Are you a financial advisor in the United States looking to reach out to more potential clients and grow your business? If so, you should consider using email marketing to your advantage. With the rise of digital communication and the increasing importance of building relationships with prospects and clients, email marketing has become a critical component of any marketing strategy.
The global financial advisory industry was estimated at USD 85.8 billion in 2022 and is expected to continue growing at an average CAGR of 4.5% between 2023 and 2030. Robust email marketing campaigns can help you leverage this lucrative industry.
Let’s examine exactly what you need to do to maximize your email marketing ROI and stand out from the competition.
Personalize your Emails
People usually delete or mark emails as spam if the content is generic. Personalization is one guaranteed way of increasing email open rates, click-through rates, and conversion rates.
A simple adjustment, such as addressing the recipient by name and tailoring your content to their preferences and interests, will help you establish a strong and deep relationship. The email copy should be dynamic; that is, you should tweak it to match the recipient’s behavior, stage in the sales funnel, and past purchasing history.
For example, you can send a follow-up email to a client who recently opened one of your emails but failed to take action, or you can recommend products, services or content based on their past interactions with your brand.
Segment Your Email List
Segmentation refers to dividing your email list into smaller groups based on specific factors or criteria such as interests, actions, demographics, and behaviors. Segmenting your email list will enable you to create more targeted and relevant content that resonates with your subscribers. This will, in turn, increase conversions and spur engagement.
For financial advisors, here are some golden tips on segmenting their email lists in 2023 and beyond.
- Prospects vs. Clients: You should have email copy for potential clients who are still in the decision-making phase and different content for those who have already chosen to work with you.
- Investors vs. Savers: Tailor your messaging to those who prioritize investing for the future versus those who focus on saving for the present.
- Life stages: Segment your list based on life stages such as retirement, college planning or estate planning. Such grouping will ensure that you consistently deliver content that is relevant to their current needs and desires.
Create Custom Eye-Catching Subject Lines
The average person who uses email for communication receives 121 emails every workday and only sends 40.
It’s impossible to open and read all those emails, and this is one reason why most go unanswered for weeks or are deleted.
Your subject lines are your first impressions and your best bet to standing out in a crowded inbox. Take time to create eye-catching, curiosity-inducing subject lines that pique your subscribers’ interest and entice them to open the email.
Here are three tips on how to craft high-performing subject lines.
- Keep it short and sweet: Aim for subject lines that are 50 characters or less to ensure they display properly on mobile devices.
- Use action-oriented language: Use verbs like “learn,” “discover,” “reserve,” or “join” to spur action.
- Add personalization: Include the subscriber’s name or location to increase open rates.
Every Email Should Be Packed with Valuable Information
Now that you have the attention of the recipient, the next thing you need to do is prove to them that they made the right decision to open the email. Your subscribers’ attention is valuable, so make sure that every email you send provides real value to them. Whether it’s educational content, helpful tips, or exclusive offers, make sure that your subscribers feel like they’re getting something worthwhile from your emails.
One secret to achieving this goal without breaking a sweat is creating a content calendar. The calendar should map out the topics and themes you intend to cover in your email campaigns. Sticking to this calendar will help you send out emails with a healthy mix of inspirational, educational, and promotional content that aligns with the subscribers’ needs and interests.
Optimize Your Emails for Mobile Devices
In 2023, more than 50% of all emails are likely to be opened and read on a mobile device. Because of this, failing to optimize your email for mobile will attract a large number of potential clients to your competitors whose email copy is mobile-friendly.
Optimizing your emails for mobile means that the text and visuals in the email copy should be clearly visible and readable on multiple mobile devices. Apply responsive email design techniques to automatically adapt the copy to different screen sizes.
More importantly, make the copy readable by not using a small font and increase CTA (click-through rate) by strategically placing the call-to-action buttons above the fold.
There are many free and premium tools for previewing email on different devices before sending it out. Check how the different elements are displayed on various devices and make the necessary adjustments to achieve the desired open and engagement rates.
Concisely, a mobile-friendly email design increases engagement rates, lowers unsubscribe rates, and increases overall campaign success.
Test and Refine your Email
Like other forms of digital marketing and SEO, email marketing is a long-term investment in your brand. It’s an ongoing process, and the best way to improve your results is to test and refine your emails over time.
Experiment with different subject lines, layouts, content types, and call-to-action to see what works best for your audience. Use A/B testing to compare different versions of your emails. Use the results to restructure and re-optimize your campaigns to get maximum ROI from every campaign.
Use the best email analytics tools to monitor the performance of your campaigns. Some of the key metrics you should track are;
- Conversion rate
- Click-through rate
- Open rate
- Revenue generated
If you are unsure how to decipher and apply the analytics report to your campaign, be open-minded and seek help from professional digital marketers.
Automate the Campaign to Save Time and Increase Results
Automation is a powerful tool that will save you time, streamline your workflows, and increase your ROI (return on investment). The average ROI for an automated email campaign is $36 for every $1 spent.
Use a reputable automation tool to set up welcome sequences, nurture campaigns, and follow-up sequences. The tool will ensure that you deliver the right content at the right time to your prospects. For example, you can set up triggers to send out emails based on specific actions or events, such as a client’s anniversary of their account opening or birthday.
Earlier, we mentioned the need to personalize your emails to relate with potential clients at a deeper level. Automation will come in handy to save time and personalize your email copy to improve engagement and increase revenue.
Use Social Proof to Build Trust and Credibility
Social proof it a powerful psychological principle that will help build credibility and trust with your subscribers. The proof can be testimonials, case studies or client success stories. Use it to highlight your authority in the industry and expertise by sharing relevant industry statistics and your professional credentials.
Including such content in your email marketing campaign will help establish your finance brand as an authority and foster credibility with your subscribers.
Note that 63% of customers state they are more likely to seek a service from a website that not only has reviews but also customer testimonials and product ratings. This gives them a clearer perspective of the service and confirms that it works before they spend more on it.
Measure and Track Your Results
Not monitoring the results of every email marketing campaign is equivalent to shooting in the dark and expecting to hit the target. There is no shortage of email analytics software you can use to monitor performance based on metrics such as CTR, open rate, conversion rate, and revenue generated.
Compare and contrast the software capabilities to find one that’s affordable and suitable for your brand. One sure way of truly knowing whether the software is ideal for your financial advisory business is by experimenting with the free version. Use the results achieved to decide whether you should upgrade to the premium version.
Final Thoughts
Email marketing is a powerful tool for financial advisors looking to build relationships, generate leads, and achieve their business goals. These ten email marketing hacks will place your brand miles ahead of the competition and enable you to achieve real results without breaking the bank. Use them and consult experts if you are unsure of how to apply any of them in the campaign to get the most results.
Hire a professional copywriter to create compelling copy for your email to get the utmost value for every email you send out. Talk soon!