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Unbeknownst to many folks, the first email was sent in 1971, though that form of communication didn’t really take off until the mid- to late 1990s.It was the original form of digital marketing and for advisors, email market remains as relevant as ever. That’s true even as social media and other forms of digital marketing expand as the industry attempts to put its technological foot forward in a bid to appeal to younger demographics.
That’s a positive because many baby boomers aren’t spending tons of time on Instagram and the like, but they are email proficient. For advisors, there are considerable advantages when it comes to email marketing. Want to save some money on marketing expenditures? Email checks that box.
Looking for an avenue that’s customizable AND a task that can be farmed to generative artificial intelligence (AI)? Email marketing checks those boxes. Said another way, email is four decades old in popular form, but as an advisor communication tool, it’s as important and relevant as it has ever been.
Email Marketing Has Growth Potential
Yes, email isn’t young in technology terms, but it’s still growing both in the U.S. and around the world. Sure, some of that growth will come by way of folks having a personal and work email address, but that also implies more ways for advisors to connect with clients and prospects.
“For financial professionals, leveraging email marketing can lead to higher engagement rates compared to other platforms, as it’s generally accepted in the digital marketing industry that email provides the best ROI compared to other channels,” notes Nationwide. “And according to Statista, the number of global e-mail users is set to grow to 4.6 billion by 2025, proving that email is here to stay.”
One of the critical elements adept marketers realize is that email is content and content matters. In the wealth management industry, content is an opportunity to make an impression, meaning it should be engaging, clear, concise and well-written. In any form of written communication, including email, advisors must positions themselves as experts while forgoing arrogance.
“Every email should have a clear purpose and give your clients some sort of value. Whether it's downloading a resource, scheduling a consultation, or reading a blog post, make sure your CTA stands out,” adds Nationwide. “You’ll know what type of content is relevant to your clients specifically, but you could share newsletters that contain market updates, financial tips, or educational content.”
Where to Start with Email Marketing
Email is like any other form of marketing in that advisors need to know where to start and for those that are already leveraging it, a refresher could be useful. In terms of important starting points, having the right email platform in place is item number one. From there, it’s essential to build a robust subscriber base, underscoring the importance of engaging content.
After that, setting a tone – hopefully one of expertise and positivity – is important. Stick to that tone. Be consistent.
When it comes to getting folks to sign-up for an email list, that can be tricky, but it’s not impossible. Make sure your website is optimized and that social media is being deployed to facilitate lead gathering. And when it comes to adding leads, give them a reason to join the list.
“A lead magnet is a free resource offered in exchange for a visitor's email address. You can create lead magnets like eBooks, whitepapers, or financial planning checklists that provide valuable information to potential clients,” concludes Nationwide.