Dave, the VP of Marketing for a pharmaceutical company, contacted me last week asking if there is any way to tell if the money they had spent on marketing is paying off. In today’s “gotta have it now” society, does conventional mail even get read and, if so, by who? Is spending money on glossy paper and postage equivalent to taking a lighter to your budget? Not necessarily.
Effective marketing campaigns come in all shapes and forms. The fact of the matter is that marketing is industry specific, even business specific. What does your audience want? The only way to know whether what you are doing is working for your business is to analyze.
The out-of-the-box functionality of Sage CRM (SageCRM) keeps track of marketing campaigns from inception to sale, capturing the outcome of each action you take. When an individual contacts your company you have the ability to track that conversation or sale against a particular action you took in your marketing campaign with a single click of the mouse.
After we reviewed the results, Dave was astonished. He was very worried that the money they had been allocating towards the marketing team was being lost or even mishandled.
Although they were spending thousands of dollars on each campaign, it turned out that it was worth it! We found all sales opportunities that came from the multi-legged product launch were from a brochure mailer distributed to physicians. The mass emailing portion of the campaign generated less than 1% interest while a staggering 82% of brochure recipients expressed interest in the product. As it turns out, the physicians the pharmaceutical company had targeted liked having physical reading material; they had either not opened the emails or were uninterested in reading the email format.
Although there are many technology-centric occupations and industries that react well to e-marketing campaigns, physicians may not belong to that group. This preference of printed,physical materials may be a very similar reason why newspapers and magazines continue to thrive in certain markets.
As a result of analyzing the campaign in Sage CRM,the organization can now make more focused marketing efforts and yield higher ROI in the future. The real smoking gun was revealed within two months of the brochure mailing campaign: sales increased by 35%. I asked Dave if he still thought the money he spent on glossy paper and stamps was worth it. He laughed.