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In the past I was a great fan of “2 stage promotions” – it’s called “Lead Generation” now. Then we would run small classified ads in the national press and then direct mail the enquiries. Now leads can be generated in all manor of ways and the second stage approach doesn't have to be direct mail. Email and phoning are other options that work well.
Hopefully you can quickly convert enough leads into sales to make the exercise worthwhile. But then what do you do with your unconverted lead?
One mistake many people make is giving up too quickly. With most lead generation options you pay big bucks for your leads and so the cost of making 3, 4 or even 5 extra contacts adds very little to your total marketing cost.
I’ve seen the second, third and fourth approaches produce, in total, the same amount of the sales as the first attempt. Usually well worth the effort.
However, you need to be quick as even hot leads cool pretty quickly.
After three months I used to think that old lists were worthless as test after test produced an even smaller response than mailing a cold list.
When one client had worked his way through all the cold lists we decided to take another look at the old leads. Our solution was to filter these leads by requalifying them with a great inexpensive offer. The 7% response produced a great new list that has worked well over their next three mailings.
So why not take another look at how you use your unconverted leads.