It’s frustrating to see articles predicting the “end of email marketing” or “‘the new email killer.” Cheap tricks to get peoples interest going. But what is important to remember about all these articles is that they do have a valid point. The reason social media was so exciting for businesses is that they all had lost the attention of their audience through email. Not because the email medium was “dying” but because the old school “spray-n-pray” approach to email was simply ineffective. So it’s not necessarily email that died, rather, bad email marketing died.
With that idea in mind, high quality email marketing is seeing a huge resurgence in 2013 and into 2014. That’s why I’ve put together a quick list of reasons why email marketing works for mortgage brokers.
#1 – Cost Effective & High ROI
It might surprise you to know that email,
when done right, has the highest ROI for your marketing dollars. For
every $1 spent, $44.25 is the average return on email marketing
investment (Experian). Compare that same dollar to other channels too,
it’s the best bang for your buck. For ever dollar spent, keyword ads
have an ROI of $17 and banner ads are ranked at $2 ROI.
#2 – Not a Spray-n-Pray Approach
Traditional marketing approaches you
might be familiar with (or still currently using) are incredibly
ineffective. You know these methods too: taking out ads in phone
directories, real estate guides, local community newspapers, and
billboards. Or even worse: direct mail and door hangers. Direct mail
campaigns get an average of 1-2% response rate! Email marketing
campaigns have an average open rate of 20%-30%. I know where I’d spend
my money.
#3 – Conversational and Engaging
Unlike traditional advertising methods
and even social media, when you send out an email to someone, you’re not
just blanketing a large crowd with a generic message. Email is directly
from you to them, giving them the ability to reply to you and start up a
conversation. Whether this is a simple reconnecting with an old client
or a genuinely interested prospect, email provides a powerful medium to
help you turn advertising into relationships.
[wpx_bannerize random=”1″ numbers=”1″ category=”loan_officer_bottom_ads”]#4 – Metrics and Data
If you’re using a DYI tool or an email service,
you’ll be able to track email campaigns in a much deeper way than you
would with traditional marketing. With each email, you’ll be able to see
open rates, deliverability, bounces, bad email addresses, clicks, and
more. And best of all, this is tied directly to an email address,
meaning that you’ll know when someone is interested in doing business.
#5 – Broad Reach Potential
And if you ever thought for a second that
your clients don’t use email or that they don’t see it if you send it,
you’re wrong. As it turns out, there are 3.2 billion email accounts
today. Pair that with the statistics that 95% of online consumers use
email and 91% of people check their email once a day, it’s safe to say
that if you’re using email correctly, they’re going to see it.
(ExactTarget)
#6 – Top-of-Mind
Lastly, email marketing spammers a no
longer giving the rest of us honest email marketers a bad name. Spam
filters and modified inboxes keep the nonsense out of sight and mind. So
when you send emails that are engaging, interesting, and not
self-promoting, people take notice. Even if they don’t open up every
email you send, there is incredible value of email marketing outside the inbox.
Well-executed email marketing for mortgage professionals
is something that is relatively new simply because over the past few
years, it was easier to keep doing the same old email newsletters or
nothing at all. Today’s consumers are smart. They’re keen to pick up on
bad “marketing” attempts, easily tune out messages they don’t want to
hear, and are heavily active online. Email is just one avenue to reach
these audiences and it really does work, you just need to have the right
approach to stay top-of-mind.
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