If you are planning to use a direct mail lead system to market your practice, this is what you need to know: There is no such thing as a magic bullet. I owned a direct mail lead generating company, and the most difficult task we had was to convince agents that a lead is not a sale. It’s a lead. The primary purpose of a lead is to qualify the prospect.Demographic selection will help to qualify the mailing list. You can choose age, income, house size, marital status and other qualifying criteria. The more criteria you choose, the more the list will cost per name. Some criteria will increase cost because of the difficulty in attaining the information. Keep in mind that the list is the most critical element of the direct mail package. Once you have selected the list, the offer will be the second most important item. What are you offering in you mailing? Is it an attractive offer? Obviously, information that is important to your prospect will get a better response than a pocket calendar.
You can see that there are numerous elements that must work to get a mail lead system to work. It’s not for the faint of heart. In fact, I would suggest the use of a turnkey system that has a successful track record. The developers of lead systems have spent thousands of dollars determining what works with their particular system. You would be advised to take advantage of their knowledge and research, which can only come from experimentation.
I mentioned that lead systems are not magic bullets. A lead from direct mail is generated by a person who is interested in information without any obligation to purchase. He or she will want information that is non-threatening. This type of lead requires that you are capable of transitioning from this interest to an appointment. A transition like this will take practice. While you are practicing, you will burn up leads while correcting mistakes. Your lead service will be able to keep your learning curve to a minimum, so you must listen to your trainer.
This next point is critical. If there is any part of the lead program that you can’t live with, don’t start. If you feel that there are any unethical or uncomfortable elements to the lead system, stay away and find another system that is comfortable for you.
In your research, find out how long it takes for you to receive the leads after the prospect sends the response. Your follow-up must be immediate. Every day that you sit on the lead, it will get colder. In some cases, the prospect may not ever remember responding.
Take heed also, that direct mail leads cost something. They are not free. You should look for a return on investment from a lead system of at least five to one. For every dollar you invest in leads, you should get at least $5 in commission. A learning curve is to be expected. Set aside a war chest of at least $2,000 for a lead system to make it work. Since the learning curve takes time, you will need to make a long-term commitment to get it to work for you. While you are experiencing your learning curve, discouragement and doubt could cause you to fail.
Google “direct mail leads” for insurance. You’ll get plenty of responses. Also, ask your providers about lead systems. Just remember to check their system and when you find something that works, make it work for you. If someone else is making it work, you can, too.
Kim L. Magdalein is a producer and owner of PresentYourPractice.com. He entered the industry in 1985, and went into private practice in 2001 serving the Jacksonville, Fla., retirement community. He has personally presented hundreds of seminars and created a thriving practice. He created Present Your Practice in 2004 to serve producers with seminar productions and methods for optimizing seminar attendance with qualified prospects. He can be reached at (800)909-9894.
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