A Little Bit of Money, Absolutely No-Show

I feel like I need to start this post off by apologizing for my absence in recent weeks. The blog is meant to be an account of a new wholesaler sans the fluff, but I really haven’t had anything to share. As you can read in my previous post, I got exactly 1 lead from my first mail campaign and with no leads, a business really has no business. So revenue producing activity has been close to non-existent in the last month. Aside from the obvious, the biggest problem with this is not only am I not getting money, I’m not getting any better at talking to sellers!

That brings me to my next point, for my second direct mail dump I figured I would go with letters. No need to reinvent the wheel, just a regular invitation sized envelope filled with yellow lined paper, “boilerplate” message, sent out to 415 high equity leads and a smidge of “D4D” leads I found in my local area. Want to know how many calls that got me? ZERO!

The math is staggering. By my research, letters will yield a 5% call rate; postcards a .05% rate. For some reason those are WAY off here, or I’m bound for a large statistical correction. I’ve sent 800 mailings, spent $700, and received one lead. Regardless, I remain committed to see this campaign to its conclusion.

But commitment does not mean replication. Some changes are needed. I’m looking at different direct mail providers to see if I can get a better deal that would allow more coverage of my target areas with my budget. I’m also going back to postcards. Needless to say, however, whether you are spending $700 or $700,000, this isn’t a sustainable sales model to say the least.

Onward….