Case Study: Harry Rosen’s 10 Smart Marketing Strategies – Part 2 of 3
Want to be a smarter marketer?
Good! That means that in Part 1 of 3 you learned to (1) watch what other smart marketers do and then (2) borrow their marketing strategies.
It also means the 3 smart marketing strategies we covered in Part 1 of 3 weren’t enough for you.
You’ll remember how I received a 4-paragraph snail-mail letter the other day from high-end clothier Harry Rosen.
And here are the next 3 of the 10 smart marketing strategies from that letter that you can borrow for your own business.
Marketing Strategy #4: Give a Credit, NOT a Discount
Harry Rosen’s letter explained how I activate my very own $50 account credit toward my next purchase.
Why is it smart to give a credit as opposed to a discount?
Because human psychology makes your prospects very resistant to losing what they already have.
In this case, once I have my $50 credit in hand, if I don’t use it before it expires, I feel like I’m losing it.
In contrast, with a discount, I don’t ever really ‘have it’, so I can’t ever really ‘lose it’…at best I can use it or not use it…
…but either way, the credit is more effective at motivating me (and your prospect) to ACT!
Marketing Strategy #5: Tracking
Harry Rosen is smart enough to know that not all marketing endeavors produce equal ROI.
That’s why they’ve built in a way to track the results of this particular marketing promotion.
You see, for me to activate that $50 credit we were just talking about, I have to go to a webpage and enter an activation code.
Having that activation code in place can enable them to track all sorts of things:
- The number of prospects that activate their credit
- What region of the country the prospect lives in
- How quickly the prospect activated the credit
- How many activated credits were used
And a whole lot more.
What matters most here is that, if you don’t have a way to track your marketing endeavors, you’re shooting in the dark…
…you have no way of knowing what’s working and what’s not working…
…and you have no scientific way of knowing what to keep doing, what to change, and what to ditch.
In other words, don’t waste your time and money. Track your marketing!
Marketing Strategy #6: Drive Prospects to Your Site
Harry Rosen was smart to have their marketing campaign drive me to their website.
Why is that smart? Because:
- That way they can track my activities as outlined in Strategy #5
- They can track me by using website statistics as well
- They expose me to their online marketing where I might see something I like, which pulls me toward visiting their shop, which drives me toward buying something
At the end of the day, the thing to remember here is this:
Always be moving your prospects deeper into your marketing, into your funnel, and into the space where they will gladly exchange their money for the value you offer.
Marketing Strategy #7: Personalize Your Marketing
Harry Rosen was smart to personalize the letter they sent me:
- They had my name on the envelope
- They had my name at the top of the letter
- They had my name in the greeting
That’s 3 times they addressed me by name.
Personally, I would have included 2 more instances:
- My name in the closing sentence
- My name in the P.S.
The thing to remember here is this:
Your prospects have a very special affinity for their name.
Plus, they’re extremely attuned to the very mention of their name (this is what psychologists call the Cocktail Party Effect, where you’ll pick out the mention of your name from among the unintelligible babble of dozens of conversations at a party).
So use your prospects’ name – and other personal info you might have – to make their experience of your marketing more personal and impactful.
Stay Tuned For Marketing Strategy #8 to #10
Like I said, Harry Rosen’s apparently simple 4-paragraph letter represents 10 smart marketing strategies you can borrow for your own business.
Sotay tuned for marketing strategy #8 to #10!
Actually, want to be alerted by email when those blog posts (and our other posts) get published?