Telemarketing - Financial Services Marketing

According to the 2004 DMA survey cited earlier, 21.5 percent of financial marketers used telemarketing in 2003. That percentage will decrease because of the passage of the “do not call” registry that went into effect in October 2003 (see discussion of regulations, below). Nevertheless, telemarketing will continue to

A typical mailing package: personalized letter, brochure, “lift” note and outer envelope. The outer envelope is the most important element.

There are several reasons why telemarketing continues to be a valuable tool to the marketer:

Speed of set-up. Setting up a telemarketing program can be done much more quickly than most other types of programs. If you need to act quickly—because you have a limited-time offer, as with an initial public offering, or a need to beat a competitor who has launched an ad campaign—telemarketing, along with e-mail, is the way to go.

Response is immediate. As with an e-mail campaign, you can know within hours whether your promotion is working. If you are testing a new offer, call list, or sales script, telemarketing will give you quick results so that you can make necessary changes or scrap the program if it does not appear to be profitable.

Contact is personal and interactive. Like direct sales, telemarketing allows you to modify your pitch as you’re making it, in response to questions and objections from the prospect. If your telemarketing staff is working from a script, you probably don’t want them making impromptu changes, especially when regulatory compliance issues are involved. But as you observe their calls, you can quickly make changes in the script to reflect new objections or misunderstanding of the offer.

Lists can be easily updated. Too often, telemarketers fail to use the opportunity to build and clean their prospect and customer lists. Especially in business-to-business situations, telesales calls can serve double-duty as both a sales introduction and a determination of the name and title of the decision maker.

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