So tell me. As the economy continues to char like sticks of satay on a white-hot grill, are there any consumers left with both an appetite and ability to actually buy something?
Come now, give me some good news. Tell me you are successfully marketing to your known consumers through your CRM database. Your Loyalty Programme is well-established by now so you’re pulling in sales from members, right? Of course you are. You’ve known for some time now that your best source for new customers is your current customer base. And, though you’d hardly have envisioned our current global financial fiasco, you at least remembered 1997.
Prospecting to strangers is a big investment, and difficult to afford when times are tough. Current customers are your stash of gold. Still, there are potential buyers out there. It’s just that they’re not quite as willing and eager to offer you their credit cards. In fact, in our astoundingly fragmented media world, including ever-increasing digital options, you may be becoming virtually invisible. So what do you do? Traditional media are still viable solutions but will only pay off if you are very clever at targeting. Consider your regular media buys with an advance sense of precision. Then create and present a communication that will be both noticed and appreciated. (It’s your BRAND!) In other words, here’s an example of what NOT to do. I came home the other day to see a leaflet scrunched into the post box on my gate. I expected the usual supermarket flyer. Instead I found a plea for me to consider buying pearls. Very expensive pearls. The costliest of which was over RM10,000 (uh, what is that now, US$2900?). Targeted? My neighbourhood has quite a few wealthy folks in residence. Many more, not so much and I don’t wear pearls (well, special occasions, maybe).
Presentation? I should have been given an envelope, with a letter. And here’s a wild idea: Consider making marketing communications RESPONSIVE. Responsive Advertising captures prospect data that can be maintained and mined for finely targeted selling communications. Think of it as Prospect Relationship Management (PRM), the often “missing” but essential beginning of Customer Relationship Management (CRM). Please note, however, that my definition of “advertising” differs from most. To me, advertising is absolutely any form of marketing communication. Any medium. Long gone are the days Response Specialists like myself are relegated to only direct mail, infomercials or a “call now” press ad. This brings me to the web and other digital media. If you don’t reach out beyond the static confines of traditional media, you are missing amazing opportunities to actively engage your brand with both prospects and customers. A recent article in The Edge Malaysia quotes a statistic from Synovate Media Atlas Malaysia 2008: 29 percent of the Malaysian population are “digital natives” – a segment that has grown up with the Internet and technology. A population you must not ignore. Just remember. Consumer spending, in Malaysia and around the world, hasn’t completely screeched to a halt. It is, without a doubt, slowing down. For a while. In the meantime, get out there. Meet someone. Get connected. Make some money and most importantly, don’t burn the satay.
Please visit: www.dbcm.com.my