19 Tips to Improve Your Email Marketing
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The financial services industry is a relationship business.
Email is a great way to build and cultivate relationships. Thus, you should be taking advantage of email marketing.
The internet has completely transformed the way that the world does business; email is preferred form of communication when dealing with the internet. Email marketing is low-cost, easy to use, and quick. I can reach thousands of people with an email newsletter and get responses within minutes.
The Direct Marketing Association found that email marketing delivers a return of 4,300% - I personally believe this is due to the fact that email marketing is so inexpensive. I like it because it allows you to build a relationship with your audience with content that keeps you top of mind and encourages referrals.
If you do your email marketing correctly, it can be the most powerful marketing channel you use. But how can financial advisors take advantage of email marketing?
You’re probably not emailing enough.
A recent Morningstar study asked how frequently clients prefer to be emailed. This is what they found:
Do you know the best solution? Just ask. Ask your clients how often they would like to be emailed, if at all. If you have an email provider like Aweber, you can segment your clients into different lists. You can have a “weekly” list, a “monthly” list, and so on. This is a small step but it goes a long way with client satisfaction.
Make sure that you add value.
Even if you are sending out weekly emails, they don’t mean much if there’s no value. If you send out a newsletter just for the sake of showing up in an inbox, you will turn your clients off. However, if your clients feel you’re delivering value to them, they will remain loyal to you.
Plan your emails in advance.
I currently use both Aweber and Madmimi, and I love the fact that you can schedule emails in advance. This is great because it allows you to plan out the types of content you want to send out, so when the time comes, you are ready. Email is great because it can be completely automated. It works for you 24/7 if you let it.
I tell my private coaching clients to plan their email marketing at night or on the weekends in order to maximize their productive time. All it takes is a few hours every month to sit down and plan out your emails. You can write up four emails for your weekly clients and one email for your monthly clients, hit the “send later” button and pick your times. It has never been easier or more efficient to stay in touch with clients.
Make your emails personalized.
I definitely don’t mean saying “Hi [FIRST NAME]” at the beginning of every message. This is forced and your clients will see right through it. The name alone doesn’t cut it.
Personalization means segmenting your emails and having different funnels based on your client’s situation and/or financial picture. You can add in content that addresses your client’s big issues – this leads to higher open rates and engagements.
Let’s say that you specialize in serving physicians; you can take all of the physicians in your database and put them into a separate email list. You can take that list and send out content that is relevant and important to physicians. You can do this for almost any occupation – it shows clients that you understand and care about them.
Don’t feel bad about sending other people’s content, either. Just make sure that you give the author credit. It’s much easier than writing your own article from scratch. Your clients will appreciate you sending them a helpful article and be happy that you’re spending your time managing their money, not writing.
For example, if I had a list of clients with kids in college, I would send them an email like this:
Subject Line: Top 10 Money Mistakes College Students Make
Hopefully you’re staying warm. I know that the fall semester is coming to a close, but I wanted to make sure I shared this article with you:
“Top 10 Money Mistakes College Students Make”
If you think this article could help someone you know, feel free to forward it!
John @ XYZ Financial
I get a ton of questions from financial advisors about email marketing every week, and it seems as if I always give the same tips. That’s why I have compiled this little list. Here are my tips for awesome email marketing:
1. Make sure that your list is permission-based. Do not buy a list or just send people your newsletter without permission. I made that mistake in the past, and trust me, it’s not worth it.
2. Be sure to have a lead-capture form on your website. Ideally, you will give something of value in exchange for contact information. This can be a video, a newsletter, a free seminar, or a whitepaper. Right now I’m offering a free eBook – that tends to work pretty well.
3. Segment your lists (yes, it’s that important), so you can send relevant and personal content to them.
4. Include a way for people to unsubscribe in all of your email campaigns. Yes, it sucks when someone unsubscribes, but deal with it. There will always be freeloaders out there who just want your lead magnet.
5. See what other people are doing. Take the time to sign up for some newsletters from your competition. You can draw inspiration from them, and do it better.
6. While you’re studying your competition, start paying attention to ALL of the email you get. Figure out what makes you open some emails and delete others without reading. Do they have any similarities? Use that knowledge to your advantage. For example, short subject lines tend to get opened more than long ones. One of the best emails I’ve ever sent has the subject line “trust” and that’s it.
7. Keep your emails short. As a rule of thumb, the more frequently you are sending emails, the shorter they should be.
8. Make sure every email your client receives is from the same person… you. People respond best to emails written by one person who they can get to know over time.
9. Keep your messages personal and casual. People like to see humanity, not robotic corporate-speak.
10. Do NOT use deceptive subject lines. Make sure that your subject line accurately reflects what’s inside. If you mess this up, you will lower your open rate for future emails. In other words, your subscribers won’t trust you.
11. If you’re sending plain text, include bullet points and lots of white space. Not only are blocks of text difficult to read, it’s darn near impossible on mobile phones with some email platforms. It also helps if you use a larger, bolded font.
12. Pay attention to your metrics. This includes your unsubscribe and open rate. If your unsubscribe rate is more than 1%, you’re probably doing something wrong. If your open rate is 30% or higher, you’re doing great!
13. Point out some common mistakes. Like my college student example from above, people love reading about mistakes and how to avoid them. Nobody wants to be perceived as silly. “Common mistakes” posts are almost always good content for emails.
14. Don’t get too bogged down in the statistics. Yes, knowing an optimal subject line length can help, but no “average” reader exists. Concern yourself with building a real relationship with your clients and staying top-of-mind.
15. Don’t automate your greeting. One time, I accidentally added an email to one of my auto-responder campaigns that started off with “Merry Christmas!” It wasn’t until later that I started getting responses telling me that Christmas had been over for a month. Whoops!
16. Ask questions. This is one of the best ways to create engagement. Don’t you think so?
17. If you’re going to include links, insert a few of them (to the same page, of course). It increases your chances of people actually clicking the link.
18. Have a clear call to action. Tell your subscribers exactly what you want them to do, if anything. Also tell them why it’s in their best interest to follow your direction.
19. Have a P.S. A lot of studies show that people go for the headline and the P.S. first. You might as well include something important, like a link, there.
So there you have it. Those are my tips to help you improve your email marketing campaigns. If you have any questions, feel free to reach out to me! I am here to help.
P.S. If you are a financial advisor who wants more clients, make sure you get The Ultimate Financial Advisor’s Guide to Getting More Clients.