By the time my colleague Mark* sent me an e-mail, he was already beyond frustrated after another failed marketing campaign. In the past several months, he had developed an ineffective postcard mailing, wasted time with a series of cold calls to potential clients, and spent hundreds of dollars on a website optimization that did not bring in a single project. Everything that Mark had done had been part of successful marketing campaigns at other companies, so why weren’t his as effective? As we spoke, it became clear that he was failing to leverage the rule of multiplicity.
Hit Rates and Multiplicity
To understand multiplicity, you must first understand hit rates. Everything you do in marketing has a hit rate; that is, the number of desired responses you receive from your efforts. For example, postcard mailings result in three to six return phone calls for every 1,000 cards mailed, or a 0.3 percent to 0.6 percent hit rate. Likewise, true cold calls result in two to five future direct communications for every 100 phone calls, or a two to five percent hit rate. While these hit rates can be used as the basis for marketing campaigns, there is a simple way to rapidly increase these rates and build a strong return on investment (ROI) for your marketing dollars.
To read more, download the full article.
Article written by Tim Klabunde, CPSM, first appeared in the February 2018 issue of Marketer.
*Not the actual name.