How do we B2B marketers make sure that the channel, offer and messaging choices we make have the best chance of producing the response we desire?
Let the results of this recent test conducted by one of the marketing agencies I serve be your guide:
THE CLIENT: The client sells advertising services to small businesses in markets across the country.
THE GOAL: Their goal was to enhance loyalty and help ensure renewal of their customers’ annual advertising contracts.
THE OFFER: In exchange for completing the survey, the customer would have a chance to win a coffee card from a well-known national coffee retailer and get the results of the survey.
Now I ask, “How much does the dollar amount on the coffee card need to be to generate the best response?” Would it be $5, $10 or $20?
The agency’s client was sure that a higher dollar amount would produce a big increase in response. The agency’s experience was that the lower amount worked just fine. So a test was set up between the $5, the $10 and the $20.
The $5 offer achieved a 3.6% response. The $10 offer achieved a 3.6% response and the $20 did only a little better with a 4% response rate.
When this campaign is rolled out into future markets, the client will offer a $5 coffee card and know that they are almost maximizing response at a significantly lower cost.
The lesson is, don’t assume that what you would do is what your market would do.
Without testing offers (whether they be educational content, discounts, X-month free trials) there’s no way for those of us in B2B marketing to really know how to maximize results while minimizing costs. As the title says, when making B2B marketing decisions, “Let your market be your guide.”