How Did Your Programs Perform, Part 3: Is Your Offer Compelling?
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If last year's marketing program didn't perform at the level you had anticipated,
it's time to break it down. Previously, we discussed your
audience and your messages. This month we focus
on the last major piece in a successful program - the "offer."
What is an offer?
Offers are designed to do one thing: to get an interested prospect to raise
their hand so you know who they are. So, what makes a good offer?
- It has value in the mind of the prospect or customer
- It serves to differentiate you from the competition
- It asks a prospect to take specific action to receive what you are offering
All too often, program offers are an after-thought during program development.
Developing a compelling offer is as instrumental as developing the program and
can require a significant amount of time to complete. Your offer can literally
make or break your program success.
Look at it this way…you can do all the upfront work necessary to make
sure you've nailed your target market, your mailing list is spotless, and your
message is persuasive by building a sense or urgency. But, if you don't ask
the prospect to do something, they won't. Therefore, the last step of a successful
program requires you to think through the steps you want a prospect to take,
and consider their entire experience from the moment they click on a link, mail
a postcard, etc.
What offers have traditionally been successful?
- White papers, technical papers, analyst reports: This is a low cost (unless
you are paying an analyst to write it), high value offer that you can include
in your program. A paper or analyst report can address all the important issues
listed above without being too salesy. The challenge with this type of offer
is that it requires a 4-6 week turnaround (or longer) to create, approve,
and layout. Plan accordingly.
- Mini-product demonstrations: These can be delivered in a number of mediums.
The most cost effective is a web download; other options include DVDs, videos,
and other electronic means. A really slick offer uses a memory stick with
a pre-loaded demo. Cost can be an issue, so it's important to understand your
audience and what you anticipate your results will be before making a decision.
- Customer success stories: If you choose this as an offer, there are a couple
of things you need to think about: make sure the story has relevance to the
market you are targeting, and name recognition counts.
- Discounts and Incentives: This approach is tricky and only appropriate
for late in the buying cycle. But it can occasionally be effective if you
are selling hardware or services that a prospect wants to "buy"
immediately.
Stay away from these types of offers:
- Invitation to visit your web site: This is too passive. What happens when
a prospect gets there? Are you expecting that they will figure out what they
want? No, no, no…you've gotten this far with a target prospect who is
interested, and your job is to keep selling throughout the process. You run
a high risk of losing a prospect without clear direction on what you want
them to do, see, or read.
- Mugs, pens, mousepads, corporate doodads: These may work at a show, but
will not be enough to entice a prospect to act. You will, however, get plenty
of others who are not qualified but want the free gift. This results in higher
fulfillment costs with low quality returns.
- Electronic Gizmos, High Cost Items: For example, handheld PDAs became very
popular to use as an offer. However, they are costly and can become a distraction.
The decision to reply is based solely on whether the prospect sees value in
the device vs. what you are selling. For example, I received an offer for
a mountain bike if I used a particular service. That's all well and good,
but I don't want or need a mountain bike. What's more, I remember the offer,
but I do not remember what they were selling.
- Sign up for a raffle: This works at a seminar or a trade show, but is not
a motivating program offer.
The Last Logistic Step: Make Sure the Program Backend is Tight:
You must consider and carve out the exact path a prospect will take to accept
your offer. Here, messaging comes back into play, as well as what data you want
to capture. Make sure you cover these points:
- The Landing Page or Fulfillment Letter: What will the prospect see and
read when they accept your offer. Does it have the same look and feel as the
program design? What does it say? Does it reinforce your differentiated message?
These are extra opportunities to sell in a subtle way. Make sure you provided
multiple ways to respond; the latest research shows that 25+% of B2B customers
still rely on snail mail reply cards, even in the technology markets.
- The Request Form: Know exactly what data you want to capture. Make sure
the form includes some type of qualifying question or two, but not too many.
A very long form will deter a person from requesting the offer, and a very
short form will miss the data you need for future marketing efforts.
- Opt-in Toggle Boxes: This is essential for today's permission-based e-marketing
programs. You need to give the visitor the option of receiving information
from you in the future, such as a company e-newsletter.
- Validating E-mail Addresses: Make sure your process validates e-mail addresses
so you are not sending your material to fake addresses. The most thorough
method is to use a dual opt-in procedure; the prospect completes the online
form, then is sent a thank-you e-mail to which they must reply.
This concludes our series on the critical success factors for optimal program
performance. Last but not least, have an on-going communication plan for those
prospects and customers who are interested in your product or service. Don't
leave it to chance. Once the seeds are planted, you must water them to see them
grow.
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