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Across all industries, only about 24% of cold emails ever get opened and even fewer get a response or a click-through to the landing page. That’s why advisors are always looking for ways to streamline and automate the process. Because cold emails can generate leads, but they’re only cost-efficient if you can spend as little time as possible on them. In addition to making them less time-consuming, you should also be looking at ways to beat the odds on open rates and response rates. Start with these four tips for effective marketing with cold emails for financial advisors.
Here are the four best things you can do to improve the results of an automated cold email marketing strategy.
Sometimes leads just end up not being the right fit. But sometimes, you just reach the right lead at the wrong time. If you stop at the first email, you could be abandoning leads too soon. But following up on unanswered emails on an individual basis is too time-consuming for most financial advisors.
That’s where drip marketing comes in. This is a method where advisors create a series of pre-written emails designed to nurture leads and maintain awareness so that your practice is top of mind when that lead is ready to work with a financial advisor.
A 2022 Kitces Report found that drip marketing was the second most efficient marketing tactic used by financial advisors, yet just 20% of firms were using it. Drip campaigns are easy to set up and can fully automated. So once you’ve written the set of emails, set up your schedule, and defined your email list, the campaign will run itself. It can also be done completely for free depending on the tools you use.
MailChimp, for example, is a popular email campaign manager with a free plan that includes up to 1,000 sent emails per month. If your mailing list is less than 1,000, you can easily automate your campaign for free. While not free, Redtail offers a campaign managing platform that’s perfect for advisors who already use the Redtail CRM.
Here are some guidelines for an effective drip campaign:
When you reach the stage of direct emailing the prospective client, you can use Pulse360 to create unique email templates that are easy to customize to each recipient without having to rewrite the same basic information over and over. You can also set up automatic task creation to remind you when it’s time to follow-up again.
When cold emailing, you run the risk of having your email account flagged as spam because spammers are basically using cold emailing tactics to find their targets. So Gmail and other email servers are vigilant about filtering out anything that even vaguely resembles spam.
If your emails get mislabeled as spam, they’ll get automatically filtered and none of your leads will even see them in their inbox, let alone open them. Here are some basic guidelines you can follow to avoid that happening:
If you have 10,000 emails on your list, segment them based on any information you have about them, like age, profession, and interests. Then, write a unique cold email (or series of emails) for each segment. A single cold email template is unlikely to resonate with all 10,000 unless they all fit the same general demographic profile.
The more precisely you can segment your audience, the better you can tailor your cold email template to be relevant to each member of that audience. The more relevant your message is to their specific concerns or goals, the more engagement you’ll get.
Using a template is fine. In fact, most of the content in a cold email can be the same for every recipient. But adding some personal touches not only increases open and response rates but decreases the risk of getting flagged as spam.
In the age of tools like Redtail Campaigns, MailChimp, and Pulse360, it’s easy to automatically pull in personalized details with features like Merge Fields or tags. Some personal details that are easy to include with auto-filled fields include:
For cold emails, you may not have much-personalized data. But every detail helps your message stand out from completely generic cold emails. If your template is sufficiently tailored to a specific target audience, that relevancy paired with one or two personal details can make for a much more engaging email than a generic campaign broadcasted to thousands of people.