Market Savvy

John Melchinger--The Marketing Coach™

TRY “WAVE” MAILING

By William L. Willard, CLU

A series of highly targeted, thought provoking messages can harness the power of information and multiply the power of your pre-approach efforts.

No matter how interesting or well written, any single pre-approach letter is essentially a low-percentage communication, even when followed up with a phone call. To make pre-approach contacts more cost-effective and significantly improve the results, try tailoring your message to the situations, interests and concerns of prospects in your target markets, and building rapport over time.

Many financial services producers do this with a technique called “wave mailing”.

Wave mailing means sending a series of letters and other information, including brochures and articles to qualified prospects over a one, two or three month period. This technique increases the likelihood prospects will pay attention to your letters and want to meet with you when you call. In fact, if one of your letters hits home, prospects will pick of the phone and call you first.

It’s a great way to introduce yourself to and stay in contact with prospects with whom you have neither leverage nor third-party influence, but whom you don’t want to risk losing in a series of low-percentage cold calls.

Try This: Using many different sources, build a series of brief letters you can put into your direct mail system, and select brochures or articles that will appeal to markets in which you do business, or want to. Simply adapt the letters to the recipient’s situation.

Example: A current article on the uses of deferred compensation might be very interesting to incorporated business owners or professionals. The effect is even more powerful if the article was written by you! Either way, however, your initial letters might read something like the samples shown here.

Follow-up letters to this prospect might include other articles on related top­ics, as well as information about your agency or the Company. If you’ve met the prospect, your letters should refer to topics covered in your conversations.

Schedule 10 to 20 letters a week to prospects in your target mar­kets, then follow up after the third or forth letter to each name on your wave-mailing list. Calling for action is important; so the last letter in a wave mail effort should let recipients know you’ll be calling for an appointment. Be sure Be sure telephone and fax numbers, e-mail address and Web site information are included with each letter, and don’t forget to follow-up, as promised.

Sample “Wave”-Mailing Letter

This letter was suggested by financial planner, Randall G. Knowles:

Dear Mr. and Mrs. Smith:

Is it possible to have your cake (save for your children’s education) and eat it too (prepare for your own retirement)?

The planning concept described in this article makes it possible to accomplish that seemingly impossible dream. Basically, this plan maximizes the use of available tax-qualified retirement programs and federal student financial aid awards. The result: Your retire­ment funds are compounding while you divert cash flow to pay education costs. And you maintain maximum financial control.

From time to time I send articles on important topics to my cli­ents and others whom I feel might benefit from this new informa­tion. I hope you find this one helpful.

Sincerely,

P.S. If you want to discuss this topic or would like additional information about our organization, please feel free to contact me.

Need Ideas and Articles?

Local periodicals, Web sites and print publications such as Money, The Wall Street Journal, Small-Business Reports, INC., U.S. News also are useful sources of articles about retirement planning, life and disability income insurance, invest strategies, and so on. But don’t over look trade publications or professional journals published for or about your target markets.

Try This: Wave-mailing a series of Company-provided pre-approach letters or letters you’ve written yourself—or sending several highlighted third-party articles with personalized cover letters—are great ways to warm your initial approach to prospects, establish professional-level contacts with people you’ve met socially, or keep in touch with clients. Cut out and copy articles; highlight key points. Keep a note pad or a stack of 3”x 5” cards handy, and write down ideas and the names of people who might be interested in them.

As they say: You can never tell where your next great idea will come from, or how far it will take you!

Want to Know More?

Financial services representatives who want to know more about Generational Marketing should not miss these Marketing Guides available from Pelican Island Publishing:

1. The Mature Market - A Generation at the Crossroads

2. Boomers! - Marketing to the "Me Generation"

3. Marketing to Generation X - New Ideas in a Changing World

(Each is available for about $25. per single copy at http://www.mronline.com)

These publications offer profiles of key generational "markers," a review of the expectations each age group has of financial services advisors, plus cohort-specific prospecting tips and hands-on approach techniques. Interested? See William L. Willard, CLU below and address inquiries to Bill at w.willard3@knology.net.

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