Though an e-newsletter is easy and inexpensive to produce, I hear some advisors say they are disappointed more people don’t open or read their newsletters. According to MailChimp, the average open rate in the financial services industry for a marketing e-mail is about 20 percent. Does this mean an e-newsletter is a waste of time? Here are four reasons why you should continue to send your e-newsletter, even if no one is reading it.
- Build relationships. Use your newsletter as a relationship-building tool by featuring center of influences, nonprofits or clients in your newsletter. The process of writing the article creates a deeper bond between you and the subject. In addition, the person or organization featured in the article will be honored to be highlighted in your newsletter. This can help you maintain existing relationships or nurture new ones. But make sure you speak with your compliance department to ensure you aren’t violating any rules in regards to testimonials, endorsements or privacy policies.
- Use the newsletter as social media content. Posting a link to your newsletter provides you with social media content and exposes a new audience to your newsletter that you may not have in your e-mail database. Many of the e-mail marketing providers out there allow you to set up your account to automatically post the e-newsletter to your various social media sites, making the sharing process even simpler.
- Stay top of mind. Even if your recipients don’t open your e-newsletter, they see your name or your firm’s name every time the e-mail arrives. This keeps your name “top of mind.” It may also remind them that they had been meaning to contact you for one reason or another. The e-newsletter serves as an easy way for your contacts to respond to you and take action on an issue that is important to them right then and there.
- Defensive marketing. If your contacts are only seeing the name of the competition, you can be sure it will be that person’s name that comes to mind when it is time to choose an advisor or make a referral. Will yours? Continuing to send your monthly or quarterly e-newsletter can serve as a defensive maneuver against your competition.
The next time you become frustrated your clients, COIs and prospects aren’t reading your emails, don’t take it personally and just remember having your contacts read your newsletter is not the goal. The goal is to have people contact you for business.
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Kristen Luke is the principal of Wealth Management Marketing, a firm dedicated to providing marketing strategies and support for registered investment advisory firms. Luke works with individual advisors and firms to develop effective marketing plans, and her firm provides the back office support required to implement the strategies. For more information, visit www.wealthmanagementmarketing.net.