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Old July 5, 2009, 11:13 AM
Richard Dennis
 
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Default Re: I don't think there is a definitive answer, but here's mine.

Gordon,

Quote:
And what are the things [if any] to look out for?

I don't know. I look for DEMAND. For a large enough universe of people with money who WANT what I have to offer. Then media, how do I get my sales message in front of them.

People get all focused on the sales piece, when they need to focus on who the buyers are and how to reach A LOT of them.

Back in the late 90s, I had written a sales piece and had a hunch on a list that might be productive. I'd tried direct mail several times before and always lost money.

My hunch was right. The mailing produced 2 1/2% orders, which was wildly profitable. The list had 130,000 names, which meant we had a lot of people to roll out to, for the size promotion we were doing.

I mailed that same package to that same list - profitably - 7 times over the next 3 years. During that time, I tested 60 other lists. Most were small (5,000 names or so), and there would have been no roll-out after a successful test. But that didn't really matter, because of 60 tests, 60 were unsuccessful. Oh, maybe 4 or 5 broke even, so we picked up a few names.

It's a lesson I'll never forget. Finding that market where the DEMAND is is WAY more important than brainstorming your sales piece in minute detail.

Richard Dennis
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