Don't expect to make money from your first promotion. The hard part is landing your first fish, finding customers from all those prospects. Once you have isolated what may well be under 1 per cent of the readership go on and sell them something else. Your conversion rate to this second mailing has to be significantly higher. If it isn't then you haven't chosen your sequence of products carefully enough. Aim at least to break even on the first sale: profits will follow on.
The national mail order catalogue companies can sell virtually anything, from coats to cookers. Without having the name, credit terms or advertising muscle, small firms are necessarily restricted. The most successful items for those with limited resources tend to have the following attributes:
1. Uniqueness or at least rarity; an item that is not generally available in the high street. This attribute could be either because it is a minority interest (cigarette cards) and sold only through a few specialist shops, or it is custom made to order. Its scarcity makes it desirable.
2. The price asked could be more attractive than the high street offering. Usually it is not a wise move to rely on low margins to shift mail order items.
3. Easily packaged and transportable.
4. Does not need to be demonstrated.
5. The attraction can be described within the limitations of a small space ad.
6. Fulfils a genuine consumer need. There is a ready-made market for the product. The reader should be saying 'Yes, I could do with one of those.'
7. It is a proven product. You won't be troubled with unreliability and consequent returns, replacements and refunds.
8. A large demand (if you're lucky) can be met quickly. Fashionable and trendy items seem particularly vulnerable on this score. Computer games software, kids' toys and whatever pop group is flavour of the moment can generate huge unforeseen demands, to the discomfiture of the supplier.
Beware of components that have to be imported. When does the next boat load get in? Some are also subject to import restrictions.
Garnering requests for leaflets is one thing, converting them to orders is more difficult. Many small firms find it relatively easy to get a respectable response but fail to secure profitable orders – closing the sale. It is the conversion rate that is vital. Perhaps your leaflet is not attractive enough, the order form is confusing or inhibiting, or the product offer does not live up to your original claims. Whatever you feel may be the reason, you must find out. Ring a selective sample and politely ask when you can expect an order. The replies should put you on the right track. Alternatively, your original ad may be too imprecise and appeal to too wide an audience. By drawing the appeal to a more select segment perhaps you can cut out some wastage. Charging for the catalogue, to be refunded on first order, often does the trick.
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07172010
1. Product positioning is an important business marketing aspect
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