4 Steps for Email Marketing for Financial Advisors
- By Reade Milner
- November 10, 2016
Many insurance and financial advisors are surprised to learn that email marketing has the highest ROI of any marketing channel.
Despite its bad rep, and even in the age of social media and content marketing, email still sits atop the ROI rankings.
Since there are so many brokers doing email marketing wrong, we put together this short primer. In it, we’ll be discussing a few reasons why email marketing is still a powerful digital marketing tool and exactly how to use it.
Email has several factors that help it earn such a high ROI. Email works because it is:
You can tailor fit the email depending on who receives it by using shortcodes and automation features.
You can see who opens your emails and who doesn’t, as well as who clicks through to your call to action (CTA) and who doesn’t.
The medium lets you be as “businessy” as possible without pushing the crowds of possible followers away.
Most email software has free versions that are very serviceable and paid versions can cost as little as $10/month. I’ve even seen simple but effective campaigns using nothing more than Gmail.
Follow these 4 simple rules for getting the best ROI from email marketing.
1) Understand your target audience (buyer persona)
Start by asking yourself some questions.
- Who are you trying to reach?
- How old are they?
- What about their job keeps them up at night?
- What are their interests and what turns them off?
Answer these questions to create more interesting email content that prospects can’t ignore. Focus on solving problems they are dealing with.
When you offer value in every email, you’ve got the basis for a winning formula.
2) Keep your list fresh
Your long-term marketing will live or die with the strength of your email list.
According to HubSpot, your email list will decay by about 22% every year. Most of that may be because people simply change their address from time to time.
But how do life insurance brokerage firms ensure that their email lists are strong?
Here are tips on how this could be done:
Monitor email deliverability rates
It’s important to know why emails bounce in the first place.
Next, what do we do about it?
Removing an email from your list after a hard bounce is a given. But what you should also watch out for are soft bounces. These soft bounces are not automatically tracked by email marketing engines.
So be on the lookout for four soft bounces or more. Once you reach this limit, remove the email from the list. It could drag down your deliverability.
Reach out to them to let them know what’s going on and that you’re sending information they aren’t receiving. Sometimes, their spam filters are unknowingly catching those emails.
Remove inactive users
Some emails may not bounce. However, it is possible that the recipient has not opened any of your emails for a long time.
Take note of these emails, but don’t remove them just yet.
See if you can catch their attention using a different approach. What you are currently doing may not be effective for them.
Give different subscription options
Don’t just give your email subscribers the chance to opt out of your email newsletters.
Subscribers don’t always opt out because they don’t like the content. Sometimes they just get too many emails.
Give them options on how frequently they want to receive emails from you. See the example from Leadpages.
You may also ask them what specific topics they’re interested in. This would also help you increase your open and click-through rates.
3) Organize your email list into segments
Every email should be relevant to the recipient. Aim to make a personal impact on each person you send the email to.
You can’t send the same email to a 35-year old father-of-two and to a 60-year-old grandfather and expect the same results. It just won’t affect both of them the same way.
MailChimp, a leading email marketing software, tested email campaigns that were segmented by interest. Notice that clicks increased by almost 90%! That’s a business-changing statistic.
Organize your email list according to your buyer personas so that you can create emails that resonate. This way, each person who receives your email will be able to better relate to what you’re talking about.
If you try to please everyone, you’ll wind up somewhere in the middle, pleasing no one.
4) Finally, create good content
Perhaps this one belongs in the “duhh” column. Regardless, I cannot overstate the importance here. If the quality of your is poor, nothing is going to help.
I recommend creating a daily writing habit to improve your skills. Reading a lot is helpful, too. The more you read quality writing, the more elegant your writing will become.
Note: A good editor is worth his/her weight in gold. In fact, my rule is that you aren’t allowed to do your own editing.
You’re going to miss things. Get a second pair of eyes on your content before it goes out.
Insurance marketing through email can be an effective tactic, especially when done right. If you send the right message to the right person, you’ll get the best ROI possible.
Have you had success with email marketing for your insurance agency? We are eager to hear about what’s worked for you.