There is an old saying that goes like this: “20% of your customers give you 80% of your profit. The remaining 80% give you the headaches.”
The same principle applies to your marketing budget. You should devote about 80% of your marketing budget to your control piece, and the remaining 20% on testing new things. The “control” piece is the promotion which is currently working the best for you and that you test against regularly to see if something else pulls better.
When you find something that outpulls your old control, make it your new control, and devote 80% of your budget to that new one. But always keep testing against your control with the other 20% of your marketing budget.
This applies whether we are talking about your advertising, your email marketing, or your direct mail pieces.
I always say that in real estate it’s all about Location, Location and Location. In marketing it’s Testing, Testing and Testing some more against your control piece.
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