Just in case you’re not in the loop, direct marketing is the marketing and sales of consumer products and services in a person-to-person context away from a physical retail location. Marketing and sales take place via sales representatives (also referred to as consultants or agents) on a range of communication channels including telephone and email.
Since sales representatives do not have the benefit of being able to talk to consumers face-to-face, one needs to be discerning about the products they choose to sell via direct marketing. Overly complicated products or ones that require lengthy explanation tend not to fare as well as simple products for this reason.
How to decide what products to sell
We’re not in the business of selling physical or lifestyle products for just this reason. When you sell via direct marketing, there are a few things to consider:- Can the product be explained in under a minute?
- Will the consumer easily be able to buy immediately?
- Will the consumer see an immediate benefit from the product?
- Will it be easy for the consumer to pay for the product?
If the answer to all these questions is a unanimous ‘yes’, then the product is probably right to sell in a direct marketing environment.
We find that simple financial services products, which require minimal individual underwriting, are well suited to sell via direct marketing, because they tick the boxes above.
Once the feasibility of selling a particular product via direct marketing activities has been established, the most important factor in determining success in any direct marketing campaign remains the quality of the data and the relevance of the product to the target market.
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