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Digg It - How to Measure Your Direct Mail Campaign's Success
Customer acquisition is a critical factor in a company’s growth, and requires even more forethought and strategic action during an economic downturn. Tight marketing budgets and managing costs are the game plan when sales are slow. Even under such trying circumstances, direct mail can play a huge role in g
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
etting and retaining customers. Direct mail is one of the most cost-effective ways to bring in new customers. According to a DMA study conducted last year, direct mail averages $10 in sales for every $1 invested. Another study by Pitney Bowes found that Direct Mail generated a higher percentage of Internet
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
sales than Internet advertising, TV and radio.
The best way to guarantee the success of your direct mail campaign is to measure the resulting increases in sales and profits. Campaign success is measured as ROI, or return-on-investment. Other standard measurements such as cost-per-piece or cost-per-lea
The best way to guarantee the success of your direct mail campaign is to measure the resulting increases in sales and profits. Campaign success is measured as ROI, or return-on-investment. Other standard measurements such as cost-per-piece or cost-per-lea
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
are helpful but will not
provide the "big picture" view that ROI analysis will. The most accurate ROI calculation takes
into account a customer's lifetime value, or the amount of sales generated by that customer over
time.
Direct mail allows you to control your campaign and direct spending against
Direct mail allows you to control your campaign and direct spending against
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
hose targets that
are most likely to purchase your product or service. The first step is to run small test mailings to
get a feel for your baseline response rates. Subsequent mailings can try different things such as
a different mailpiece design, modified copy or new mailing lists. When you are confi
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
dent of your
results, you can extend your campaign to larger groups and be relatively assured your ROI will
be positive and the close to your test results. A large quantity of names will cost you in
production and postage so it is important to make every mailpiece count!
One way of maximizing ROI is
One way of maximizing ROI is
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
to drive out hidden costs throughout the process of sending mail. For example,
Zairmail’s one-stop direct mail service allows you to achieve greater operational efficiencies by having all processes under one roof and minimizing administration costs. Zairmail also gives you access to large-scale digital
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
printers used by the largest direct mailers in the industry.
By letting Zairmail handle the details, you can spend more of your time and budget improving you mail campaign, boosting your ROI and doing what you do best--running your business!
When conducting a test mailing, the first step is to decide h
By letting Zairmail handle the details, you can spend more of your time and budget improving you mail campaign, boosting your ROI and doing what you do best--running your business!
When conducting a test mailing, the first step is to decide h
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
w many pieces to
send. Too large a mailing is unnecessarily expensive, whereas too small a mailing will not have
enough responses to accurately determine your response rate. A good rule of thumb is to test
between 1000 and 5000 pieces to start. That way you will get a sufficient number of responses
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
back from your mailing to determine what your response rate will be.
Your response rate will vary depending on your product, industry, target market, and other
factors, so no general rules apply. For instance, a sub-0.2% response rate is common in the
credit card industry, whereas some nonprofit comp
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
nies experience response rates as high as
50%. This should not discourage you; rather, it highlights the necessity of tracking your
response rate for your mailing. If you fly blind, you will only have a vague idea of your
campaign’s success and you risk wasting money and losing sales.
To increase the
To increase the
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
response to your next mailing, pay attention to these important factors:
Campaign Goal
What is the goal of your campaign? Do you want to generate leads? Close sales? Raise awareness? Drive traffic to your store or Web site? Once you decide on your goal, establish a baseline and track responses agains
Campaign Goal
What is the goal of your campaign? Do you want to generate leads? Close sales? Raise awareness? Drive traffic to your store or Web site? Once you decide on your goal, establish a baseline and track responses agains
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
that baseline. For example, determine the average number
of calls that you receive per month, and compare that number to the number of calls you receive
immediately following your mailing. Alternatively, if you take orders through your Web site, your
mail piece can ask customers to enter a discount
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
code when placing their orders by which you
can track the sales associated with your mailing.
The Mailing List
Who are your best customers? Identify who they are and then get lots more exactly like them and market to them. The list can make up 60 to 70 percent of your response rate. Identify the un
The Mailing List
Who are your best customers? Identify who they are and then get lots more exactly like them and market to them. The list can make up 60 to 70 percent of your response rate. Identify the un
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
que characteristics of your customers. Are they male, or female? Where do they live? How
much do they make? The answers to these questions can be used to build a targeted prospect
list to gain more customers.
The Offer
Whatever your direct mail campaign offers the target audience - a free information
The Offer
Whatever your direct mail campaign offers the target audience - a free information
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
packet, an
instructive Web seminar, a gift for visiting a trade show booth - concentrate on selling the
benefits of responding and receiving the offer. Remember that the goal is to get the person to
respond so that they can purchase your product and increase your ROI. If you can get someone
interes
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ed enough to respond to the offer, then you have the chance to get them to buy.
Your Mailer
Here is where testing really plays a crucial role. Without testing your mailing list, your offer, or your mailpiece design, you will never know if the campaign's success was due to a compelling offer, eye-catc
Your Mailer
Here is where testing really plays a crucial role. Without testing your mailing list, your offer, or your mailpiece design, you will never know if the campaign's success was due to a compelling offer, eye-catc
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
hing graphics, and enticing copy with a strong call to action, or a great list.
Conversely, without testing, you will not know which aspect of your campaign needs
improvement if you receive a less-than-desired response.
Campaign Cost
Take the total cost of your mailing (including creative, printi
Campaign Cost
Take the total cost of your mailing (including creative, printi
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
g, postage, and labor) and divide
that figure by the revenue generated from an average sale. That will tell you how many sales
you'll need to make in order to break even and cover the cost of your mailing. For example, if the
cost of your mailing campaign is $550, and your average order is $50, you w
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ll need to make 11
sales in order to recover the cost of your mailing. In some cases, however, you may be willing to
send out a campaign without breaking even or showing a profit if it means generating qualified
leads to whom you can sell again and again. Don’t forget the lifetime value of a customer
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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