The biggest challenge that busy advisors often face is: how do you produce creative and highly responsive emails to generate hot leads? Many advisors' days are taken up with research, investing clients’ money, answering questions, keeping customer service relationships moving and running the day-to-day business needs.
As a financial advisor, RIA, financial planner or insurance agency, the core growth of your practice and revenue depends on a continuous and steady flow of very qualified high net-worth leads – and the ability to convert them into clients. And, while networking and face-to-face educational/sales events may have worked in the past, the world has dramatically changed and many of the past sales practices are quickly becoming antiquated. For us and our clients, creative dedicated emails have become the most effective way of generating a steady flow of highly qualified leads with high client conversion rates.
We have created thousands of email promotions for our own businesses and clients. Below are some proven tips and tricks to do just that! Read on!
When sending promotional emails. You could lose a significant number of your intended audience quickly unless you pique their interest early on in your email. Follow these guidelines to do that:
Pro Tip: Be a little careful about expressing your political point of view, unless you are talking to a known audience who you positively know shares your view.
Pro Tip: A lead magnet is something that they can take away to learn more about your investment philosophy, strategies, you and your firm, like a Whitepaper, PowerPoint Presentation or a Special Report.
Pro Tip: Do not state your call to action too early in the email. A short letter can work very well, but even in cases where the email gets really long, the truth of the matter is that readers will scroll down to look for the offer. By scrolling down they are still skimming the message and are able to get caught up in one section or another. The longer they read the email the more likely a qualified lead will pop into your lap. Quality of writing is much more important than the length of copy.
The quality and quantity of lead generation depends on the types of email lists Advisors use. And the source of those lists matters too. Here are some pro tips to consider when sourcing email lists:
Pro Tip: Why? The reasoning behind it (besides years of our successful testing this approach!) is that, if someone is willing to shell out their own money or actively ask for information about similar services, they are more likely to respond to your email efforts.
Pro Tip: Why? Because, the more recent the names are, the more likely they are to have been searching for information. The older the names are, the lower the probability for a high response. Some list brokers might have large lists, make sure that they clean them up regularly so that only subscribers who signed up are no more than 60-90 days old.
Pro Tip: And don’t forget, each time you remail the list (within a 1-3 month period) ask to omit your previous list usage. This way you will have a clearer understanding as to your emails performance and minimize duplicate responses.
Now that you’ve got the list of your liking, and have your messaging all lined up, it’s time to test what works and what doesn’t!
Testing is a gradual and iterative process: Test an initial sample of your list; if the results are positive, test a broader sample before full rollout. Here are some tips on doing A/B Split Testing successfully:
Pro Tip: Do not split test more than one of these elements at a time. If you do so, you will never fully know what works and what does not.
Pro Tip: The list sample size is an important factor in split testing performance. The bigger the sample size, the more trustworthy the feedback is. However, if you use the “go big or go home” approach, you risk exposing a large portion of your list to messages that aren't yet optimized for best responses – and you don't want that! The benefit of using our split testing method is that it allows you to steadily increase not only the quantity but also the quality of your responses, but also steadily increases the quality of leads that ultimately enter your marketing funnel.
It makes no difference how short or long the email copy is; the quality of the copy is what matters. If the information is both insightful and entertaining, it can go on for pages, but once the pace slows, it's time to direct the reader to the order form. If you want to produce a steady stream of high-quality leads, you must master the art of succinct, entertaining and purposeful messaging.
The tips and tricks discussed above will achieve that for you. In conclusion, remember that targeted lead generation is an ongoing process – not a set-it-and-forget it strategy!
At InvestmentAdvisor.Marketing, we continuously review and update our email marketing tips and techniques.