When to know that a direct mail campaign is not working
I've been running a hand addressed envelope with a first class postage mailing campaign to probates for the last 3 months. I've sent out about 1105 pieces with 1/2 of those being a 2nd or 3rd mailing. I've only received 8 responses. That is less than a 1% return. I've made one offer and the heir decided to list the house in the MLS instead for more money than what I had offered.
A year and half ago using the same envelope, letter and source for the list I would had received about 5 responses per every 200 mailings. I also have purchased a handful of probates in the past with great success. So I was optimistic going in and picking up the on the same mailing campaign. While I am accepting that the market might be more competitive today than 18 months ago I am starting to wonder if I should just keep mailing the existing campaign or look for something that might bring a better return on investment. I am not normally not one that would bail on the first sign of adversity but I still want to be prudent with my hard earned money. What do you think ?
Thank you for your response