In a relationship business, it is so important to stay in touch with clients, strategic alliances and prospects on a consistent basis. Email is still one of the most effective tools to help do this - specifically e-newsletters.
Here are ten tips to be successful sending out e-newsletters:
1. Leverage Outside Technology
Several services help provide canned content, but advisory firms should look at dedicating resources to create their own customized content.
Constant Contact is one vendor that helps small business market like Fortune 500 companies by providing robust e-mail capabilities, templates, list management, detailed reporting and more.
Marc Freedman, president & CEO of Freedman Financial Associates, Inc. (associated with LPL Financial) says, "E-mail is great to reach a large group of people at a low price. Our e-newsletters are designed to drive people to my Web site. The Constant Contact cost is minimal and the time isn't enormous."
Freedman shared that taking advantage of e-mails actually saved his firm a lot of money. Originally they sent out a quarterly newsletter that was more time consuming, more expensive, because of postage and printing, and less environmentally friendly.
2. Build Lists
It starts with capturing e-mails for all the groups that you want to e-mail. For clients, capture information during the onboarding stage or send out an annual survey requesting the information. Also, have e-newsletter sign-up feature on your Web site and Facebook page. (See byrnesconsulting.com for an example of this.)
As you grow your contacts, it makes sense to have multiple lists, allowing e-newsletters to be customized to the specific audience (e.g. clients, prospects, strategic alliances, media, etc.)
Freedman Financial Associates was able to expand it newsletter to include a lot more prospects when they transitioned from paper to e-mail. If you are still using paper mailings, way them against this electronic benefit.
3. Have A Strong Design
Use appealing templates, utilize white space, have a consistent font that is not too small, show your logo and possibly head shot, stick with your standard colors, and use images to help capture the recipients' attention, while also helping deliver your message.
With a service like Constant Contact, you do not have to be a designer or programmer. They make it simple to do.
4. Be Brief
Revisit the urge to send lots of content. If your e-newsletter format is large blocks of text, it won't be read. Hardly anyone has time to read all their e-mails these days. Acknowledge that is it very competitive to hold your mailing recipients' attention. Make e-mails easy to scan and tease the recipient to want to click to read the full message located on your Web site or another site.
5. Stand Out
Besides the "from" field, the subject line is the biggest factor determining if an e-mail will be read. Make it catchy, intriguing and/or impactful as you can without being hokey. Avoid using all caps (the electronic version of screaming) and keep the words short and to the point.
Freedman agreed, saying, "The subject line is the key driver determining if they open it or not."
6. Track Results
With reporting Constant Contact provides, e-mail marketing can be a science. Know who is opening e-mails and even watch what time of day delivers higher open rates. Promote links in each e-mail and review the clickthrough rates. Know what messaging works so you can be more successful with each e-mail.
7. Stay Compliant
Save all e-mails and adhere to CAN-SPAM rules. One requirement is that e-mail senders allow recipients to unsubscribe. Constant Contact provides the language you need and provides reports when e-mails become unsubscribed, blocked, bounced or designated as SPAM.
8. Dedicate Time To It
Consistency is something that will pay off in the long run. If you continuously drip on a prospect in an impressive way, you will be top of mind when they decide they need your services.
Lisa Drown, director of first impressions (the unique title says it all) at Freedman Financial Associates, has the role of getting the e-newsletter out the door each week, one version for clients and another for everyone else, and she acknowledges it is well received. "Every Friday we get some response from some recipient," said Drown. "They mention they want more info or that they forwarded it to a friend."
When it comes to the time commitment, Drown says, "It's a four to five-hour process. It took me more time to develop (the printed) quarterly newsletter."
9. Benefit From Viral Marketing
Unlike a paper mailing, it is easy for clients and strategic alliances to share e-mails with others. Thus, e-mail can be a useful tool in generating more referrals.
Freedman Financial Associates wanted to get more exposure from some great press the firm had received and found e-mail as a useful tool to do just that. Freedman boasts, "There have been multiple instances where the e-newsletter has resulted in referrals and speaking engagements."
10. Don't Bore Them
Surprising to some, the financial services world is not the most exciting thing for most people outside of the industry. Advisors do not have to drown their mailing lists with boring or confusing information about the industry. Instead they need to build and strengthen relationship.
By using a firm like Constant Contact, it is easy to have some trial and error communications. If a topic is or is not popular, the next time you will have a better idea of what to send out.
Drown mentioned, "Most of the stories (we send out) are watercooler conversations." She explained an article about Coin Star not taking a fee for coins if you opt for a gift card, was one of the most popular pieces they have sent out. The firm also gives scholarships and they get great feedback on those communications.
It Is A Necessity
To be a successful marketer, a firm has to effectively use e-mail in today. Not so sure about starting your own e-newsletter? Play around with Constant Contact's free trial.
Mike Byrnes founded Byrnes Consulting to provide consulting services to help advisors become even more successful. His expertise is in business planning, marketing strategy, business development, client service and management effectiveness, along with several other areas. Read more at www.byrnesconsulting.com or by typing in his last name in the search field on fa-mag.com.