4 Ways to Build an Effective Email Marketing System

Use an email service provider, segment your lists, determine the frequency of your communication and use reporting tools strategically.

Email marketing is an effective way of marketing your business and keeping your name and brand in front of customers and prospects. It is the most effective way to reach hundreds, even thousands, of people with the click of a mouse. Email is also one of the best ways to reach a targeted audience with your message.

According to Entrepreneur magazine, email is also 40 times better than Facebook and Twitter because it is the best way to “give” your message to your audience. It puts you, your company and your message right where people are all day long — their inboxes.

Here are four ways to make the most of these email attributes and build an effective marketing system:

1. Use an email service provider. If you are going to market your business through email, it is imperative that you use an email service provider. There are several on the market, but a few of the common ones are Constant Contact, MailChimp and E-Relationship. A reputable email service provider helps clients meet the guidelines of the Federal Trade Commission’s CAN-SPAM Act, including the important opt-out provision of the rule. A violation of this act can result in a hefty fine, so, please employ the services of an email service provider. This provider can also get past SPAM filters so that your email messages are delivered in your recipient’s inbox and not in their junk folder.

2. Segment your lists. All lists are not created equal. The lists that you include in your email marketing system should be segmented by existing clients, prospects and networking contacts.

This allows you to communicate the right message to the right list. Concentrate on growing your list and keeping it fresh. Remove the names of people who are not opening your email messages. You can use multiple methods to grow your list, including your website, your newsletter, fishbowl drawings and networking associates.

3. Determine the number of times to communicate with the people on your list. A general rule of thumb is to communicate once a month via a newsletter and then the occasional email with a holiday greeting or a special announcement. Finding the right balance is key. Most financial professionals are concerned about over-communicating, but I find that most don’t communicate enough. Find the right balance and test it out on your audience. Gauge your audience’s response to know what’s right for them. For instance, with my email service provider, when people unsubscribe they can leave a comment on why they are unsubscribing. Pay attention to those comments and adjust your communication strategy accordingly.

4. Use reporting tools strategically. Pay attention to the email reports that are generated by your email service provider. The typical report displays who opened your email message and the date and time that they did. It also shows if they forwarded the email message, clicked on any links or shared the message on social media. You can also use the Bounce Report to keep your list clean. If used wisely, the reporting tools tell you exactly how effective you are in communicating with your audience. The reporting feature of an email service provider is gold!

Email marketing is another way to show up to remind your clients, prospects and networking associates that you are available to help them with their financial needs. I’m often surprised how, when I send an email message, I immediately get an appointment for business, a referral or a request for a speaking engagement. Put some time into your email marketing system and you will notice that the effort will pay off exponentially. But always stay compliant and let your compliance officer preview your email messages before hitting the “send” button.

10. Owner: NAIFA Service Corp, 2901 Telestar Court, Falls Church, VA 220421205. CEO: Kevin M. Mayeux, CAE; President, Paul Dougherty; Secretary: Jill Judd; Treasurer, Matthew S. Tassey

11. Known Bondholders, Mortgagees and Other Security Holders Owning or Holding 1 Percent or More of Total Amount of Bonds Mortgages, or Other Securities: None

12. Tax Status: The purpose, function and nonprofit status of this organization and the exempt status for federal income tax purposes has not changed during the preceding 12 months.

13. Extent and Nature of Circulation:

By Marvin Feldman, CLU, ChFC, RFC

Relevance

Your help as you guide your clients through the decision-making progress will ensure your relevance, even as robo-advisors and online sales proliferate.

Are you relevant? Are you needed by clients and prospects to achieve their financial goals? Not if you listen to the White House and the Department of Labor. They think today’s consumers would be better off without us and by using robo-advisors and online resources.

But here is the reality of what consumers think. According to the 2016 Life Happens/LIMRA Barometer Study, the majority of people prefer to purchase life insurance in person, typically so that they can ask questions and get immediate answers. About one in five prefer to apply online, mostly because this approach gives them the ability to research and comparison shop in their own time and at their own pace, without facing any pressure to buy. What the online buyers don’t get are the years of experience agents have in answering their questions that will help guide their decision-making process to the most appropriate decision.

A case in point

Let me give you an example. The prospect visits a doctor, and the doctor says to him, “All things considered, you are in pretty good shape for your age.” What the prospect hears is that he is in pretty good shape. He then goes online and gets a quote for preferred plus life insurance. But after he applies for the policy, completes all the paperwork and submits the medical information, he is issued a policy that is not at preferred plus, but at standard nonsmoker.

Now he is upset that the issued policy does not match his original quote. Ever been in this situation with a client? He doesn’t accept the policy because no one told him what the doctor really meant. The prospect is not preferred or preferred plus, but compared to other people similar to him, he is OK. Of course, the other people similar to him are a little under tall for their weight, have elevated blood pressure and cholesterol levels and might even be pre-diabetic. He is lucky to get standard nonsmoker rates. If he were using an agent, the agent could have walked him through the process of applying for the policy and made him aware that he might not qualify for the best ultimate rate.

In which scenario is this person more likely to understand what he is buying, how it fits his situation, how it solves his insurance problem and how it is offering him a reasonably priced solution? Instead of being mad, he will understand the situation and will be satisfied with the advice and policy he received.

Will you be relevant?

This is what you do for your clients. Robo-advisors do not allow for the nuances of a doctor’s statement. You do. Will robo-advisors and online sales work? Of course they will. But they lack the human touch and the understanding that is needed to guide prospects through the decision-making process. Are you relevant? Yes. Do the regulators and legislators understand this? I’m not sure they do. The new DOL regulation may adversely affect the number of agents and advisors in the business and make it more difficult for you to service your clients and prospects.

Will you survive and adapt to the new environment? Yes, you will, and the opportunities to work with the consumers will continue to be there. The population will continue to grow, and the needs of the consumer will be there. The method of reaching, educating and motivating them may be different in the future, but the human element will still be needed.

Yes, you will be relevant.