Hey BP community. I'm about to start a multiple-touch direct mail campaign in pinellas county that will have a combination of yellow letters and post cards. Does any have any tips or expected conversion or call rates?
Hello @Jacob Lewis !
Based on our customer feedback as well as our own mailings over the years, here are the average response rates we have seen based on our customer feedback as well as our own mailings throughout the years:
Yellow Letters- average response rate of 8%-9%, all kinds of calls (angry calls, curious calls, tire-kickers, quality calls)
Postcards- average response rate of .5%, mostly quality calls.
Zip Letters- average response rate of 2%, mostly quality calls. (Great for follow ups)
Greeting Cards- average response rate of 2%, mostly quality calls. (Great for follow ups)
Direct mail tends to work best when you send a campaign of 5-7 different pieces, 4 weeks apart from each other. Follow ups are key as the average person takes 3-5 touches before picking up the phone to respond.
Hope that helps!
Thank you very much @Claire Trammell . Do you have any specific order that you swear by? And what would you say your deal conversion rate is on those 5-7 mailings?
Conversion rate is hard to say. It is different investor to investor based on their ability to make the deal. Some will tell you conversion rates as if it is written in stone, however I am not convinced.
As for the specific order I swear by, I'd have to say its the campaign that Michael Quarles recommends. It looks like this:
Small Text Postcard
Large Text Postcard
@Claire Trammell Thanks for all the input. I'll have to listen to more of Quarles. Do you get your lists from listsource.com ?
Yes, I usually pull list through Listsource. It is the easiest one I have used and I am most familiar with it.
@Claire Trammell Cool beans. Again, thank you for all the input.
@Jacob Lewis I do a bunch of direct mail in Tampa Bay, and I find that I'm getting around a 2% response rate for yellow letters on more targeted lists and around 1-1.5% on listsource lists (equity). I tried postcards and my response rate was around .02-.05%. I don't know if the leads were a higher quality, but I did switch back to yellow letters exclusively. Our market is very saturated and people are not only getting a ton of mail from investors trying to buy their property, but also a ton of other junk mail in general. It's pretty competitive, so any edge you can use to get your prospect to open or look at your marketing piece you should take.
Thanks for the input @Daniel Paloscio . I'm starting to see how saturated it is. I'm not touching leadsource until I have the capital to do a campaign on at least 2k homes. Especially with that kind of response rate. I'm trying to get down to a very specific list. Just a few hundred mailers at a time to a very specific market.
I'm also going to say thatI wouldn't waste my time on postcards. They're cheap but as is the response/quality IMHO.
If you really want a sequence I would look at slowly progressing in aggressiveness in copy. And rotating between a Yl, Gc, and professional letter.
The only folks I really see who push Postcards... Are those who sell them.
@Ryan Dossey I like the professional letters as a replacement for the yellow letters. I feel like everyone sends yellow letters so a professional letter is a nice change from what some sellers would be used to. And I would probably do just one round of postcards in a campaign just because people respond to different mailers differently. What are your thoughts? And is GC a greeting card?
@Jacob Lewis Great conversation you've started here!
When I used yellow letters I had ~0.25% response rate with absentee owners. Since, I have switched to a more professional white letter and I'm seeing higher quality calls and a slightly better response rate ~0.3%.
I'm also mailing to a highly competitive area in West Houston (Katy).
Hi and Welcome to Biggerpockets @Jacob Lewis !
Thanks for the input @Cameron Tope . It was actually luck that put me in front of the professional letters. I'm starting with those and seeing how it goes.
@Jacob Lewis Sounds great. Keep us posted on your results.
Best of luck!
Thanks for sharing this detail, I was also looking for the same.
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