Marketing MatterS

Be relevant, not annoying

by david r. peterS, cpa

we love to send emails. A 2015 study by The

Radicati Group estimates that 55 percent of the more than 205 billion emails sent and received each day worldwide are business-related. So the average person receives 122 business-related emails per day! The same study predicts these numbers will grow by 5 percent each year through 2019. That’s a lot of reading.

If you are trying to market a financial services firm, these numbers create an interesting conundrum. Email is an easy and cost-efficient way to reach your customers. In industries where it is sometimes hard for the customer to tell one firm from another, like insurance, financial planning or accounting, an email blast with relevant and insightful information for your clients can help set your firm away from the pack.

But how do you make your email stand out from the other 121 the receiver gets that day? How can you leverage the cost efficiencies of email marketing without getting your message caught in spam folders or instantly deleted? While there are no guaranteed methods for higher returns on your email marketing investment, quantitative research can help us form some guidelines to increase our chances of success.

senD the riGht aMOUnt

A recent study by the Database Marketing Institute shows that the highest open rate percentage occurs when companies send two emails per month. Sending two emails per month yields an open rate just under 20 percent of the time. However, sending one email per month results in an open rate of only about 12 percent, while adding a third email results in an open rate of 16 percent. Additional emails beyond three generally result in lower and lower open rates. Two emails per month are necessary to remain relevant in clients’ minds, but you start to become annoying if you begin to send additional communication. Therefore, financial services firms should consider prioritizing their email messaging. If clients are the most receptive to two emails only, which two messages are the most important for them to receive?

Make yOUr MessaGe persOnaL

People tend to pay more attention when messages are tailored specifically to them. According to campaignmotor.com, an email with a personalized subject line has a 26 percent higher open rate. Similarly, a 2015 Experian study found that personalizing emails results in six times higher transaction rates. The bottom line is that the more customization you can do with your email messaging, the better. Before blasting a message out to your entire client base, think about which clients would benefit most. Which clients will get the most out of this message? Are there certain clients who should be taken off the distribution list? instrUCt yOUr CLients

Your clients are not mind readers, yet too often we assume they know what we mean. It may sound simplistic, but including a large, clear call to action button at the bottom of an email, rather than just a hyperlink, can improve conversion rates by up to 28 percent, according to campaignmonitor. com. In other words, if your goal is to get people to set an appointment, add a button to your email that actually says “Click here to set an appointment.” Don’t assume your clients implicitly know what you want them to do. They probably don’t.

The key to successful email marketing is discernment and time. Sending out anything and everything to clients will make them less receptive, even if you are sending them quality content. People want simple, personalized, clear messages. Admittedly, this takes effort. However, if you take the time to do this, email can become a key part of your marketing strategy. Your email can be the one the client chooses to read. n

DaViD peters, Cpa, is the strategic relationship manager and financial advisor for Carroll Financial Inc., in Charlotte, N.C. He is also an adjunct professor in accounting, insurance and ethics, a doctoral student in financial planning and sits on the Disclosures Editorial Task Force.

dpeters@carrollfinancial.com connect.vscpa.com/DavidPeters carrollfinancial.com

The information discussed herein is general in nature and provided for informational purposes only. There is no guarantee as to its accuracy or completeness. Nothing in this article constitutes an offer to sell or a solicitation of any offer to buy any type of securities. Registered Representative of and securities offered through Cetera Advisors Network, LLC, Member SIPC/FINRA. Advisory services offered through Carroll Financial Associates, Inc., a Registered Investment Advisor. Carroll Financial and Cetera Advisors Network, LLC are not affiliated.