Summary
- • 84% of millennials don't trust traditional advertising
- • Only 1% of cold calls result in meetings
- • 44% of direct mail is never opened
- • Email marketing has an average ROI of 4200%
- • TV ad spending in the US is expected to drop by 2.9% in 2023
- • 70% of people say they always open mail from their bank
- • The average person is exposed to 4,000 to 10,000 ads per day
- • Cold calling is successful just 2% of the time
- • 57% of traditional mail is considered junk
- • Email open rates average 21.33% across industries
- • TV ad spending worldwide reached $153 billion in 2020
- • 48% of people prefer direct mail for receiving marketing from brands
- • Only 18% of TV ads generate a positive ROI
- • The average cold call lasts 80 seconds
- • 73% of millennials prefer communications from businesses to come via email
Imagine being exposed to 4,000 to 10,000 ads a day and still deciding to trust a cold call that lasts only 80 seconds? In a world where 84% of millennials dont believe in traditional advertising, its clear that outbound marketing is facing some steep challenges. From plummeting TV ad spending to the surprising success rates of direct mail, the numbers tell a captivating story that will make you rethink your marketing tactics.
Cold Calling
- Only 1% of cold calls result in meetings
- Cold calling is successful just 2% of the time
- The average cold call lasts 80 seconds
- The best time to make a cold call is between 4:00 PM and 5:00 PM
- Thursday is the best day for cold calling
- Only 28% of cold calls are answered
- The average successful cold call lasts 5:50 minutes
- It takes an average of 18 calls to connect with a buyer
- 92% of customer interactions happen over the phone
- The best cold calling times are 10-11 AM and 2-3 PM
- Sales reps make an average of 52 calls daily
- 44% of salespeople give up after one follow-up call
- 80% of sales require 5 follow-up calls after the meeting
- Only 3% of your market is actively buying at any given time
- 60% of customers say no four times before saying yes
Interpretation
In a world where only 1% of cold calls lead to actual meetings, and the average successful call lasts a mere 5 minutes and 50 seconds, it's no wonder that salespeople are constantly battling the odds. With 92% of customer interactions happening over the phone, the art of cold calling is both a science and a dance. Timing is key, with Thursday afternoons being the golden window and an average of 18 calls needed to connect with a buyer. Persistence is clearly a virtue, as evidenced by the fact that 44% of salespeople give up after just one follow-up call, despite the fact that 80% of sales require at least 5 follow-ups to close the deal. So, as you dial that number for the 52nd time today, remember that only 3% of your market is actively buying at any given moment, and that 60% of customers will say no four times before saying yes. Keep that in mind, and dial on, brave sales warrior.
Direct Mail
- 44% of direct mail is never opened
- 70% of people say they always open mail from their bank
- 57% of traditional mail is considered junk
- 48% of people prefer direct mail for receiving marketing from brands
- 42% of people read or scan direct mail pieces
- 90% of direct mail gets opened, compared to only 20-30% of emails
- 56% of customers find print marketing to be the most trustworthy type of marketing
- Direct mail household response rate is 5.1%
- 39% of customers try a business for the first time because of direct mail advertising
- 60% of catalog recipients visit the website of the company that mailed them the catalog
- Direct mail requires 21% less cognitive effort to process than digital media
- 92% of shoppers prefer direct mail for making purchasing decisions
- Direct mail open rates can be as high as 90%
- 70% of consumers say direct mail is more personal than online interactions
- Direct mail response rates are 5-9 times higher than email
- 56% of customers find print marketing to be the most trustworthy type of marketing
Interpretation
In a world where attention spans are fleeting and inboxes overflow, the paradox of direct mail marketing shines through as a beacon of hope amidst the clutter. While the statistics may paint a colorful mosaic of contradictions – from the allure of bank statements to the dismissal of junk mail – one thing remains clear: the tangible touch of a well-crafted direct mail piece can cut through the noise with a precision that digital marketing often struggles to match. With response rates soaring, trust levels rising, and cognitive load lightening, it's evident that when it comes to making a lasting impression and driving action, sometimes old-school snail mail still reigns supreme in a world saturated with virtual noise.
Email Marketing
- Email marketing has an average ROI of 4200%
- Email open rates average 21.33% across industries
- 73% of millennials prefer communications from businesses to come via email
- Email marketing spending is projected to reach $17.9 billion by 2027
- Personalized emails deliver 6x higher transaction rates
- Mobile-friendly email designs increase unique mobile clicks by 15%
- 72% of consumers prefer email as their source of business communication
- Segmented email campaigns can lead to a 760% increase in revenue
- Automated emails generate 320% more revenue than non-automated emails
- Welcome emails have an average open rate of 82%
- Email marketing drives $36 for every $1 spent
- Personalized email subject lines increase open rates by 26%
- Abandoned cart emails have an average open rate of 45%
- Transactional emails have 8x more opens and clicks than any other type of email
- Email subscribers are 3 times more likely to share content on social media
Interpretation
In a world where attention spans are short and marketing tactics are abundant, email marketing stands out as a true champion with its impressive ROI of 4200%. It's no wonder that 73% of millennials prefer receiving communications from businesses via email, as personalized and segmented emails have shown to deliver six times higher transaction rates and a whopping 760% increase in revenue, respectively. From welcome emails boasting an 82% open rate to abandoned cart emails capturing attention at a 45% rate, it's clear that email is the undisputed heavyweight in the ring of outbound marketing. And let's not forget the golden nugget that for every dollar spent on email marketing, businesses can expect a return of $36 — talk about a knockout punch in the world of marketing metrics!
Print Advertising
- Print advertising revenue has declined by 62% since 2008
- Print newspaper ad revenue dropped from $37.8 billion in 2008 to $14.3 billion in 2018
- Print magazine ad revenue declined by 27% from 2018 to 2020
- Print newspaper circulation has declined by 51% since 2008
- Print magazine readership has declined by 18% since 2012
- Print newspaper ad revenue is expected to decline by 13% annually through 2024
- Print magazine ad pages decreased by 29% from 2019 to 2020
Interpretation
In a tale as old as time, print advertising seems to be going the way of landline phones and dial-up internet - slowly fading into the nostalgic abyss of yesteryears. With print newspaper ad revenue plummeting faster than a lead balloon and magazine ad pages disappearing quicker than seasonal candies, it's safe to say that the digital revolution has firmly planted its flag in the realm of outbound marketing. As the ink dries on the statistics showcasing the decline in circulation and readership, one might wonder if the print mediums will ultimately become vintage relics or if they can adapt to survive the ever-evolving landscape of marketing trends.
TV Advertising
- TV ad spending in the US is expected to drop by 2.9% in 2023
- TV ad spending worldwide reached $153 billion in 2020
- Only 18% of TV ads generate a positive ROI
- TV ad revenue in the US is expected to reach $68.89 billion in 2023
- TV advertising effectiveness has declined by 41% over the past 15 years
- TV ad viewership has decreased by 44% among 18-34 year olds since 2012
- TV ad spending is expected to decrease by 0.5% annually from 2019 to 2023
- TV advertising reach has declined by 2% annually since 2016
- TV ad spending in the US decreased by 15% in 2020
Interpretation
As the saying goes, "change is the only constant," and the realm of TV advertising is certainly experiencing a seismic shift. With TV ad spending on a downward trajectory in the US and globally, coupled with a meager 18% success rate in generating positive returns on investment, it's clear that the traditional approach to outbound marketing is facing significant challenges in today's fast-evolving digital landscape. The decline in effectiveness and viewership among younger demographics, alongside a decrease in overall revenue and reach, underscores the urgency for brands to adapt and embrace more targeted, data-driven strategies to capture the attention of increasingly discerning consumers. It seems the old adage of "bigger is better" no longer holds true in the world of advertising; perhaps it's time to bid farewell to the era of Mad Men and welcome a new era of savvy, tailored marketing tactics.
Traditional Advertising
- 84% of millennials don't trust traditional advertising
- The average person is exposed to 4,000 to 10,000 ads per day
Interpretation
In a world where millennials prefer authenticity over traditional advertising, it's not surprising that 84% of them have trust issues with the polished pitches of yesteryears. With the average person already bombarded by 4,000 to 10,000 ads daily, it's no wonder that skepticism has become the new norm. In this cluttered ad landscape, companies must strive to cut through the noise and connect with consumers on a genuine level to earn their trust and attention. Welcome to the era of meaningful marketing, where being real is the new black.