Frequently Asked Questions
Why is Direct Mail the best way to Market to Seniors?
Seniors open their mail! Your marketing is targeted to your prospect. In Radio and TV and other forms of media your hitting an extremely large amount of the population but missing your core contact; a person over the age of 62, with value in their home, who has less than half the FHA value (based on areas your mailing) or less of a mortgage on their home.
Who are we?
We have been doing Direct Mail in the Reverse Mortgage Market for over 8 years and direct mail for over 7 years. We have a reputation of being more of a marketing partner than a service provider. We donate a portion of all sales to planting new trees to help offset the paper usage and waste we create (5 trees per 1,000 pieces of mail). We are also members of NRMLA, in the end we care about our customer’s success and realize your success is our success.
What should I expect for a response rate?
We closed 2009 with a national average of .65 though with the seemingly lighter pressure on the marketplace and growing need we are expecting a good 2010. This means you can expect anywhere from 40 to 80 calls in your 90 day marketing window from a mail drop. This is a national average so your market may vary, for a market evaluation call 1-877-761-8149 / email Smart1Marketing@gmail.com. Most of our brokers see a 10-15% close ratio though this varies again depending on knowledge of the market place, and sales ability of the person taking the phone calls and following up with the prospects. We've also implemented a follow-up strategy for 2010 which will help close more loans.
.525 to .59 per piece, prices are based on method of payment, volume and duration of the order and how long you have been a customer. Are there any other fees? No, no artwork fees, no set up fees, nothing. When we say .565 cents per piece, you will be charged $5,650 on a 10K order, not a penny more. Orders are by the month – so for example if you ordered 10,000 pieces, we would drop that in 2-4 drops, minimum drops are 2,500 pieces. We can set orders up for you by the quarter as well which will save you time and money. If needed we will work with your company and do smaller drops of 5,000 pieces to help get your program started, though the reason we have our minimums set at 10,000 is more for you than us.
Why a 10,000 minimum order?
Direct mail works off the law of large numbers, much the way casinos operate, you need to have a high enough volume of mail hitting the streets to make sure the program will be statistically successful for you at the end of the day. You have a better success rate with the more mail that is sent out and over the years the starting point for the statistical curve to fall in your favor we have found to be 10,000 units. Key principles to direct mail is volume.
Do I have to mail them all at once or can I break it up?
We can break them into drops of 2,500 for you and if you’re not sure what is right for you please just give us a call. Rule of thumb, a good loan officer can mail and handle 10,000 mailers a month without a problem.
What about the data?
Our data is purchased from multiple sources and merged in our private data base; it is all cross referenced and mined for accuracy. The data compilers mainly get their info from public records, and credit reporting agencies. The home values are based on modeling which is software driven; for example to determine a home value it will use, sq. footage, recent sales comparables, tax assessments, and purchase price. The home value and age are then calculated leaving your prospect with an idea of what they can expect to get in 3 different payout methods.
Is everyone pre-qualified?
Yes, but to a certain extent, sometimes public records can be incorrect, sometimes the home is worth much more because of a view that the modeling couldn’t see and sometimes it is worth less because of our rapidly decreasing home values. These things are outside anyone’s control because there is so much information moving around and you’re at the mercy of public recording. We mail an extra 3% on each order to compensate for some of these errors.
Can I select specific data criteria?
Not without good reason, our data has been time tested through the years, we have the filters set for maximum results and when you begin to make changes and narrow the target the rifle approach rarely outperforms the shotgun for this type of marketing.
Do I get the data file and phone numbers?
We can email you the data file but the addresses will be encrypted to protect our data bases integrity. Our program is effective because we control our market pressure, if we were to give all of our clients a ready to mail data file, we would create the possibility of a re-mailing outside our knowledge and lose a very important part of our program. We do not scrub our mailing list against the DNC list because it would cut a large percentage of your market out and after all, if you cannot call them, Direct Mail is the only way to reach out to them. Phone numbers scrubbed against the DNC list are available at .08 each though over time we have found telemarketing Seniors to be difficult at best and have just focused on what works best and brings the best results – direct mail and inbound leads.
Are my leads exclusive?
Absolutely, WE WILL NOT mail the same records within 90 days; you will also have the first right of refusal after the 90 days are up. You can close out a territory by using most or all of the data available and then you will exclusively have that county, effectively keeping all the competition out. For example; Sally is mailing 10K a month in an area with 37K total records, she has now closed out the area. We need to make sure Sally has room to grow and to keep mailing each month. If Sally was mailing 10k a month but into say LA which has over 90,000 records, there would be room for others to mail but we would not seek that business – it would have to seek us.
Do you have availability in my county?
Call 1-877-761-8149 or email Smart1Marketing@gmail.com Can I use my own phone number? Yes, but we prefer you to use our toll free call tracking system because it helps you get a better return on your investment. We provide information about each call you receive and or miss, the systems captures anybody that calls in on your number which helps you receive the highest return on your investment.
What is “call tracking” and how does it work?
We set up a toll free number for you and a web-based call tracking system. The only thing you need to provide is the number of the phone that you would like us to forward your inbound calls to; it cannot be another toll free number. The website will allow you to see who called, when they called, number they called from, how long the call was and much more. We can even set the system up to email you if somebody calls and hangs up!
Can I mail to different states?
You can mail wherever there is availability – however closing ratios are best when you are able to get a prospect face to face.
Are the mailers customizable?
Absolutely, we customize each mailer with your company logo and information. Some of the wording is changeable and we are able to add a small photo at the bottom or other customized images or text. For more details call 1- 877 761-8149. We can also create complete custom programs for you but this also depends on the volume you are mailing.
I’m ready to get my phone to ring, what next?
Next step would be contact us. If you still have some unanswered questions – please call us.
I just placed an order, when is my phone going to ring?
Once we have all the necessary components, please allow 24-48 hours for us to complete a sample. Once you approve the sample we can generally print and get your order in the mail in 3-5 days, sometimes sooner, depending on how many other orders we are working on at the same time. The best way to order is by the quarter, that way your phone will always keep ringing and you also can save money by committing to us for a longer program.
How can I maximize my campaign?
Pick up the phone every time it rings, have a warm and inviting voice, speak slowly, if they are not ready or do not qualify at the time put them on a follow up list. You want to nurture the lead because most people reach a decision after seeing an offer several times. Calling a lead every two weeks to ask if they are ready for a loan IS NOT effective lead nurturing. The goal of lead nurturing is to maintain a relevant and consistent dialog with viable leads -regardless of their timing to buy – until they are sales ready. A key aspect of lead nurturing is the ability to provide valuable education and information to the prospect up front. The best part is that it does not have to be done on the phone and it can be automated. These are all things Reverse Mortgage Originator’s know, but it is the ones doing it that are making the $$. Follow up marketing to people that were interested but were not ready are keys factors to increasing your overall business and the profitability of your marketing. More detailed information here.
