What response rate will you get from your Marketing Campaign?
I’m often asked about the relative differences between different marketing communication channels and which one might provide the best return.
Of course, there are many factors that have an effect on the success or failure of any campaign (list, creative, offer, etc.) but there are some well-respected organisations that conduct research on these things and publish ‘industry averages’.
To help you gauge a likely cost and return and compare the differences between SMS, Email, Telemarketing, Fax Marketing and Direct Mail I have built an Excel tool which gives you you the ability to change the parameters of the campaign and see the likely cost and return implications.
A quick video demo’ of how easily it works;
First, you enter how many people you’re going to contact, what is the cost per hour of your staff/agency running the campaign and the likely revenue you’d expect to earn from each response (averaged across all responses).
The areas in green use industry standard figures for costs and response rates across the channels but you can amend these should you have more relevant figures for your industry sector. In particular, if you had a large direct mail campaign, you might want to up the printing costs.
The results are then calculated in the red area (do not change these cells). You will see the estimated total costs & revenue for the campaign and then the likely net revenue received by you.
I hope this will provide some ‘science’ behind making decisions on what type of marketing channel has the most likely chance of success for you.
The Excel Marketing Campaign Calculator is free to download (it’s in 97-2003 format so should work for most people).
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