Time-tested renewal enhancement strategies that really work.
"Now do you have the time to consider a little renewal marketing? Maintaining a high volume of new subscription orders is an important factor in offsetting losses from expires, but clearly, renewal marketing provides the maximum profit obtainable from all forms of direct marketing activity, and it deserves a prominent and permanent place in your marketing plan."
Create your unique renewal marketing strategy, with these elements:
* Set goals--just like a "real" marketing campaign.
* View and market conversions and renewals at risk separately.
* Include expires from the past 2 years in your plan.
* If you track renewals by list source, identify your "best lists."
* Create and define your total renewal marketing "universe."
* Focus your marketing plan around each of these groups: future conversion pools at risk; future expire pools at risk; and expires.
Estimate the size of each risk pool for the next 12 months:
* How many conversion expires do you anticipate for each month in the next 12?
* How many expires from non-conversions will occur each month?
* What are the total number of expires you've lost in the past 24 months?
* Calculate the total orders (and money) you will, and have already, lost to expires. How much are you willing to spend to recapture just 20 percent? There's your budget.
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|Publication:||The Newsletter on Newsletters|
|Date:||Sep 15, 2000|
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