Setting up a system for email marketing is vitally important and really is necessary from day one. There are hundreds of email marketing programs available but at IACFB, we highly recommend MailChimp due to it’s ease of use and powerful automation features. Additionally, MailChimp’s affordability is second to none and the company offers a FREE service for up to 2,000 contacts which makes this program even more attractive for those just starting up.
For all factoring brokers, email marketing is the most cost effective method of reaching both prospects for your services as well as building meaningful relationships your list of referral sources. Simply put, email marketing is a powerful tool you need from day one to assist you in engaging your audience. As a factoring broker, we highly recommend you develop an email marketing plan prior to actually opening your doors.
In today’s world, both business and personal, email is an important part of life. In fact, you would likely be hard pressed to come up with a single person you know that does not have an email address. According to statista, there are currently nearly 4 billion email users across the globe and according to Pew Research, in the U.S. alone 92% of Americans use email with a full 61% of those checking and sending emails on any given day. Because of email’s popularity, it gives business owners an exceptional opportunity to reach customers and prospects no matter what their audience looks like. Below are 6 reasons you need to add email marketing to your marketing mix.
Like all consultants, factoring brokers need to find ways get the most “bang for the buck” when it comes to marketing and lead generation and email marketing is one of the most cost-effective digital marketing tools you can utilize. It is the perfect marketing method for any business working with a small budget simply because it is so inexpensive to both start and maintain. Additionally, advances in email marketing programs offer features like segmentation and automation that make it a snap to easily target any particular group of prospects without spending additional employee time and/or money to do so.
One of the most beneficial features of email is the ease of which content can be personalized. For factoring prospects, using the data and business characteristics you’ve gathered from your research, email you can easily deliver more relevant contact based upon the type of business you are targeting which will greatly improve both your “opening” and “click through” rates.
Segmentation is a tactic you can use to greatly increase the personalization of your email campaigns. Segmentation is the process of categorizing your email list into groups based up some common characteristics or demographics. For example, you might segment all service companies your are prospecting by “tagging” them with a services tag, and then take all of the guard services you are prospecting in that services group and additionally tag them as “guard services”. This process is exceptionally easy and allows to to, for example, target all service companies with an email blast on how factoring helps service companies in general or you can break it down further and send out a case study on how factoring helped a security company only to those with a “guard services” tag.
Though many digital marketing processes do not lend themselves to automation, email marketing is not one of them. In fact, setting up automated “workflows” for your email marketing campaigns can greatly improve both their relevancy and effectiveness. For example, it is very easy to set up a “trigger” on a web form that not only provides website visitor with a requested FREE offer, but then also automatically sets up a complete series of automatic follow up emails regarding the downloaded content at times and dates of your choosing. Email automation insures that valuable “hot” prospects never fall through the cracks.
With the number of individuals using mobile phones and devices continuing to climb, the importance of employing marketing solutions that can reach these individuals cannot be ignored. In fact, it’s currently estimated that a full two thirds (2/3rds) of emails are now read on smart phones or tablets so it only makes good marketing sense to employ digital messaging that reaches those devices.
To make sure your marketing content is delivered in a “best to view” format, your email needs to be created with “responsive” design and you should provide the option so viewers can view content with or without visuals. Additionally, images you provide should be small in size so they can load quickly and easily on smart phones and tablets.
Another powerful feature of email marketing is the ease with which you can quickly gauge it’s effectiveness and measure it’s results. That is because all modern email marketing programs provide charts, graphs and metrics that track “opens”, “clicks”, and “responses” every time you send out a campaign. With such metrics and diagnostic features, you can see exactly which prospect opened your email and chart a course for follow up.
Although the goal of most email marketing campaigns is to send the recipient to a landing page where they can opt for an “offer”, you can increase the response rate significantly of your email by making it “interactive” by adding video content, image carousels, etc. Adding interactivity also provides the possibility to engage additional subscribers if you’ve included buttons where a recipient can share your interactive content with others using their social media accounts.
As a factoring broker, you simply must engage email marketing as part of your marketing mix and the sooner the better. Below you will find several additional helpful lessons based up the MailChimp program which we highly recommend using as your email marketing delivery platform.