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    0 Replies Latest reply on Jul 19, 2008 12:23 PM by rontowns25

    Explosion Theory: How to Make Your Profits Blow Up

    rontowns25 Adventurer
      Tips from a billionaire CEO...

      out where people find out about you.* Every time you are
      approached by a prospect or customer, find out how they found your in the first
      place. One way to do this is to code every offer you send out and request that
      code when people sign up, call in, or take whatever action you are requesting.
      Also, when someone contacts you to request information about your products or
      services, make a point of asking where they heard about you.

      statistics on a regular basis.* Set up a reporting
      system that will tell you where your customers are coming from and how much
      revenue is coming in from each of your marketing programs and channels. Also,
      get history report of 45 or 60 days to see what is happening in terms of
      returns or complaints. It's best to do this weekly.

      track of the long term value of your customers relative to how they first found
      you.* Keep a history of your customers so that you
      can gauge the success of different marketing campaigns over time. What forms of
      advertising or marketing are generating the most repeat customers? Are there
      any types of marketing that results in only one-time buyers? This kind of
      knowledge will drive how you implement different marketing strategies and what
      messages you use in each. If you know, for example, that when you do direct
      mail to a particular kind of list, you will end up with customers who will
      spend a significant amount of money over a two-year period, you may be willing
      to spend more money or be more aggressive in your messaging.

      *Use the
      information you collect to determine your marketing spend.* When you know how much revenue you realize for each marketing
      dollar spent, you can determine what percent of revenue to allocate to
      marketing. You can also determine this percentage according to customer long
      term value; in the direct mail example above, you might allow a higher market
      spend because of the higher revenue you will realize over time.