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As one of the most popular, cost-effective and highest performing marketing channels currently available, the rise of email marketing is exponential. The statistics outlining email marketing’s success are undeniable. A recent eMarketer study shows that the average ROI of email marketing is 122%. The ROI of email marketing is approximately four times higher than its next closest competitor. There are countless studies that glean the same results; email marketing is performing well and looks to remain the case for years to come.

Email marketing is one of the best marketing methods for a multitude of reasons. It is able to be used in a diverse range of business structures, responding and catering to each company’s specific needs. Financial service firms, for example, require niche marketing as their information, delivery and techniques are substantially different. Here are a number of the reasons why email marketing is invaluable to financial services firms.

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Delivering Straightforward Information

The financial strategy services of any financial services firm are highly personalized and complicated, making them often difficult to convey in a standard post on social media. The limitations on the length of both Twitter and Facebook posts often result in customers gaining less of an understanding of the firm’s offerings.

Email marketing overcomes content limitations because emails can contain far larger amounts of information. This ensures that all necessary information can be provided in a clear and concise manner, avoiding any miscommunication. Features such as these are crucial for financial services firms given the intricacies of their services.

Email marketing allows firms to convey substantial information, thoroughly explain their services and illustrate customer value in a way that compliments customers’ needs, ensuring that this method will be well received by consumers.

Making it Personal

While other methods of marketing are often generalized to be received by an audience, email marketing speaks directly to the consumer in a personalized manner. This reflects the financial services industry in which all customers have unique experiences that the company is expected to respond to. If customers are searching for a firm that will best respond to their own needs, marketing directed specifically at them (via email) will illustrate the personal touch of the entirety of the firm. For many customers, email marketing will be their first point of contact with the firm, therefore it is crucial to highlight the personalization of financial strategies that will be available.

Building your Brand Image

Email marketing offers more autonomy in the structure of your marketing campaign as both the length and form of the messaging can be altered to best suit the needs of your firm. While this allows financial services firms to accurately display all of their essential information, it also allows for more creative marketing using a variety of templates, creative designs and imagery that best reflects the values of the firm.

Options such as ensure that any financial services firm can employ the use of an email marketing campaign in the pursuit of advertising that best reflects their personal brand. Building a marketing strategy in this way ensures that trust within the company can be solidified, helping to build a credible brand image. Naturally, this is a key focus for financial services firms given their responsibility for the profit and loss of significant amounts of money. Therefore, achieving a trustworthy and credible brand image can be easily achieved through a targeted email marketing campaign, leading to vast financial success. 

Diversifying Content

Email marketing differentiates itself from social media marketing for a number of reasons, with such mediums typically limiting the ideas or concepts that may be conveyed to the audience. While this is not a rule per se, the limitations in both creative space and text limits result in messages being broken down to fit neatly within the convoluted requirements. Social media images usually will only have the ability to display one image (feature), while the text underneath is similarly limited.

Email marketing overcomes such limitations with ease allowing a more wide-ranging structure to be employed that is able to touch on each of the unique features of the firm. Similarly, to posts on social media, email marketing allows for a combination of imagery and writing descriptors, however, it allows for an array of ideas. This allows customers to build their knowledge about the form as they are able to link ideas within the topic.

Given the breadth of the services offered at financial services firms, it is crucial that their marketing strategies accurately reflect their abilities. This expands the reach of the content to a larger audience range who may be looking for unique services within the firm. 

Price Conscious

One of the biggest selling points for email marketing is the comparatively low cost, particularly in comparison to other marketing methods. This is mirrored in the consistently high ROIs that remain in place across the market. Such high ROIs can be attributed to the limited resources that are required to run a successful email marketing campaign, as well as programs such as MailChimp that allow for the automation of the process.

The sole expensive aspect of embarking on an email marketing campaign takes place in the initial stages when the purchase of a database is required. While this is a costly embarkment, it plays a key role in allowing companies to expand into new markets, rather than simply using their existing databases which contain information in regards to previous customers.

Data Compilation and Targeting Consumers

Unlike other marketing channels, email marketing provides an expansive amount of data in regard to lead generation. The process allows for the monitoring of who has clicked open the email, how many times and if they have clicked through, allowing companies to identify who is more likely to purchase their services. Data such as this allows financial services firms to design new email marketing campaigns that respond specifically to the people who have a history of interacting with their emails. This helps to further bolster the ROI of email marketing.

Compiling data such as this will further help to divide the audience into segments based on various demographics, needs and responsiveness, allowing the targeting of specific groups. This ensures that email marketing remains personalized to consumers so that they do not continue to receive the same emails, rather they receive content that is specific to them. Again, focusing on this area specifically will help to boost the ROI of email marketing.

The role of email marketing within the marketing world today cannot be overstated with their growing capabilities directly benefiting any firm that employs such a method. For financial services firms who wish to grow their consumer base and grow their market traction, employing email marketing to create personalized and targeted content is the best option.

If your organization is interested in learning more about the power of email marketing or is interested in an integrated marketing strategy, please contact one of our professional consultants today. 

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