I have a question about trying to plan out a marketing strategie that works for me. I have a full time job in the car business and I am planning to do a direct mail campain but I want to not mail out too much based on the fact that I wont be able to answer some phone calls. I just don't know how many leads to send out in order to be able to handle most of the calls. I'm going to start with equity customers with about 40%-70. Any suggestions would be great with even the customers that I should send direct mail too. I'm using listsource.com and I'm doing surrounding towns based on where I live and work. Thank you
Generally you get something like a 3-5% call back rate. You could have them go to a Google Voice number so your phone isn't always ringing and then call them back in the evening. Vet them well on the phone so you don't waste your time viewing properties from owners who aren't motivated to sell too.
I would just test the waters with a mailing of maybe 100 or so. Then, of course, mail them again (you should mail them at least three times I think). See how many calls your getting and then increase or decrease the size of the mailing. I will say, there aren't a lot of investors who complain about having too many calls, so you should be fine.
@VLADIMIR LOPEZ It's hard to predict exactly how many calls you'll get with direct mail. I would focus on a list size large enough to generate an adequate amount of leads, but small enough that you'll be able to consistently market to those people over time. You get a much better response rate after the 4th and 5th mailings. Also, look into setting up google voice. It has a bunch of neat features that might help you out.
@johnchapman @andrewsyrois Thanks guys I did'nt even consider google voice but I will certainly set that up tonight. I was only concerned about maximizing the money I spend marketing. So I'm still new to marketing another question is how many times will I continue to send out the same list before I move on to more leads or alternate to another list and what is the best way to keep track of the leads. thanks
hey man man I just got to say that I'm in the car business as well so when it comes to REI on the side I TOTALY UNDERSTAND! I suggest once you have your marketing strategy in place you definitely need to have a local google voice number set up or another service that's comparable. I put up bandit signs on heavy traffic areas as well but you would have to look at the city/towns laws for bandit signs. Well happy investing bud and good luck.
@JPAULMILLS Thanks man. I'm hoping to get lucky and find a new hobby making money, maybe I can leave the car sales grind one day lol. But you gotta love it.
Hey @VLADIMIR LOPEZ - good luck with your pursuit of this opportunity. I do want to caution you just a bit because I see a lot of people hoping to get lucky doing this. That DOES happen for some people - they do a little marketing and an awesome deal falls in their lap. Unfortunately, that's not the case for most. Like the car business, this too is a business - it requires systems, marketing, TIME, etc. My advice to you is to just set your expectations right - if you are committed to this as a business and invest in it you can succeed. It may not happen overnight. You will be investing in marketing not knowing if it will work, etc. It's certainly not the "get rich quick" scheme that is sold by the gurus on late night infomercials. Welcome to the game - now stay the course if you want to win it!
"Success is a result, not a goal." ~ Gustave Flaubert
Thanks @Dev Horn. I hear what you say about ppl just looking to get lucky and I know one thing that great things don't come easy. But I have listened to about every podcast and I'm pretty educated enough to fight thru whatever it takes to be successful. I just had a question about tracking leads. What is the best way to track these leads in order to maximize my progress? Thanks again.
I'm not picking on you @VLADIMIR LOPEZ ! You sound like you have a good attitude and foundation for getting started. I was just warning you (and other BPers) to keep that longer term, "I'm building a business" perspective in mind! The good thing is, the car business helps you develop the #1 SKILL you need in this business - TALKING TO PEOPLE; finding out their needs, explaining how you can solve their problems, etc. You should do well!
Jeez @Dev Horn your beating me up here lol. Thanks man I appreciate the help. I ook forward to talking with potential sellers, I think I'd like that the best nd then the money is always secodary because there is always money to be made. It should be fun though, thanks again!!
As a person who does car business, I can promise you direct mail marketing will definitely help you. You just need to make sure that you are doing it right. Also the customer response rate will improve after a few mails. I have a personal assistant who will take care of the phone calls. So never had an issue with unattended phone calls. I have been using the services of Troi mailing services from Toronto for my direct mail campaign for almost five years now. They take care of every time consuming work of the campaign, which means a lot of our time is available for other business matters.
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