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Even though it's simple to proclaim that email marketing is the king of marketing, it's crucial to comprehend why, particularly for businesses that need a very direct and distinctive marketing delivery. Financial services companies need marketing like no other industry because the information, the way it is delivered, and the strategies used differ greatly. Here are seven benefits of email marketing for your financial services company and how it might enhance your marketing initiatives.
INFORM CONSUMERS
You can give your customers information in a brand-new way by using email marketing. Financial services companies can provide a lot more information in an email than they might over the course of weeks of social media posts.
Customers will find it difficult to comprehend the value and characteristics of a financial services company's financial planning services, which can be a highly individualized and complex issue, in a brief 280-character long Twitter message or a Facebook post where only a brief preview is presented. On the other side, email marketing enables financial services companies to provide customers with more information, clarify their services, and highlight the value of their business.
PERSONALIZATION
Nothing compares to receiving marketing that lacks the personalization you would expect from someone who took the time and effort to create it. Since no two consumers are ever in the same situation, as those in the financial services sector are aware, it is the responsibility of the business to reflect this at every touchpoint. Businesses must make sure that all their marketing strategies show a personal touch, reassuring customers that their services will be tailored to their specific requirements.
BETTER WAY TO COMMUNICATE BRANDING
Due to the length that email marketing can be and the form it's delivered in, the sky is the limit when it comes to expressing your creativity in an email marketing campaign. For this reason, your financial services brand can use templates, creative designs, and imagery that you would not otherwise be able to communicate through social media posts or press releases.
Through a powerful email marketing campaign, financial services firms can easily sculpt their branding more effectively and convey an image to the customer that reflects their core values better. Therefore, developing that trust and credible brand image is important and made easier through email marketing.
CAN CONTAIN MULTIPLE IDEAS
Many social media platforms only support one thought or idea. This reduces a company's capacity to communicate several ideas clearly and individually by limiting both creative space and language. For example, in a social media post, a single image may practically only clearly illustrate one notion, whereas the words may be able to cover two issues. The viewer is frequently confused by this mash-up.
In contrast, the design components of an email marketing campaign allow concepts to be segmented and enhanced with visual components in each distinct area. Links can be placed at the end of each section, allowing customers to easily match the link up with the topic and learn more about the issue.
LOW COST
Email marketing is extremely low cost, which is one of the main reasons why ROIs remain continuously high. The resources required to run a successful email marketing campaign are very low, with services such as MailChimp that automate the process.
The only time an email marketing campaign is pricey is when you must buy a database. As a result, email marketing campaigns are typically created using contacts that the business has already gathered, most of whom are past clients. Buying a database might be the best line of action for businesses trying to expand into new areas or obtain email marketing data they do not have, but it can be expensive.
LEAD GENERATION
Email marketing often provides more data than most other marketing channels. Therefore, it can be an extremely effective lead generation process. By monitoring who has clicked open the email and how many times they have clicked through, companies can identify who is more likely to purchase their services and potentially create a new email marketing campaign specifically for those people who have interacted with previous emails.
It's these very statistics that bolster the average ROI of email marketing. Financial services firms looking to develop their lead pipeline further and feed their sales pipeline need not look further than email marketing.
SEGMENTATION
Finally, segmentation enables businesses to offer distinctive and client-relevant marketing content. Every customer is unique; thus email marketing should take that into account when targeting them. As a result, customers will believe that the services and goods being given to them are relevant, increasing the ROI of email marketing. If you employ generic email marketing, you can find yourself promoting things to customers who have previously bought them. Your clientele may feel that you have not taken the extra effort to give them relevant and original information, which can have disastrous implications.
Email marketing is one of the biggest powerhouses in the marketing world today, with capabilities that allow businesses to send more targeted and personalized content growing by the day. If your business needs advice regarding your marketing strategy or a consultation, get in contact with our marketing team today.
