5 Ways Email Marketing Can Grow Your Financial Practice
Email marketing is certainly nothing new… but does it still work?
The answer is yes! While there’s no shortage of digital marketing strategies you can use in your business, sometimes the old way is still the best way.
Done correctly, email marketing can help you build trust. It will also help nurture your relationships with both current and prospective clients. It’s so effective because it allows you to reach the right people, with the right message, at the exact right time. Thanks to the power of automation, it’s also one of the most efficient ways to convert leads into clients.
Still not sure this tried-and-true marketing strategy
is right for you? Take a look at these five critical advantages of email marketing for financial advisors.
1. Low Acquisition Costs
With so many financial professionals competing for a limited number of potential clients, customer acquisition costs can quickly get out of hand. Since a new client's potential lifetime value is so high, many companies don’t think twice about pouring money into paid advertising and other marketing strategies.
However, email marketing is an extremely inexpensive way to keep your sales pipeline full. When a potential client opts into your email newsletter or lead magnet, they’re already pre-qualified as having an interest in your offer. By continuing to send valuable information, you’re able to build trust and strengthen the relationship. This increases the likelihood of converting these prospects into paid clients.
2. Automated Lead Nurturing
Once a prospective client opts into your email list, they’ve opened the door for you to begin developing a relationship with them. Financial products aren’t impulsive investments, so you can expect that it will take some time to guide them through a fairly extensive sales funnel before they’re ready to make a commitment.
Most of your leads won’t be ready to invest at the time of your initial contact. Using a strategic email marketing campaign will help you stay top-of-mind. It will also allow you to continue positioning yourself as a trusted expert in your field. This increases the chance that they’ll look to you when they’re ready to make a move.
Automated email marketing allows you to efficiently send personalized communications to prospective clients on a regular basis. When combined with a compelling lead magnet, your system will continually fill your sales funnel and guide prospects through it. Best of all, this all happens with minimal intervention on your part.
3. Increased Conversions
Using email marketing to communicate with your clients and prospects directly will result in an increase in revenue. No matter what your customer journey looks like, consistent engagement is critical. Sending regular email communications that are carefully crafted for your various market segments will drastically improve your sales conversions.
4. Client Retention and Loyalty
Most digital marketing focuses on bringing in new clients. However, it’s also critical not to forget about nurturing your relationship with your existing clients. In today’s super-connected world, likely, you’re not the only financial professional who is trying to get your clients’ attention.
Although you may be providing excellent returns, solid planning, and top-notch service, there’s a chance that your clients are not as loyal as you might think.
Since email marketing is one of the most direct communication channels, staying in touch through an automated system can help you competitor-proof your relationships. Even if your clients are only passively using your services, consistently providing value will help ensure you’re the obvious choice when a life event triggers a need for a service you provide.
5. Improved Client Experience
There are many ways email marketing can improve the overall experience with your brand. For example, by segmenting your email marketing list, you’re able to personalize each person’s experience and craft your messaging to cater to their preferences.
Using an email marketing system for your onboarding also allows you to automate your client’s journey. It also ensures they'll receive all the information they need to take full advantage of your services.
By regularly touching base with your clients via email, you’re showing them that you’re accessible and committed to providing proactive service. This will help you start your relationship off on the right foot. It also shows your clients the level of communication they can expect from you and your team.
Get Started with Email Marketing Today!
Email marketing is an effective strategy for financial professionals who want to strengthen their client relationships and grow their book of business. While it’s not difficult to get started with email marketing, a professionally crafted campaign can significantly improve your results.
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