If you’re not growing, you’re dying, as the saying goes. Prospecting is your lifeblood.
We rely on multiple channels to generate referrals, leads and sales: networking, business referrals, social media, events, web-based lead nurture programs, Direct Response media, both print and email, etc. Each has its own response rate* (defined below) and program costs. The key in this numbers game is to make each channel as effective as possible.
For example, your networking costs have a low direct cost (membership dues and beverage costs) and a high response rate. The challenge is the time it takes to meet and follow up with these quality leads. How many potential prospects can you talk to in a day? How do you expand your reach?
Direct Response is a highly scalable program, allowing you to reach large numbers of prospects, with targeted messages based on their needs. Ex., young families have different investment or insurance needs than 50+ year old prospects.
How do you get the most out of Direct Response? There are several key principles to keep in mind. We’ll touch on few here.
Like Networking or Referrals, Direct Mail has its own sales performance metrics. The better crafted your Direct Mail strategy is, the more profitable it will be.
*Response Rate refers to how many individuals you will contact before getting one person to raise their hand and buy, or inquire. Good Direct Mail has about a 1% Response Rate (one out of every 100 prospects may respond). Good Networking, or Business Referrals, may yield one positive response out of every ten prospects. You want to optimize your reach in all your contact channels, for optimum prospecting performance.