In the mortgage business, risk management is a common term. After all, the mortgage originator has to manage several kinds of risks, including pipeline risk, property valuation risk and fraud risk.
But one area few people manage risk in any industry is in their marketing efforts. Joy Gendusa, the chief executive of PostcardMania, thinks its time to do so.
"With reduced marketing budgets and restructured goals, you run a big risk putting all your marketing dollars into something you're not sure will give you the best return on investment. There's no denying sales are slower for most industries, but you don't have to sit back. Reduce your risks with a well-targeted marketing program," she said.
Businesses need to have a solid marketing plan. "A marketing program is like a road map, you can use it as a reference tool to keep your marketing on track. If you run into unexpected traffic, a properly developed plan will offer options to keep you motivated, organized and headed in the right direction," Gendusa said.
She extolled the virtues of direct mail, citing its low cost, with a postcard costing 30 to 35 cents each, including postage. "You can actually send someone a postcard every 30 days for under $4 a year. Regular, repeated mailings are the way to create solid, predictable results. People respond to repetition."
Message is another important area, Gendusa said, explaining that during a down economic period, an upbeat message might be "completely unreal to the recipient.
"You can mail a beautifully designed postcard, but if the message doesn't relate to your prospect's issues, you won't get the best response possible."
While direct mail flies on its own, she noted, it also ties in well with other marketing strategies, particularly your online presence.
"In today's market, 85% of consumers will visit your website before e-mailing, calling or visiting your location. Direct mail starts the communication, but your website continues that conversation. What happens when land on an unprofessional website? You leave, right?
"That's why it's so important to have a professional online presence-or you may end up losing your lead," Gendusa said.
There is any number of types of marketing strategies to consider. What is important, she said, is to "ask yourself, what is the end product you want from your marketing? Once you determine this, research ways to meet your marketing goals and implement them."
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