Getting good results from any direct mail campaign can be frustrating ‘ according to experts, a 2% response rate is considered good. But provided you have got the right ingredients, it can be a cost-effective way of generating new leads.
Your first key to success is in ensuring that you are targeting the right clients. What are their circumstances? Are they in a position ‘ and is it in their best interests ‘ to change? Are there early redemption charges to pay if they move? You will also need to consider the timing of the mail shot: send it too early and the danger is that the recipient will forget or, worse still, see it as an opportunity to find out more about the competition. Sending it too late could mean that they’ve already made alternative arrangements or end up feeling frustrated as they don’t have enough time to assess their options.
The content is also important. Always personalise the covering letter so your client feels you are offering an individual service. No one likes junk mail so the format and paper quality are equally important to your clients’ perception of the offer. Make sure you get to the point early: say what it is you are offering, the benefits it provides and what is involved, including costs. Fee-free products, especially those that offer a cashback, tend to generate better responses as they provide the client with an opportunity to reduce payments with no cost for changing and cash to spend. Ensure you provide a response mechanism ‘ a deadline date can also increase response rates. And don’t forget to include a ‘PS’ to summarise the offer ‘ research shows that most people will look for a ‘PS’ before anything else.
One sure way for you to have successful mail shots is by building on your relationship with your clients by communicating with them on a regular basis.