One of the very best ways to grow your business is by getting closer to your customers & prospects. They know what they want to buy. They know what they need. The trick is helping YOU better understand what they want & need.
Our collective brilliance model is the ultimate way to do this.
It can also unleash the innovations from your own team and leverage the brilliance at work at your competitors to help your business grow.
A good amount of our business comes from referrals: one happy client introducing us to another business in need. If you happen to have relationships with entrepreneurs or business decision-makers looking for some added help toward growing their business, consider referring BI to them. We have a lucrative referral program which discreetly pays 15% of first year revenues collected from any new clients referred. It's a very easy way to make money on efforts as little as making a few phone calls or sending a few emails.
We typically pay out those referral rewards in cash (many tens of thousands paid to individual business matchmakers over the years). But someone interested in engaging our services for their own business could opt to apply those rewards toward BI fees. A sufficient-sized referral(s) could mitigate up to ALL of our cost resulting in you getting our full quality of service for little-to-nothing out of pocket!
If you happen to have a list of customers or a network of relevant contacts with which you occasionally communicate (perhaps by blog, newsletter, email, etc), we could work with you to facilitate the introduction. For example, we could create ads or sponsorship banners as if we are an advertiser. We could also ghost write business growth content for your newsletter or blog with a few links pointing readers to BI for more information. If some of your followers click through and then engage BI, it would qualify within our referral rewards program. We could promptly send you the money, give you the equivalent value in BI services or some combination therein. If your business matchmaking yielded more referral rewards than the total cost of BI services, you could enjoy a scenario in which WE are paying YOU to work for your company.
DIRECT RESPONSE MARKETING CREATIVE DELIVERS GREAT ROIs
A particularly effective form of marketing is called direct response (hereafter DR). As the name implies, DR is marketing directed right at its targeted prospects encouraging them to respond in a specific way. It is generally a proactive form of marketing meaning the seller is aggressively going after specific buyers rather than waiting for buyers to seek out the seller. As such, it tends to be much more successful at directly driving sales than many other forms of advertising & marketing.
You are experiencing variations of direct response marketing every time you open your mail or email boxes and find offers to buy a variety of products or services. You are watching direct response advertising when you see commercials pitching a product or service and concluding with a phone number and strong push to buy now. Infomercials, certain webinars and a variety of other mediums all become direct response creative when they cater to a targeted audience and encourage a specific action.
There Are Many Crucial Variables in Great Direct Response Marketing...
Here's a few of them:
Narrowly targeting the prospects:
a good amount of our DR work involves renting very specific lists
of relevant prospects. There are multitudes of lists available
in both the B2B and B2C spaces giving you the ability to easily
put your offer in front of a very specific kind of potential buyer.
Lists can be screened to narrow the target. For example, if you
had a product suitable only for women, aged 25-40, with college
degrees, health care occupations and living within 250 miles of
a particular city(s), you can screen for all of that and much more.
In doing so, you filter out the irrelevant (prospects that don't meet your ideal criteria) so that only your ideal
prospects are going to receive your offer. This is far superior
to typical (buckshot) advertising (such as TV or Radio) where you must hope some of
your target audience is watching or listening precisely when your
ad happens to be running.
Exceptional creative to pitch the product or service: DR creative must do many jobs. It has to establish you quickly, make your offering seem like a must have, build confidence in the prospect so they can trust your company, jack up perceived value so the subsequent offer appears to be a great bargain, etc. You are usually asking total strangers to be interested in your offering enough to open their wallets almost immediately after you first introduce your product or service to them. The creative is doing both the marketing & sales jobs. It must be exceptional!
Call to action: the offer itself has a singular objective of moving the prospect to take action... NOW! Often this is a call to "buy now" via phone, Internet and/or mail. The offer will typically include multiple ways the prospect can respond and use a variety of shrewd tactics to motivate that response.
Tabulation of results: the crucial step of measuring how each piece of creative performs determines the effectiveness of the creative. This is not just about counting total dollars made but also relative comparisons of creative vs. creative, targeted list vs. list, etc. Along with the revenues from the campaign, many other important insights are realized and documented. The smart direct response marketer uses this knowledge to more effectively harvest additional revenues in subsequent campaigns.
What Goes Into Intelligently Executing Direct Response Marketing Campaigns?
There is a great deal of nitty gritty
detail to doing DR campaigns right. For example, a crucial part of #1 is being very smart about how to minimize (marketing budget) risk. One piece of ideal execution
is to apply statistical analysis using random samples of prospects from lists of prospects you can rent for promotional purposes. This sampling is used to determine which lists have tangible ROIs so they can be deemed worthy of a "roll." You want to roll to lists in their entirety only when they prove themselves to be profitable. You get that proof via statistical work on small random samples of much bigger lists. Instead of
spending a lot of money to promote ALL of the prospects in every apparently-favorable list, we can use
the science side of marketing to confidently project the strength (ROI) of whole lists
by testing those small (& relatively cheap) samplings.
This is a popular penny-pinching
tactic that minimizes risk while maximizing discoveries of new
sources of buyers. Done well, you spend a fraction of the cost as opposed to
promoting all of the individuals in all of the lists in hopes of ending up with a profitable result. More simply, you're not guessing about whether each list is good (profitable) or bad (not profitable). The samples objectively reveal that crucial information to you and you act (spend) accordingly. You don't risk your marketing budget on hope & luck; you use science to reduce your risk to near zero.
List rentals can involve any number of lists (from a single list to thousands of lists) with almost any number of prospects (from a small quantity of potential buyers to millions) at various rental rates-per-name (often a few cents per name to 30-40 cents or more). List brokers usually have some minimum quantities to make the list rental transaction worthwhile (no one has much interest in renting someone a list of 50 names at 25 cents per name for a total list rental cost of $12.50). List rental minimums are usually 1K to 10K or more names depending on the list:
If you are quoted a list with a 5K minimum rental quantity at 20 cents per name, renting that minimum of 5K names is going to cost $1K.
A 10-list campaign in which all of the lists happen to share that same minimum & rental rate would cost $10K to promote those 50K names (10 lists of 5K names each).
A 100-list campaign with that same minimum & rental rate would cost $100K to promote 500K names.
Again, all of the lists relevant to your own offerings could rent for more or less than 20 cents each and/or could come with higher or lower minimum rental quantities. If you are interested in getting specifics for your own business, contact us for a free consultation and we can identify cost & minimum specifics for relevant lists of likely buyers of your own product and/or services.
Shrewd Moves: Using Statistical Sampling to Maximize Direct Response Marketing ROIs
For the sake of illustration of important opportunities in direct response marketing, let's imagine you want to target 2M prospective buyers in a 50-list campaign. We'll also assume an average rate of 20 cents per name and 5K list rental minimums. If you wanted to promote all 2M names in those 50 lists BLIND (no list sampling), you risk $400K (2M targeted prospects at 20 cents per name). It takes a lot of hope to back a $400K blind risk like that.
BI can show you the proper way to randomly sample the 50 lists. Doing so, you might be able to objectively determine the ROI of all 50 lists for around- say- approx. $50K instead of risking your entire $400K. If the test reveals that only 600K names in- say- 12 of the 50 lists are worth rolling, that roll will cost $120K and go out to ONLY those lists now proven to yield buyers at a very specific rate of conversion or better. Since we've also proven the other 1.4M prospects in the other 38 lists are NOT capable of delivering a satisfactory ROI (the other 38 lists out of that 50 are not profitable) for your offer, you don't waste upwards of $230K more promoting those weak-responding lists. You instead focus your cash resources on just the 600K out of that 2M total pool size that you now shrewdly target as your real opportunity. With this method you save that extra $230K on list rental expenses while maximizing your ROI on that entire (2M) pool of prospects. Very simply, you spend a lot less to harvest the profitable prospects from the overall opportunity.
On a macro scale of utilizing many lists for each campaign (and many campaigns each year), proven tactics like statistically sampling lists can add up to millions of dollars in savings over time. In the above example, it actually saves you more than you would expend to maximize your return on that particular 2M-person pool of prospects. Put such savings to good use by funding some extra campaigns and your revenue results go way up from the same money that would have otherwise been mostly wasted if you chose to hit all 2M names and just hope for the best.
If another block of 2M additional prospects could yield about the same level of conversions at about the same costs, that $230K you saved would fully pay for testing out that second block of 2M prospects too. In other words, instead of foolishly blowing $400K by promoting all 2M names in ONE blind campaign, that same $400K could have been used to promote only the worthwhile prospects out of the original 2M PLUS only the worthwhile prospects in up to another 2M pool and still leave a little surplus in your marketing list rental budget (to perhaps cover about 35% of your list costs in a THIRD 2M-prospect campaign). If your conversion rate turned out to be 1.5% overall, you would realize at least about 18,000 buyers over BOTH 2M-prospect campaigns funded by THE SAME MONEY, as opposed to wasting much of the $400K to get only around 9,000 buyers out of just ONE campaign. 18K buyers (with some budget left over) or 9K buyers (and all $400K spent)? Your choice is simple.
A multitude of "been there, done that" strategies employed by direct response experts like BI contribute to making intelligent use of your marketing budget. Cost-per-sale goes down while revenue-per-customer goes up. Working at both ends like that is the best way to improve your marketing ROI's. We can show you that money.
DR is one of our most potent specialties. Many new pieces we've created have outperformed the established control creative. A "control" is a piece of marketing that is currently the best-performing creative in use by the marketer. Various versions of creative face off head-to-head against the established control In smart direct response marketing models. If a new piece of creative outperforms a control it is likely to become the new control against which subsequent new creative will compete. This cycle continually repeats as solid creative becomes control, tires over time and is then replaced by new, fresh creative that delivers better ROIs.
BI is a capable source of wow creative able to develop DR marketing that can knock established control off their perch. We've even beaten our own creations when asked to outperform control pieces developed by our own team. Try us. Any DR marketing model makes testing one source of creative against another a relatively easy affair. Let us demonstrate the BI difference in the most meaningful (and objectively measurable) way.
How Does BI Create High-Performance Direct Response Marketing?
We take on each project from scratch- no preconceived notions... no pre-fabricated bias. Every project is 100% unique. We do the hard work to uncover a fresh angle(s) or an entirely new theme. Because modern buyers want to be wowed, we apply 21st-century solutions to the task- not the "same old, same old" formulaic tactics from 5-10-20+ years ago. Our collective brilliance approach offers immense innovations because it brings the best of all 3 buyer impact dimensions into one powerful message. Since it is grounded in marketing science you don't have to lean on hope that our recommended hooks, etc, are sound. There's little marketing voodoo... just solid work yielding wow creative.
We blend quality messaging with eye-grabbing imagery to get the
creative viewed and the desired "call to action" answered.
The challenge of getting prospect attention and holding it is not
to be underestimated. How many email promotions in your inbox
this morning were flowed straight to your trash can without even
a look? How many got a quick look and quickly followed the first
group? How many actually pulled you in and got you to seriously consider
whatever they were pitching? Did any get your credit card out of
your wallet? We employ novel approaches to do well against such hurdles,
motivating more prospects to take a serious look which is a first
step toward getting the opportunity to close them.
Enormous passion goes into each new campaign as if we are creating a fine work of art. Years of highly-tuned experience is icing on the cake. For Internet promotions, we work in many mediums including email marketing, multimedia marketing, webinars, vodcasts, podcasts, infomercials, etc. For direct mail, we've developed short format, long format, #10, magalog, tabloid, bookalogs, etc. (we've done them all).
Along with developing the creative, BI can also help you manage the campaign from end-to-end. This can include sourcing the ideal lists to test (a massively important piece of good direct response marketing campaigns), setting up the test cells, executing the statistical testing phase of the campaign, measuring the results, recommending the lists that are roll worthy, executing the rolls and tabulating & documenting the final results.
We can do all this cooperatively with your people or up to turnkey if desired.
We have an extraordinary mix of talent in our subcontractor network including premier, "A-list" copywriting & layout teams in both online and traditional mediums (some of the creative in the interactive slide show is from some of these teams). List specialists, mail & email services, creative packaging groups, fulfillment services, video & audio specialists, campaign management, etc.- whatever is needed for the kind of DR to be done, we likely have the very best talent on hand ready to make it happen for your company. Even if your current messaging is already doing well, we can help you aim higher. See the BI difference for yourself by testing us against your established control. If your business could benefit from fresh creative energy & experience, contact the Big Innovations team right now. We look forward to helping you find the next big thing.