With many social media marketing platforms now building strong advertising offerings, it may be tempting to abandon email marketing initiatives and turn your budget toward things like Instagram and LinkedIn sales tools. In the world of financial advice, however, email marketing is still an exceptionally effective tool for remaining top-of-mind for clients and prospects, with marketing emails serving as ever-important touch points along the sales process. This is not to say you, advisors, should put the brakes on experimenting with various forms of social media advertising, it just means to keep email marketing as a powerful tool in your marketing strategy.
Here are 11 email marketing tips to help boost ROI for financial advisors:
Create a permission-based contact list
Also, abide by anti-spam rules. In other words, do not add anyone to your list without their permission, and always include an unsubscribe link in your email campaigns. If you don’t, you could get yourself into some messy quicksand. Not worth it.
Segment your lists.
Do not “spray and pray.” Your audiences are very different and have unique needs. Treat them as such, and only send them content that directly pertains to their specific situation and relation to you.
Pay attention to your subject lines.
They really do make a difference in terms of open rates, and they’re your poor email’s only shot at a first impression. Make it count!
Optimize your send times.
You know your audience best. You know when they’re online and offline. You know when they’re busy or less-so. And if you don’t know, do some testing to figure it out. As a starting point, studies show that the best days to send emails are (in this order): Tuesday, Thursday, and Wednesday, and the best times are late morning or after the workday is over.
Utilize an email service provider.
Check out companies like MailChimp and Constant Contact. They make email marketing easy with a user-friendly “wizard”-type process and a much more professional, HTML look than an Outlook or Gmail mass email.
Appeal to your audiences through your writing.
Give them the content they want and need. While “fluff” serves a purpose, it won’t give you the ROI for which you’re looking. Include images and colors (just enough to make it not boring… don’t overcrowd), and remember the hit all of our attention spans have taken recently. Short and sweet is the name of the game. If it so much as looks like a lot of text, people will simply move on to their next email.
Call people out.
Having a tough time coming up with ideas for content? People love lists of mistakes. Why? Because they want/need to know how to avoid ending up on this list. For example, “5 Common Mistakes Clients Make When Working with a Financial Advisor.”
Make sure to have a clear call-to-action.
Not three, not two, but one. What is the next step for the reader to get more information? Make this obvious and eye-catching so it doesn’t get buried.
Subscribe to your competitors’ email newsletters.
Nothing wrong with a little competitor research. This is a great way to not only see what they are doing, but to do it better yourself. To be honest, most of the time this is not hard to do, and it will help you learn about your competitive edges.
Read your send reports.
If you use an email service provider like MailChimp, you’ll get a lot of pretty reports showing you all sorts of metrics. These can actually tell you any number of useful things. Figure out who is and is not opening your emails and why. Take a look at who is unsubscribing and why. And then put a plan in action to fix it.
Leverage your email marketing content.
Post your biggest takeaways on your social media profiles, encouraging your followers to subscribe to have more information delivered straight to their inbox.
Develop a content calendar to hold yourself accountable. Email marketing requires, relatively speaking, a small amount of effort, but can come up big when it comes to staying relevant and hitting your various audiences with a call-to-action.