successful solutions
How successful are mailshot/ leaflet campaigns?
I own a mortgage brokers in Bedford. We are getting more enquiries from clients wanting secured loans. Therefore we have set up a secured loans department. Whats the best way to market this service. How successful are leaflet campaigns? or should we consider radio or newspaper advertising? or are there any other solutions that you could suggest.
I look forward to your replies
The response rate for direct mail is around 1 in 200. This can be increased to 1 in100 if you offer an incentive, but it is not the best medium. You might be better off getting an agency to drop leaflets through letter boxes or putting a small flyer in the local free paper.
The answer suggesting press releases is very good. If you target free papers and small, local papers with short, human interest stories (case studies) of people who successfully used your product, they often get published because the small papers are often almost desperate for newsworthy filler stories.
Advertising on local radio is another good suggestion, but can be expensive. Newspaper advertising can also be very good for you, but in both cases you need to keep it going for several weeks. Many interested people see or hear an ad, think they will do something about it, then not get around to doing anything immediately. The most responses to newspaper ads is on the fifth and sixth insertion.
Here is another tip that won’t cost you anything: call a few local radio stations and ask if you can have a look around because you want to appear on one of the afternoon phone-in shows. They are also often desperate to find new, and interesting experts to talk with between music and phone calls. You make notes on what you want to say and turn them into a list of questions for the DJ to ask you. He or she will appreciate this. But of course you won’t just to talk up your products. You will have to answer general questions and give advice to callers. It could make your firm the local “first port of call” as you have been on air and become known as the local expert.
I also suggest you repeat going on-air every month just after the Bank of England review of Interest rates, just after the Budget and at any other topical time for your business.
One caution on all of these matters: do not be persuaded to buy advertising just to get a press release published or to get on the air. Editors have the final decision on copy, not advertising sales people. The response to any such bargaining attempt should be: “Publish the next five pieces and I will consider placing advertising with you”.
Good luck with the project. It sounds exciting.
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