Email marketing can be a great way for financial advisers to reach new prospects. In fact, a recent study conducted by MailChimp indicated that 74% of marketers expect their email to produce a positive return on investment. However, to realize this return, you've got to have the right tools. Three affordable email systems can help you kick-start those email marketing campaigns. There are other additional options out there, but these three are a great place to start your search.
1. Great for Beginners: MailChimp
User-friendly
MailChimp is a great place to start if you are new to email marketing. MailChimp offers numerous premade email templates, so new users don't have to bother trying to figure out how to create their own. It also comes with a wizard, like you would see in Microsoft Excel or Access, that guides you step by step through creating your email campaign.
Free version
MailChimp offers a free version of their service. This service includes sign-up forms to help keep track of subscribers, premade email templates and free reports and data insights to track the success of your campaigns. However, we all know there's no such thing as a free lunch. The free version only allows you to have up to 2,000 subscribers and to send up to 12,000 emails a month. This should be plenty for most advisers, but if you want access to more subscribers and the ability to send an unlimited amount of emails, prices will range from $20 to $35 a month depending on the package you choose.
Cons:
Simplicity
MailChimp might be overly simplistic to those who have prior knowledge and experience with email marketing. Because they are premade, many of the templates look the same, even after some customization.
Service
Some MailChimp subscribers complain about the service they receive from the email system provider. Among the issues people describe are a lack of responsiveness to emails, unclear guidelines and an acceptable-use policy that restricts email flexibility and limits the overall effectiveness of their campaigns.
Summary:
MailChimp is a great place to start if you're a smaller firm with a lower budget. It's easy to use and takes the headache out of a lot of campaign planning. However, if you have experience designing email campaigns or plan on rapidly growing your number of subscribers, there are other options that may benefit you more.
2. Great for Customization: Constant Contact
Customizable templates
Constant Contact offers you the ability to create your own email templates from scratch. Constant Contact also gives users the option to select from premade templates.
Free trial
Although Constant Contact does not offer a free version of their service, they do offer a 60-day free trial. Once the trial ends, Constant Contact offers two programs at $20 and $45 per month. This trial gives you plenty of time to learn the program and determine whether you can see it becoming a vital part of your firm's marketing plans.
Cons:
Cost of additional features
Constant Contact offers a relatively inexpensive service, but if you require additional features, the price will rise. For example, the $20 plan only allows you to store five images before you have to upgrade. Constant Contact also charges for a lot of features that many other email marketing services offer for free.
Sign up forms
While the flexibility with the templates is a major perk offered by Constant Contact, the lack of sign-up forms is a drawback. Only one sign-up form is issued per account. This might not seem major, but it does hinder the ability to vary your calls to action and surprise subscribers with something new.
Summary: Having the free trial for two months is a big perk. This trial period lets users acclimate to Constant Contact and decide if it benefits them. It also offers a great deal of customization, but this usually comes at a higher price than other email marketing services.
3. Great for Data Insights: AWeber
Deliverability rate
AWeber has a deliverability rate of 99% or above. This reliability gives you peace of mind that when you send out an e-mail, it's going to get to your subscriber. Whether they open it or not is determined by your ability to create great email content.
Extensive reporting and tracking
AWeber's extensive reporting is a great way for you to key in on specific areas that need to be improved. If open rates are low, maybe your subject lines need work. If no one is clicking on your call to action, maybe the placement needs to be changed. By homing in on individual metrics, AWeber allows you to know what's working and what's not.
Cons:
No social media tracking
While the email marketing itself is tracked thoroughly, social media tracking is not. Also, if recipients want to share your email, they can only do so on Facebook and Twitter. The sharing is very limited compared to most competitors.
No custom email template
With AWeber, you do not have the ability to create your own template from scratch.
Summary: AWeber is a nice option depending on what you hope to gain from your email marketing. This system is relatively inexpensive compared to other competitors, with a free trial for 30 days and basic plans starting at $19 per month. However, if you want to build your social media presence, you are limited.
Michelle Waymire is director of marketing for BPV Advisor Strategies, a company dedicated to helping financial advisers engage, connect and build relationships with their clients. Follow her on Twitter @wayfire.
