From my piece in today's DM2 Daily:
Allocate Additional Resources to Email Marketing
In this economic climate ROI is king, and no marketing channel can deliver the return on investment that a well run email program can – an average of well over $40 for every dollar invested according to the Direct Marketing Association. Good email, however, is not cheap (contrary to popular opinion). Sophisticated email programs require investment, and now is the time to allocate resources to the channel that can help you drive the greatest ROI.
Leverage Free Shipping Offers
A favorite offer for all direct marketers, free shipping has long been relied upon to fuel online sales, especially around the holidays. Now it is mandatory. If you are not playing the free shipping card, you have already seen many of your online sales diverted to brick and mortar alternatives or to other sites that are shipping for free. Offer free shipping now, and continue to use it liberally throughout early-mid 2009.
Seek out Quality CPA Deals
Marketing budgets are being slashed across the board, but marketers who can efficiently drive ROI positive leads will likely be able to marshal additional resources. Performance based deals have always made good sense to me, and make especially good sense in an environment where every dollar counts. As always, ensure that you work with quality vendors in the space.
Embrace Social Media
Many marketers have had a difficult time monetizing social audiences this year and are cutting back on efforts in the space as a result. This is a huge mistake. Audiences will continue flocking to social sites throughout 2009 and any brand not taking part in those conversations will be missing out on tremendous opportunities. Social initiatives can often be launched with virtually no incremental budget, and when implemented appropriately, can pay measurable dividends – don’t wait until it’s convenient to integrate social media, the time is now.
Focus on Retention & eCRM
It’s no secret that the best prospects for future sales are often current and former customers. In this challenging environment, it’s imperative to utilize data intelligence to cross-sell and up-sell customers with highly relevant, laser targeted offers. Focus on the low-hanging fruit first and develop programs that cater to loyal customers and drive customer lifetime value.
