Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
Ideally, you need to have a strategy (in a form of a strategy map) before you start thinking about the ways to measure its execution (KPIs). Don't have a strategy map yet? Use free Strategy Map Wizard to create a strategy map for your current business challenges. The wizard will:
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Direct mail marketing is one of the ways used by marketers to reach prospective clients. One can either use direct mail marketing strategy for this or email marketing to keep in touch with the customers.
People using this methodology for enhancing their customer base often utilize another way to keep a track of the manner in which things have been proceeding. However, one really needs to be cautious when it comes to choice of indicators for mail-order selling as people often commit the mistake of incorporating a given metric just because it is countable without assessing its effectiveness in reflecting the progress of direct mail advertising. Here comes the trouble as wrong selection of metric can paint a rosy picture despite difficulties shaping up beneath the superficially 'good image'.
Researches have proved that direct mail selling is one of the most cost-effective marketing strategies owing to the 'sense of belongingness' that emerges from it. Due to the benefits attached with marketing mail, it is frequently used by organizations. Another strategy that it is flanked with is 'balanced scorecard'. This methodology has metrics penned on it to help the users monitor the proceedings in effective manner.
This is the actual scorecard with Direct Mail Performance Indicators and performance indicators. The performance indicators include: direct mail, offering, product purchase rate, response rate, conversion rate, transactions, transactions per customer, transactions per hour, transaction size, customers, new customer gains, retention rate, sales, discounts, straight commission, planning, market growth, market share, mailing, cost per piece, marketing cost per unit .
How is this book different from 796 other book titles about KPIs on Amazon?
"Before writing a single line, I formulated some guiding principles, one of them was: "If our clients ask, "How can I find a good KPI for..." - I want this book to provide a perfect answer."