Direct Mail Question
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Hey Everyone I hope all is well. I am currently doing a direct mail campaign. I got my list from CIS Marketing for affluent households age 59-65 with 250+ in investable assets (they told me they have a verifed way of knowing this). Part of my mailer is going to the town I live in so I recognize some names and all those peopl3e I recognize have over a million dollars in investables so I think the list is pretty acurate, we will see. I am sending out 5000 peices of mail. The list I have is within 5 miles from my office. I want some feed back from people who have done this type of thing, such as what results it will warent. I also will comitt captial to do this campeign every quarter with a different type of mailer to the same 5000 people. The first mailer I am doing is a colorful marketing peice with a free IRA for life (custodian fees waived) for an IRA with over 50,000. My compliance manager told me I have to use my firm's logo envelopes. I am not handwriting the the names but using labels instead. I am also going to put a second label highlighted on the front of the envelope reading "DO NOT BEND". I am also using a regular stamp to give it a more personal feel to increase response rate. I am expecting to get 20-30 inquiries, 4 immediate appointments, 6 long term prospects to drip on, and 2 clients. Are these expectations realistic? Any advice or fedback is greatly appreciated
Are you kidding?
Free iRA for life... you are talking about $150 annual fee to people with million dollar portfolios??
Why not just do a seminar...people more likely to call in for that then, "Hey you can save me $40 on my iRa fees!!"
Change the topic at the very least, but i still think mail is fail unless you are following up with a call about something relevant and IRA fee aren't it.
[quote=squash2]
Are you kidding?
Free iRA for life... you are talking about $150 annual fee to people with million dollar portfolios??
Why not just do a seminar...people more likely to call in for that then, "Hey you can save me $40 on my iRa fees!!"
Change the topic at the very least, but i still think mail is fail unless you are following up with a call about something relevant and IRA fee aren't it.
[/quote]
Agree and disagree. I see why the "free" thing is included - very common mailer technique/attention grabber. Probably could be a slightly more intriguing topic, but Squash the people with $1mm probably won't be responding anyway, you have to hope you pull a couple 250's out of the deal, which pays for it.
As far as he "free" IRA for life deal... You'd be suprised at just how many people will think that $100 a year is a huge deal, considering they will be paying you $1500-2500 a year. Goes the other way as well - Do you want the "ultra-fee" sensitive clients?
Sounds like its too late for changes now - Good Luck and let us know how it goes.
[quote=Stockguy2011]
[quote=squash2]
Are you kidding?
Free iRA for life... you are talking about $150 annual fee to people with million dollar portfolios??
Why not just do a seminar...people more likely to call in for that then, "Hey you can save me $40 on my iRa fees!!"
Change the topic at the very least, but i still think mail is fail unless you are following up with a call about something relevant and IRA fee aren't it.
[/quote]
Agree and disagree. I see why the "free" thing is included - very common mailer technique/attention grabber. Probably could be a slightly more intriguing topic, but Squash the people with $1mm probably won't be responding anyway, you have to hope you pull a couple 250's out of the deal, which pays for it.
As far as he "free" IRA for life deal... You'd be suprised at just how many people will think that $100 a year is a huge deal, considering they will be paying you $1500-2500 a year. Goes the other way as well - Do you want the "ultra-fee" sensitive clients?
Sounds like its too late for changes now - Good Luck and let us know how it goes.
[/quote]
That was my point anyone who would actually call in to change their advisor based on a $150 dollar annual fee is not the type of client you want..
I also think unless you are following up with a phone call, this is like offering someone with $25k in their checking account a "new offer to open a checking account and get $25"...
this is going to be party of a yearly mail campaign. The first one is a free IRA for life and to call for a complementory retirement anaylsis. The second mailer will be 4 months from now on ETF investing. The third mailer will be in another 4 months on fixed income investing with emphasis on call for details for rates. Then and only then will I call every single one of these people. I don't see how i can loose. I am cold calling a great source I have right now that will run out within a year. I wanted to warm up a new list and I think this Idea is a goldmine. Any suggestions?
Of the 5,000 people you are mailing to, they are all not on the DNC? Because you won't be able to contact them(if residential) if they are..
I would show some rates on your Fixed Income mailer.
not on the DNC rate. I can't show rates on the fixed income as per compliance ( Major Wire)
Will be interested to be hopefully proved wrong. But as you said this is a year long process.
people wanting to start IRA's and someone just calling to get info but would not tell me his name or contact info