Know-How Exchange : Advertising/PR

Hi Sally,

The most powerful direct mail pieces have a message that addresses a need (perceived or otherwise) in the target market.

You have a tough sell on your hands if the mailer alone is to convince high net worth investors to switch brokerage firm providers. The key will be to hit on something that appeals to them and may make them invest their time in investigating a new account.

From experience, I know that there are a few triggers for doing so:

1) Dissatisfaction with existing provider
2) Desire for more breadth/depth of services, including flexibility to/between accounts, etc.
3) Price/fees for services

If your client hasn't given you it, I'd press them for any information they have on the attitudes of the target market and, most importantly, what they're offering that is differentiated from the competition.

For example, if a segment of the target has been determined to be active traders, the message for them should focus on cheaper transaction costs, technological security, etc.

There are many different kinds of segments. Also, consider as you get closer to the 50-year range, you're running into people getting ready to position their assets for a transition into retirement. This is a whole new set of needs.

But back to the original question. The direct mail piece also should communicate clearly what the next steps will be. Give the potential customer several options (phone, email, return post) to respond to your offer. It's always good to list an individual contact name as well, rather than a generic department.

Good luck.

Hello,

Don't try to sell them with your DM piece. It will not work. What do you want them to do? Do you want them to call or do you want to meet with them?

I would think a meeting would work best for your service. This is a highly competitive market so think outside the box. If you know your close ratios then offer them something of value. I work with a payroll service comapny and they offered a $25 gift basket for a 15-30 minute meeting. Doctors and lawyers have very little spare time so please keep this in mind.

Give the many options on how to respond: phone, emails, or BRC. There is also a sytem called personal URL's that uses the persons name johnsimth@xzy.com
When they go online they can register etc...

Plan to mail several times. This is not a one shot mailing. When I first started in direct mailing I called doctors to sell them our new homeowner file. The two biggest obsticals are the gate keeper and the doctors free time. You need to win over the gate keeper and learn when the doctor takes calls!! Invest in an ACT data base!!

Your first challenge is getting this target audience to actually OPEN your mailer. Every other financial services company is pitching this same audience -- they get an offer practically every day. You need an intriguing offer -- and perhaps also a physically different mailing package.

Especially with financial services, you need to build trust -- and prove to your target audience WHY they should switch -- over time. You need a lead generation offer, that will build you a list you can market to over time. And that lead generation offer needs to demonstrate the firm's expertise -- focused on whatever the point of differentiation is.

So the first mailer offers "The Top 10 Investment Vehicles in a Down Economy" report, or "The Top 10 Most Often Overlooked Tax-Saving Strategies" report -- something the target audience perceives as having some VALUE, and something that will demonstrate to them that the firm knows something that other companies don't.

So you need to make an offer that will cut through the clutter, and position your company as having something unique.

You may also need to test direct mail formats that physically stand out in the mail -- like a box -- to get the attention of this audience.

Once you get these leads, you'll mail them the free report (or whatever the offer is), with the NEXT offer -- with each offer getting them closer to meeting with a broker.