The Fortune Is In The Followup
The Direct Marketing Association (DMA) indicates that the average ROI for email marketing is over $40/1, meaning when someone spends $1 on email marketing, they can see $40 in sales. Now, this is based on doing email marketing properly and this is VERY important. These numbers are based on effective execution of your email marketing strategy.
So, what makes email marketing so effective? How do we actually know the fortune is in the followup?
If you’ve been with us for any length of time, you have no doubt heard me say (or read in any number of articles) that it takes an average of 7 contacts to close a sale. Not long ago, I had an opportunity to sit with someone that was a part of how that number was determined. He was a broker for Merrill Lynch.
Their system, way back in the day, was to cold-call prospects on the phone using the Cole’s Directory. Their method was to make a call, give the pitch, and move on to the next call. They tracked data like mad scientists. The initial protocol was to make one call, make the pitch, and move on. Top sales reps were great 1-call closers. From there, numbers dropped of. Their training was focused on trying to make average closers become masters at the 1-call close.
But a mistake got made. Someone in the data analytics team entered incorrect information and numbers that had already been called got called again. More sales got made.
So they kept the “mistake” in place and ran it through again. The numbers got called again … and again … each time resulting in more sales.
All of a sudden, those average closers were matching sales volume put in by the top 1-call closers. They spent more time on followup but they started closing as many deals.
After about 6/7 calls, they started seeing the sales numbers dropping off.
Merrill Lynch discovered (by “accident”) that the fortune is in the followup.
With email marketing, you actually get to automate that followup process. With TrafficWave, you can automate the process of lead generation and followup for about 60 cents per day. The key is to make sure your followup messages are on point, help the reader solve a problem, and build rapport.
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