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The beauty of direct response television (DRTV) is that you get results immediately. Direct response marketing in general is what we call the "Marketer's Dream". Why? Because you are able to allocate - to the penny - your return on advertising spend. You are able to answer the question to "What's working and what isn't?"
We see brands spend millions of dollars on advertising efforts, but not have the ability to hold those dollars accountable for any of the profit (or loss...) driven by those efforts. Sure, you can make assumptions on promotional lift, baseline growth, etc. But for new products entering the market, you simply cannot afford the luxury of not fully understanding how each advertising dollar performs.
Additionally, there is a common misconception that online advertising is the most cost efficient medium and that national TV is way too expensive to even consider as an option, especially if your product/service is brand new.
We have found that if you want to take your product/service to market, build awareness, make a profit, AND receive immediate results from consumers, then advertising through direct response television is often a very good option. Within a matter of weeks you will get immediate insight in to your consumers willingness to buy. Better yet, the return on your advertising investment can lead to actually making you money and essentially result in not costing you a dime to advertise.
We have developed a "DRTV Product Evaluation Checklist" to help you put your product to the test to see if DRTV is a good fit for your business. Before we dive into it, there are a couple of items we need to clarify to make sure we are all on the same page because we don’t want to lead you to believe that this evaluation form is going to tell you if your product or service is a good idea or not. In fact, a majority of new products introduced each year don't succeed, according to Cincinnati research agency AcuPoll (source).
Jon has been around long enough in this industry to understand this success rate, and in turn he has witnessed and utilized various methods of launching a new product. Although different methods work great for some products and terrible for others, there is one method that clearly stood out amongst the rest as it provided the quickest proof of concept, the biggest return on investment, thus the biggest success rate. This method proved so much more sensible than the rest, that Jon left his corporate job to start Harvest Growth in order to help entrepreneurs and inventors successfully grow their brand via direct response marketing.
There is a common misperception that if it is a new product or service, then promoting it on national TV is a step you take years down the road when you have the money to do so. Well, that is simply not the case and to learn more on that topic check out our blog post “How to Advertise on National Television for FREE”.
In short, there are many case studies and examples of successful products that would have likely gone no where if they wouldn’t have launched via national TV (Snuggie, Pillow Pets, and OxiClean to name a few). And better yet, the money spent on TV advertising essentially amounted to $0 for these brands because of the profitable return received from this marketing method that you rarely see with any other form of advertising.
With all of that said, the product evaluation form (attached below) that Jon developed is compiled to give direction on if a product/service is a good fit for DRTV. If your product isn't a "fit" for DRTV, then direct-to-consumer digital marketing can still be a very profitable approach, and as an official Facebook Marketing Partner Agency, Harvest Growth has the tools necessary to help you grow with digital advertising as well.
Want to discuss your product with us to get our thoughts on if it would be a good fit for DRTV? CLICK HERE to schedule a 15 minute product evaluation phone call with us. No obligations, just find a time that works for you and Jon LaClare will reach out to you personally with his evaluation of your product or service for free.
What are your thoughts on this topic? Do you have any particular topics you'd like to suggest for future posts? We would love to hear your comments!!
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