Bob Bly is keeping me up at night

or The 90 / 90 rule revealed

Last week I received a newsletter from famed writer and marketer Bob Bly that was fairly interesting when I read it.

Then I apparently dreamt about it and woke up at 3 am with a big aha!

The specific point that got my attention was his 90 / 90 rule, which he claims is a rule of thumb among internet marketers. (Sorry I can’t point you to a link—the article does not seem to be on his website or blog.)

According to Bly, “90% of the people who opt into your e-list who are going to buy something from you do so within 90 days.”

On first reading, I filed this in my gray matter under “nice to know.”

But wait! This suggests a marketing corollary: Only 10% of those who have been on your list for 90 days but have never purchased will EVER buy from you.

Common wisdom of the internet is that you have to “touch” a prospect multiple times to create a buying relationship. The exact number cited varies, but it’s usually around seven or eight. (I seem to remember that this observation stems from authentic research, but at this point, tracking down the original source does not tempt me.)

When I read this advice online, I don’t see accompanying advice that contacts can grow stale and must be cultivated in such a way as to yield results quickly.

But assuming Bly is right, it means you have to pursue new contacts aggressively to establish enough touches within three months before they grow cold and highly unlikely to convert.

To be perfectly honest, my advice to do prospecting with individual phone calls may run into trouble here because this guideline implies that prospects must be contacted almost weekly.

This may not be advisable or even practical if you are mounting a phone-only campaign. That’s a lot of phone calls over a short time period.

We have to remember that Bly’s prospects have requested to be on his list. However, for cold-callers, weekly may well be too intense for people who haven’t answered your calls or otherwise reached out to you.

It also depends on what you offer. If you perform freelance or consulting services and contact people who have not indicated that they have an upcoming project, it’s more about keeping in touch—perhaps even for years—until they have a need rather than writing them off as hopeless after 90 days.

This rule of thumb tends to support the establishment of an ezine or other mass technique that feels right for contacting people frequently. Give a list information of interest in a format that can be repeated inexpensively is an effort that yields the required number of touches. Even better, this marketing technique feels to the recipient like a good form of persistence rather than like strident nagging.

If you are new to freelancing and consulting—and may even be looking for assignments only temporarily until you land a full-time job—an ezine newsletter or similar recurring publicity tool may not be for you. There’s no point in launching something that depends on stick-to-it-tiveness to build a relationship if you probably won’t stick to it.

Still, Bly’s guideline is a valuable consideration in developing marketing plans and will help shape my thinking.

Advertisements

3 responses to “Bob Bly is keeping me up at night

  1. I recently heard Mr. Bly say that (I think it was during and interview with Ken McCarthy for the System Seminar pre-event sessions). To be frank, that completely shocked me, even though it’s not at all surprising if you think about it.

    Another great marketing mind, the late Gary Halbert suggested that when someone reads a marketing message, specifically direct mail, their liklelihood of buying decreases incrementally EVERY DAY.

    You have to “get” the client/customer as soon as possible. The longer the wait, the more they “cool off.” And we want red-hot prospects.

    Thanks for sharing this very helpful post.

  2. Remember, many people sign up for newsletters to win a contest, continue reading, etc. I signed up for your newsletter because you are a good writer, give excellent and correct information, plus I like the “Stand Up 8 Times” quote.

    By the way, I was taught in sales/marketing meetings years ago that people need exposure to an ad or presentation 7 times to remember it. I was told by sales managers to “close the sale asap with any method” when I did hard-ball commission sales.

  3. Pingback: uberVU - social comments

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s