Email newsletters are as effective as ever.
With everyone active on social media and several companies shifting from email to instant messaging platforms for work like Slack, it’s reasonable to ponder upon whether email newsletters are still useful marketing tools for financial advisors.
Not only are email newsletters still useful today, but they’re also one of the most effective channels to reach your prospects.
If you’ve never launched an email marketing campaign before, don’t worry. Today, we’ll discuss the ins and outs of email newsletters to help you get up and running in no time. Read on to learn more.
What Is an Email Newsletter?
Email newsletters are emails that you send to subscribers who have signed up to receive content from you. These email subscribers have signed up because they’re interested in the work you do.
Are Email Newsletters for Financial Advisors Still Effective?
Yes, email newsletters are effective. Done correctly and consistently, they show your prospects that you are a dependable, knowledgeable, and trustworthy professional.
Newsletters are so effective that they even serve their purpose before your prospects open any of your emails. In their inboxes, prospects will see your name and remember that you’re available and ready to help.
With the rise of other digital marketing forms, many businesses abandoned their email newsletters. Although that approach may work for them, they’re missing some of the benefits that only email newsletters can offer. If you aren’t already sending a newsletter for your financial advisory practice, now is the best time to start.
How Can Email Newsletters Help financial advisors?
Sharing Information & Knowledge
Running a newsletter allows your prospects to understand your brand better and the services you offer. Advertisements aren’t enough since they only provide a limited outlook of your services. Comprehensive newsletters show a fuller picture of who you are and what you do.
Advertising & Marketing
Email newsletters are a fantastic way to advertise and promote your services. If you’re running limited time promotions, like Seminars or Client Events, be sure to mention them in your newsletters. These promotions — crafted as part of newsletters — have the power to reel in prospects.
But remember not to go overboard with promotion; later, we’ll discuss tempering your advertising.
Newsletters let you establish yourself as an expert and leader in the financial advisory industry. They maximize your credibility and, additionally, build confidence in yourself.
Like your personal relationships, you’ll need to maintain your relationships with prospects and current clients. If you keep yourself at the top of your clients’ minds, you’re sure to foster a better relationship with them. You can do so by sending newsletters at regular intervals — weekly, monthly, quarterly — it doesn’t matter as long as you’re consistent.
How Do I Set up My Email Newsletter?
Getting Email Leads
The first step to setting up your newsletter is to get subscribers for your mailing list. Doing so may be tricky, but it is necessary. Note that building lists through swindles and unethical practices will tarnish your reputation, so it’s best to avoid these practices.
There are several ways you can build an extensive subscription list with high-quality leads. These include:
- Note that the methods above are only some of the ways you can get started with capturing leads. If you’re creative, you can try out more innovative lead capturing methods.
Allow Leads To Opt-In
Whatever tool or method you use to pique interest, you’ll need to make sure your new contacts have a way to opt-in to your mailing list. It’s good practice to offer something for free in exchange for your prospects’ email addresses. Doing this ensures that your prospects believe you can provide something they need.
As a financial advisor, you may consider:
- Offering an informative — and free — ebook
- Offering a one-time discount or promotion on a financial plan or other deliverable
- Enrolling leads in a raffle with an exciting prize.
Remember, your lead magnet can build the perception of you as an industry expert. It can also help improve a subscriber’s chances of opening your first email, as they’ll be looking forward to the freebie you promised them.
Once people subscribe to your email newsletter, it would be best to run a welcoming series of emails to generate interest. Now is the time to capitalize on the interest from your lead magnet and begin to build relationships.
Studies show that people are more likely to open welcoming emails than any other standard newsletter email. This is because new subscribers expect to receive some welcoming email. Not sending one can drive away potential clients.
A compelling set of welcoming emails consists of two emails.
The first email should welcome new subscribers and give them the freebie you promised them in exchange for them giving you their email address. Furthermore, it should provide an overview of what customers can expect from your emails in the future. Lastly, it’s important to show gratitude and thank subscribers for signing up.
Your second email should have a more direct call-to-action. You may consider inviting subscribers to connect with you on other channels like social media or nudging them to take any other action.
Converting Subscribers Into Clients
The overarching goal of email marketing campaigns is to convert your subscribers into paying clients. But this doesn’t happen overnight. You’ll need to wait some time for your newsletters to build trust and credibility for you.
It takes perseverance to convert someone on your mailing list to a client. But if you’ve crafted your campaign correctly, interested subscribers will contact you for more information on how to avail of your services.
Not sure how to proceed after your welcome series of emails? Try any one of these campaigns:
Repurposing blog or website articles as an email newsletter article
Offering prizes that require customers to get in touch with you
Providing updates on industry news
Whatever campaign you choose to run, remember never to sell your services in emails directly; if you promote too much and offer too little valuable information, your subscribers may move your newsletter out of their inboxes and into their spam folders.
In the next section, we’ll talk more about crafting high-quality email content that your subscribers will want to read.
Crafting Compelling Newsletter Content
Regardless of what type of email campaign you choose to run or whatever your focus will be, your content is the most critical piece of the puzzle.
Compelling content is engaging, relatable, concise, and thoughtful. It shows your subscribers the human side of your financial advisory business, which is vital for building trust with clients. Compelling content also strikes the right balance between providing valuable information and promoting your services.
One of the most significant issues with email newsletters that prevents them from being effective is that they’re often unfocused and cluttered because they touch on every aspect of your business. An effective email newsletter needs a common thread to hold things together.
1. Figure out what kind of newsletter you want to send
One way to help reduce your newsletter’s randomness and bring some focus is by limiting your content to a specific topic. Instead of the newsletter being a catch-all financial newsletter, you may find a niche or subtopics within the industry.
Even if your subscribers willingly and enthusiastically signed up for your emails, there’s no guarantee that they’ll open these emails once you drop them into their inboxes.
2.Get creative with email subject lines
Many marketers try increasing familiarity with their prospects by keeping the subject line the same or similar each time they send out an email. But we all know that bland subject lines get boring very quickly.
A subject line becomes boring when there’s no clear incentive on the subject to click on the email now. A better approach is to try to have a different, engaging, and creative subject line for every newsletter email you send.
It can be tempting to include several calls-to-actions — things you ask your subscribers to do — in one newsletter email. You may think that several calls-to-action may make subscribers act on your many requests; however, the opposite is true. With too many calls-to-action, subscribers may not know which to follow and may end up doing nothing.
3.Pick one main call-to-action
I like to say “A confused mind does nothing.”
To fix this, choose one main thing that you want your subscribers to do per email. You may include other calls-to-action in an email, but don’t give them the same amount of emphasis as your primary call-to-action. Whether it’s to click through to see a blog post or forward the email to friends or family, make sure the call-to-action is simple and actionable.
At all costs, avoid making your newsletters 50% promotional and 50% educational. A more reasonable balance would be 90% educational and 10% promotional.
4.Balance your newsletter content
Remember that your subscribers signed up for your mailing list because they believe you have valuable information to offer. Although it’s all right to promote your service occasionally, please don’t overdo it. Too much promotion encourages your subscribers to tune you out.
If possible, get rid of your self-promotion most of the time in your emails; instead, focus on sending relevant, timely, and valuable information. If you have a big announcement about your service, of course, you can mention it.
Automating Your Newsletter Campaign
Running an email campaign sounds like a lot of work — and it is if you do everything manually. Nowadays, you can automate every aspect of your email newsletter campaigns.
You don’t have to be tech-savvy to build a successful newsletter. Automation software allows you to create a series of emails based on your prospects’ interactions with you and their responses.
Automation software supports your email marketing strategy, from lead generation to conversion. These tools need some initial setting up but run on autopilot once everything’s up and running. From there, all you must worry about is writing the actual content for your newsletters. Some financial advisor-friendly software to use include:
- Newsletter Station
- FMG Suite
Blogging and newsletters
Additionally, if you blog for your website, you can use Mail Chimp to automatically send out your blogs after they have posted to your website. This takes out the hard work and makes your blogging automated.
As a financial advisor, it’s your job to turn prospects into clients. And one tried and true way is to set up email newsletters. With the tips above and a bit of trial and error, you’ll reap the many rewards of the newsletter seeds that you’ve sown. “