Wednesday, November 21, 2007
Direct Marketing: What Are We Thankful For?
Once again, the year has whizzed by . . . Mom was right (again) about time speeding up on you as you get older. So, here we are on the eve of Thanksgiving, and reflecting on what we have to be thankful for in the world of direct marketing. Come on -- I know that's what you're all reflecting on as you're making those pumpkin pies!
For starters, our industry continues to expand. Even with the stumbling economy of 2007, direct marketing spend has continued to grow robustly -- some report as much as 7%. That is great news for all of us! And, in reviewing our client's strategies, it's looking like 2008 will be even stronger than 2007.
Second, certain marketing channels are really experiencing great growth spurts. As we discussed in our post yesterday, it's readily apparent that online marketing is continuing to expand. In addition, those companies who utilize a multi-channel approach -- integrating their online marketing with direct mail, for example -- are profiting in a big way. Once again, it's all about customer preference, and if you have a sound multi-channel marketing strategy, you are reaching more of your customers in the way in which they desire to be communicated -- thus, increasing your response rates. It's as simple as that!
Third, some of the newer channels are beginning to flourish. For example, word-of-mouth (WOM) marketing is experiencing strong growth. As reported by PQ Media, WOM marketing expenditures are expected to grow over 30% between now and 2011. From our perspective, this is increasingly due to the continued acceptance of and participation with social media sites. As we reported last week, social media is here to stay and, we believe, will become an important part of this projected growth, and therefore, a part of many direct marketing strategies.
So, as you're carving that turkey tomorrow, and getting ready to dig in to the mashed potatoes, be thankful that you're involved in an industry as exciting and profitable as ours. And, when you get the "junk mail-king" and "spam-queen" jokes from the relatives, just smile and keep on chewing. The joke is on them . . . and we'll be laughing all the way to the bank.