FunMarketer Lesson of the Week

Craig, why is Recency so important in marketing?

The FunMarketer answer:

Many of you active in small business marketing are no doubt familiar with the concept of RFM – Recency, Frequency, and Monetary Value of a customer. The RFM scoring model has been popular among catalogers for decades. The Recency component of RFM is the reason catalogers like Lands’ End or L.L. Bean insert a new catalog in the very box you just received your merchandise in. Do they think you threw out the old catalog? Of course not. They know the Secret Power of Recency – that a percentage of shoppers are likely to order again quickly after leafing through the newest catalog.

Here is where many marketers fail – they don’t sufficiently factor in recency in their marketing. When somebody has just purchased, it is important to front-load your marketing to them. If you were going to send out one letter every quarter, why not send out three in a row, quickly, to reinforce the transaction they just had and keep you fresh in their mind. Plus, this is the perfect time for them to turn into a referrer.

How important a factor recency will be for your business depends on your situation; but it’s especially tied to your sales cycle. However, your competition is also likely bound to the same sale cycle, and if you are leveraging customers who’ve recently purchased and the competition isn’t, you’ll win.

So remember, Recency is a key marketing driver because you’ve just completed a transaction with a customer and a percentage of them are likely to buy – or to refer you – again.

Good Luck – and get back to them quickly!

Call me for more ideas at 402-423-2444 or email me at funmarketer@marketinghawks.com

FunMarketer Free Campaign Idea of the Week

If you need a quick ad for any type of sale, here’s a solid shot that’s not tied to seasonality:

Photo: iStock photo #5701764

Headline: In Case You Haven’t Heard…They’re Throwing a Sale This Weekend at Acme Furnishings

FunMarketer Tip of The Week

Direct Mail copywriters know the P.S. of the direct mail sales letter is critical to success. Many readers skip to the P.S. after reading the opening paragraph. This is a vital piece of real estate and the best copywriters labor over it.

You no doubt have similar opportunities in your marketing real estate that are similar to the P.S. position in the sales letter. These are spots in your retail space – or in your presentation or website – where you can strategically slip in a quick recap of the offer and a call-to-action.

So why not fill up a few of these empty holes with the equivalent of a P.S?
Can’t hurt to try.

Happy Marketing!

Craig Lutz-Priefert