If you're like most financial advisors you spend a great deal of time assisting your clients. Your role as an advisor has required a lot of trust, as you handle your client’s most sensitive information. This includes overseeing and managing portfolios, recommending investment vehicles and educating clients on changes being made in the marketplace. However, despite all of your efforts, you're likely not spending nearly as much time developing marketing strategies to acquire not only new customers but strategies to retain existing customers as well. According to statistics, a large portion of sales could come from repeat business. In fact, it cost 500% more to obtain new customers, than it does to maintain current customers. Yet very little is done to ensure that sales funnels are filled with repeat customers who could eventually make their way back down the sales pipeline.
The tradition of holiday cards first began in the United Kingdom in 1843. Sir Henry Cole, a civil servant in the UK who had helped to set up what became the Post Office, together with artist John Horsley, invented the first Christmas card. In 1843 Christmas cards were sold for 1 shilling each (about $0.08 today); the cards had three panels, each containing a depiction of holiday charity. The center panel featured a painting of a family having a large Christmas dinner together. Approximately one thousand of these original cards were printed and sold.
A recently carried out research revealed that properly addressed print media has a 100% delivery rate, 56% of people trust it to be the best mode of communication, 54% visit the supplied website and 45% responded by purchasing. Another research carried out at the University of Bangor, showed that the human brain reacts positively towards printed media as compared to virtual media. Based on this fact, direct mail is exactly what your business needs to cut through the clutter and tap from the fast growing economic world.
When done the right way, direct mail will help you unlock the huge potentials of your business. It allows you to reach your target audience in the most impressive and effective way, which turns your prospects to your most loyal buyers. As with any process, there is a right way and a wrong way to do things. Both intentional and unintentional mistakes can hinder the outcome of your marketing. Even the smallest mistake can mean big problems for your wallet.
If you think using direct mail is not for you, you’re certainly wrong. Many understand the power of direct mail, this includes some of the biggest corporations in the country. Apple and Google are just two that are using direct mail to close more sales and thrive in this multifaceted business era. In fact, a certain report asserts that direct mail accounts for 39% of new customers. Therefore, if you’re targeting new customers, this is surely the way to go. Have you wondered which companies are using (and have been using) direct mail marketing? Do they generate more leads? What are their ROIs (Returns on Investments)?
Many small business owners have gravitated towards digital marketing because, during recent years, it has completely leveled the playing field for them. This is a great advantage for those who’ve had to compete against larger businesses to market their product or service. However, there is one traditional marketing strategy that is still being used by the larger companies in conjunction with their digital marketing efforts that is very effective, which is direct mail. The thing that’s very interesting about using a mixture of digital and traditional marketing tactics is that larger companies are aware that the traditional marketing tactics never lost their effectiveness. It’s just that the digital strategies are available on a different platform. They understand that combining the two is twice as effective than just relying on digital strategies alone. Like larger companies, below are the top 10 reasons that small businesses should be using direct mail to market their business.
Direct mail can be a powerful marketing tool, whether you send letters or postcards, you are still using a personal touch to peak interest. Both formats have pros and cons, but is one format better than the other for direct mail marketing? Does one format have the advantage, garnering more attention from recipients? Or do they get the same amount of attention from recipients, are they equally effective? While these answers may remain elusive as behavior patterns are in constant flux, ascertaining whether direct mail postcards are a better marketing tool than letters may be a bit simpler with a closer look at the pros and cons of each.
A/B Tests with Direct Mail vs. Social Media Marketing – Why Direct Mail Is Preferred
While direct mail experienced a setback with the advent of more advanced online technologies – such as email, blogs, and social media – the practice of advertising through direct mail is experiencing a resurgence.
While direct mail can be an extremely efficient way of reaching a consumer, conducting A/B tests – which refer to the process of comparing two versions of mail against each other to determine which has the greater influence on the consumer – is an essential, and often overlooked, component. The following considers the benefits of direct mail, particularly as it compares to social media marketing, as well as the benefits, types, and how-to of A/B testing with direct mail.
While you're spending thousands of dollars on marketing, certain factors may be out of your control. Do you know the best practices to ensure your direct mail campaign is properly delivered? Take the time to understand what goes on once your campaign leaves your hands. After all, it is YOUR MONEY that's in the mail. Was your mail printed? Are you tracking your mail? Staying on top of your campaign from inception to delivery is crucial to your marketing success.
If you think looks don't matter, think again. Often times, your prospect may likely toss your mailer in the garbage before even taking the opportunity to read it. That's why it is so crucial to have direction when it comes to design. In this episode of The Weekly Seed, Brady gives some valuable insight into the power behind the aesthetic of your marketing piece. You don't have to be a designer to apply Brady's 6 Rules of Graphic Design to your Direct Mail. Even if you are already aware of some of these steps, you may still be underestimating their overall impact.
Do not fret, friends! The death of direct mail is nowhere in sight, it is alive and well.
Although digital efforts have indeed become a vital part of the marketing strategy of (almost) every company, direct mail can still play a major role.