If It Works, MULTIPLY IT.
The concept of multiplication is intellectually challenging.
I’ve been asking the same question for over 20 years. “How can I multiply the impact of every marketing dollar I spend?”
The concept of leverage has always been important in marketing. How can we achieve more return on investment for every marketing dollar we spend? Some business owners have been lulled into thinking that return on investment is not much more than the return of the initial dollars spent in a medium…without a percentage increase in sales. Why would I spend money and not demand growth?
At a minimum, I would expect to know WHY a marketing initiative didn’t work. I would hope to learn from a mistake made in the message, medium or target selection.
A strategy to test marketing tactics is not a new idea. Claude Hopkins wrote a classic book “Scientific Advertising” that is still required reading in most advertising classes.
The basic premise of his life’s work was to test everything, always. The book was written in the 1930’s.
Marketers should still be reading his book in the 2030’s.
If we choose to do a direct mail campaign, for example, half of our target market would receive one mailer and the other half of the market would receive a different offer. One campaign would gain more response than the other. Subsequently, we simply try to beat the best campaign.
Never launch a campaign without a test element. Hopefully, we are wise enough to only test one element at a time. Basic marketing research principles apply.
It’s been proven that a simple change in a headline can cause a response change of as much as 17 times. (Many studies document higher increases). The point of the study is to multiply response rate without increasing budget.
Subtle changes can have powerful impact on response to any marketing campaign.
Think about the testing possibilities with social media. Can one Tweet create greater click-through response than another Tweet? Absolutely!
Words matter. Time of posting matters. Clutter matters. Brand equity matters.
Testing is a key ingredient to achieving multiplication.
Every post for the remainder of this week will address the topic of multiplication in marketing. Multiply the effectiveness of every marketing dollar you spend!
Are you a tester? Tell us about it!
Photo by Rebecca Gunn