| August 19, 2019 | Comments Closed |
Forget Playing the Numbers Game
Baseball is one of my favourite sports. Did you know that for a ball player to have an average season, they need a batting average between .250–.300?
This means that they only need to get a hit three out of every 10 times at bat. Anything greater than this is considered a good season.
A successful player does not need to hit the ball out of the park every time.
This logic also applies to financial services marketing; you only need to have a few good hits on a regular basis to build a thriving business and have a dynamic year.
Here are some typical ratios (contact to an appointment) from different types of marketing activities:
* Direct mail 100:1
* Cold calling 20:1
* Networking with a centre of influence 10:1
* Seminar or event, follow ups 5:1
* Referrals 2:1
* Personal contacts 2:1
* Networking clubs and associations 2:1
Regardless of the marketing strategy that you use, you don’t need a perfect batting average for success. Top financial service professionals aim for a 10 percent average, or just one hit for every 10 at bat.
Whilst there is no magic marketing bullet, the key to achieving consistent and predictable growth each year is to ensure that your marketing plans include a variety of marketing activities. This will produce the right ratio to achieve your growth objectives.
You can stack in the odds in your favour by expanding your professional and personal networks. The majority of them will not become clients, but your connections will deepen, they will remember you, give you ideas and ultimately lead you to others who may be your ideal clients.
Yes, it’s all in the numbers, and the good news is you only need a small percentage to have a great year.
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