I was talking with a friend the other day who had a real life marketing challenge. I call it "The Case of Not Tracking the Marketing Campaign."
The board meeting came and went, and my friend still could not prove how much impact her direct mail campaigns had on the credit union. This was frustrating to her, the board and senior management. Everyone wanted to know which members were responding to her direct mail programs, how many new accounts were generated and how much profit was gained? Since no one had accurate information or proof of success, budget cuts loomed in the future. For this reason I was called. You see, I solve Marketing Mysteries.
Using the tool of my trade, an MCIF, I undertook a cursory exam of the crime scene. This meant gaining a thorough understanding of the direct mail projects she'd undertaken over the past 12 months. I needed to learn about the profile of the target audience as well as the products and services being offered. Then I studied and evaluated the accounts sold over the past year. It was there I found the breakthrough I was hoping for. In fact, it was right there all along-right in front of my eyes. That's usually how it goes in my business.
The facts were clear. My friend conducted six direct mail campaigns, and all but one generated a positive ROI. In fact, after combining the results of all the campaigns, the net in new business was over $1.2-million, and profit was in excess of $35,000, (after paying herself back for marketing expenses). Fascinating...talk about proof! This convinced the board that marketing is an investment and not an expense. But not being able to track it... now that is a crime. Once the culprit was identified, my friend said that she could handle it from there. I thought so, too.
About the Author:
Jay Kassing is the President of The Centrax Group, a marketing, CRM, and compliance software and consulting firm. He can be reached at 800.365.4274 or jayk centraxgroup.com