SWOT – it will prompt your most valuable insights.Don’t navel gaze – borrow smart from all industries.Psychographics – the higher up the ladder, the higher the returns.

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Parting ShotsParting Shots

Integrate – it makes a big difference.Focus on the attributes of the high performers. Find more like them.Search – it’s your future for returns and market intelligence.Know your data. What’s in it. What still needs to be in it. And make it happen.

Free newslettersFree newsletters

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ResourcesResources

www.the-cma.orgUpdates on breaking industry issues–– Make sure youMake sure you’’re on their list for ere on their list for e--mail mail

updates (luncheons, seminars, updates (luncheons, seminars, conferences, special events)conferences, special events)

www.the-dma.org–– Good starting place for US related direct Good starting place for US related direct

marketing issuesmarketing issueswww.canadapost.ca–– Postage rates, regulations, marketing toolsPostage rates, regulations, marketing tools

Fundamentals of a Fundamentals of a Direct Marketing PlanDirect Marketing Plan

Mags University

June 7, 2005

Daniel G. Wiest, PresidentWiest & Associates Inc.

The Customer Acquisition and Retention Company™

www.wiest.ca

© 2005 Wiest & Associates Inc.