critique my first sales letter

by stevenshack Banned
5 replies
Hi There,
Long time lurker, just registered to post my first sales letter.
I'm a developer focusing on math and machine learning - not a copywriter.

This sales letter is to get interest in a service for debt collections agencies to improve their outgoing collections attempts.

-- About the industry --
The collections (or accounts receivable management if they're trying to sound sophisticated) industry is about as sleazy as you can get. People fail out of used car sales into it. They do not attract the best and brightest,
and their technology/processes are firmly rooted in the 70/80's

My service provides a solution to targeting who to call after the first letter (known as a Dunning letter) goes unanswered. This is where agencies spend the majority of their money. I can see a 30-325% improvement in recoveries, depending on the debt type. The 325% lift came from high volume, low value medical debt.

-- Letter follows --


A letter from the creator of Derisk


My name is Steven Shack, and I created Derisk after
industry veterans told me the solutions available to them
weren't effective. They had plenty of accounts, but even using
the tools currently available they couldn't effectively target the
ones that paid. This might be you too.


But perhaps I should step back for a moment and explain <i>why</i>
I was being told about this. I have spent the last 14 years of my career
building high performance data driven applications in racing,
military security and quantitative finance. Before marketing
terms like "big data" and "analytics" became en vogue.


The future is already here -- it's just not very evenly distributed.
-- William Gibson


During that time I built systems on the cutting edge of research.
Ones that learnt as conditions changed or new data came in, systems
that add real value to business. The sort of tools and techniques
you'll start hearing about in the press in a few years time.


From that background, I built Derisk to solve a single, highly
focused problem: Identify who is most likely to pay.
I based my work on modern statistical and computer science based
techniques. Techniques that have only been commercially viable in
the last few years.


Derisk takes anonymized data about an account like age, sex, balance,
location, and combines it with additional open and proprietary datasets
to make up an enriched account. This is quite normal, many collections
agencies do this in house using skip tracing and credit bureau scores.


Here we deviate from the exiting tools. Instead of relying on
statistical techniques that were cutting edge int he 80's
and 90's, Derisk takes approaches from the cutting edge of research.
Derisk uses techniques from Machine Learning which let Derisk
learn not simply what variables affect payment, but how those variables
affect each other, in nuanced ways to affect payment.


Derisk doesn't simply learn people in a certain age group pay X% of
the time, it learns mid-20's females, with urban lifestyles, pay less
frequently than the equivalent men. This is not something a
person can do reliably and traditional statistical tools and services
miss the nuance entirely.


How do I know it works? The same way we know Asprin works - science.
With each customer I start with a free mini-clinical trial, where
we test and measure exactly how Derisk improves their business. So I've done exactly that, Depending on the type of debt the results
are a lift from 30-325%.



Tools can actually impact the way we think. Derisk lets you separate
your flow of accounts so you can focus your planing at a higher level.
If you'd like to see a lift in your recoveries and start working at
higher level contact me and we'll get started right away.

Sincerely
Steven Shack
Creator of Derisk
#critique #letter #sales
  • Profile picture of the author Mark Pescetti
    So...

    You essentially created an algorithm that takes a huge database of people who've allowed their debt go to collections...

    ...and isolate the individuals who are most likely to pay.

    Correct?

    Great.

    The copy you wrote simply doesn't cut it.

    You need to start out with a much, much bigger promise... than qualify it with the science behind your algorithm.

    Compare it to the archaic practices being used.

    Make it clear that even the most inept collector will gain more traction, because of the targeting.

    It's just like marketing, right?

    You can't sell an STD solution to a nun.

    Likewise...

    You can't collect money from people who don't have it, don't care about their credit... and will probably just file Chapter 7 - if they get taken to court.

    Start over.

    Mark
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  • Profile picture of the author jjosephs
    They're gonna thoroughly gut it Steve. But I'll give you some broad strokes:

    One reason people suck at copywriting off the bat is that they're playing by essay/article writing rules, the ones taught in school:

    * Soft, meek little intro. In a sales letter, this is where you shout in their ear with a megaphone (I GET YOUR STRUGGLES AND I'M ABOUT TO ANSWER THEM)

    * Eeeeeeeease gently into their point (if they ever get there). No time to ease into anything.

    * Heavy on talking about YOU or some THING in the 3rd person. Nobody cares about you, or the features of Derisk. They're thinking "How will this make my life easier."

    * Heavy on weasel words and corporate speak. (Eg. "Derisk takes anonymized data about an account like age, sex, balance, location, and combines it with additional open and proprietary datasets to make up an enriched account") YAWN. Technical manual.

    * Soft, meek little conclusion tying everything together. In a sales letter, this is where you put a strong call to action and reiterate how fantastic you're about to make their lives.

    The same writing style that got you an A- in English will get you an F- in sales.

    This goes triply based on your description of your target demographic. These are not patient academics. They're drooling hyenas. Give them their meat.
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    Roll Out "The Cannon"
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  • Profile picture of the author stevenshack
    Banned
    Thanks guys. I'll rewrite the letter and try again.

    You're right about the meekness of the letter.
    In time I hope to pull them more towards modern finance. Giving them
    techniques to think of things beyond just an electronic card file, but actually think and act like we do in modern finance.

    mark: Accurate for the initial product, in time that will change to more sophisticated tools. But I can ignore that future for now.

    > This goes triply based on your description of your target demographic. These are not patient academics. They're drooling hyenas. Give them their meat.

    jjoseph I appreciate this in particular. One of the software vendors (sleaze-bag to the Nth) actually showed up to a meeting with me wearing a hawaiian shirt.

    I do feel sleazy dealing with these people, but they leave so much money on the table it doesn't make sense not to try and take some. For their own benefit of course.

    FWIW: They still haven't discovered split testing.
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  • Profile picture of the author JonesMurray
    Dear stevenshack,

    A well written sales letter can be a powerful and persuasive marketing tool. Whether you're trying to sell a product, a service, or to convince your targets to call back, the first most important objective of your sales letter is to capture attention and prevent the reader from throwing it away.

    If you're about to write a new sales letter or to improve an older one, I think you need to hire a professional writer who can write sales letter which will relate to the content, layout, headlines and visuals of your sales letter.
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  • Profile picture of the author MoRaitman
    Steve, you need to catch the collection agencies interest. Be direct, outrageous and address all the time being wasted and money left on the table. Highlight their biggest challenges in collections and how you can pinpoint the payers. Emphasis your point in bold.
    Time saved is money saved.
    You have 5 seconds to catch their interest before they even read the letter. Capture their attention.
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