Seth Godin, one of the master innovators out there and father of online permission marketing, just pondered this question on his blog: “What to do when the new thing does work?“
I think it is a perfect question for our current market. Whether you are in mortgage or debt, our markets are in transition. As a result you are probably trying something new–buying aged mortgage leads or debt leads for the first time, starting a blog, focusing on your database marketing. Whatever it may be, it is probably different from what you were doing in 2004.
Chances are all those changes or new things are not hitting home runs. So, what should you be doing?
Let’s start with the don’ts:
- Don’t panic
- Don’t start spamming any email you can find
- Don’t lay down your last marketing dollar on advertising
- Don’t give up
Now let’s look at the do’s:
- Do measure your results so far
- Do step back and look for things that are working
- Do look for reasons why your new thing is not meeting expectations
- Do some testing and tweaking of your approach
New things often need tuning.. Just like when a professional basketball player or golfer makes an adjustment to their swing, they need time to perfect that new adjustment. Prior to that perfection they may perform worse, but after the tweaking process they usually get a big jump in performance.
I see this all the time with new clients buying aged leads. The first month might be a little rocky, but once they get tuned into the new thing–they blast off and never look back to the old ways.
(photo credit: brianpearson)