The economy expands and contracts in response to thousands of independent variables – one such variable, the COVID-19 coronavirus, is just the latest in a long list of examples. Still, periods of economic and social instability can be a scary time. In the interest of recalling lessons from past periods of uncertainty and helping brands answer how to best react during these periods, we want to share with you valuable lessons and insights we learned from during the Great Recession. For starters, it’s important to remember that not every brand is the same. For example, brands that serve consumer needs, rather than wants, generally have an easier time withstanding the days of uncertainty. It’s vital to understand and recognize that your customers’ needs change during a downturn, and it’s incumbent on the brand to respond by fulfilling them in unique ways. When executed well, it’s possible to actually gain market share, increase profit margins, and be better positioned for growth when the upswing begins. Still, almost every business will feel the effects of an economic downturn in some ways, and these are some tactics you can use to protect yourself: click read more below...
In a world where everyone is scrambling to label themselves “data-driven,” catalog marketers and direct mailers get to claim veteran status. We were data-driven before it was cool, back when it was called “direct marketing.” And as the digital person at an agency with a long history of direct marketing, I’ve never understood the rush to abandon print marketing in favor of digital, when they so clearly complement each other.
Print is high cost, high touch, high impact, where digital is low(er) cost, low impact. What do I mean by that? We like to say print is for the important, meaning print is a high-impact driver that can really get critical messages the attention they deserve.
Take a look at average response rates: Direct mail has average response rates from 4.9% to 9%, whereas most digital channels have conversion rates ranging from 0.77% to 1.3%. But where one is weak the other is strong. Typically, print can touch a customer a handful of times per year or season at best, but it’s a powerful touch that drives action. Meanwhile, digital can follow a person everywhere year-round, keeping top-of-mind awareness high.
much more at source: https://www.piworld.com/article/why-print-is-a-digital-champion-plus-how-to-measure-success/#ne=d7f0e6e16b0d037f71fc050491da5623&utm_source=today-on-piworld&utm_medium=newsletter&utm_campaign=2020-03-10