Knowing the best ways to market your company can be incredibly difficult. Traditional means would have you invest in billboards, commercials, or radio advertisements. But the most effective way to communicate with potential customers today is through email marketing campaigns.
Email marketing is a powerful tool that can exponentially increase the amount of business your mortgage company garners if done correctly.
- Email marketing is a cost-effective tool with a high ROI and a higher response rate compared to traditional marketing strategies.
- Email marketing allows for more personal and engaging communication with clients and has a wider reach.
- Different types of email marketing include welcome emails, newsletters, market updates, customer loyalty initiatives, and announcements for new products or opportunities.
- Effective email marketing strategies include a compelling subject line, a simple body, and a clear call to action.
- It is important to maintain regularity with client emails and to test and see the best timing for sending messages.
Benefits of email marketing
There are many benefits to using email marketing. Let’s take a look at five of the most common advantages:
1. It is cost-effective and has a high ROI.
Email marketing is incredibly cost-effective because you’re able to reach nearly limitless numbers of people without paying much money at all. In addition, unlike traditional marketing methods that require payment not only for the contents but also for printing, you’ll get a much higher ROI (return on investment) because you don’t have to spend a fortune on materials.
2. It has a higher response rate.
Compared to traditional marketing strategies, email marketing has a much higher open rate and response rate. Because traditional marketing types consist of print, broadcast, billboard, and direct mail advertising, it’s impossible to know just how many people have seen the advertisement. There is no way of knowing if anyone opened your letters or read the text within.
With email marketing, every time a message is delivered, the stats are logged. Every time an email is opened, they’re logged again. With email marketing, you can have a better understanding of how effective your messages are.
3. It is more personal and engaging.
With modern email marketing campaigns, messages can be directly addressed to individual users rather than a general audience. This allows for a much more personal touch than traditional marketing provides, even with the ever-popular social media marketing.
4. It can reach more people.
In 2020, there are about 4 billion active email users online today, and 99% of them check their email accounts every day. That’s more than half of the population of the entire planet. No other marketing strategy or method has anywhere near that reach. So, with email marketing, you’re basically guaranteed to reach a responsive audience.
5. It allows for easy campaign tracking.
With email marketing comes a whole slew of advantages, including a set of tools that allow you to see the open rate, deliverability, bounce rate, and much more of the messages you’re sending. You can then extrapolate from this data which users are most interested in your services and create content geared toward that audience.
Using email marketing for your mortgage business
Email marketing comes in many different forms, and it can be tricky to figure out which options are the best for your company to invest in. Here is a list of the topmost successful email marketing types in use today.
- Welcome or introductory emails are especially important in marketing because they introduce clients to the more personal side of your business. In addition, they help you set the foundation for a working relationship with clients and demonstrate your knowledge of your field.
- Newsletters are one of the best email marketing types to use because they educate clients and potential clients about advancements in the company, raising brand awareness in the process. This allows your business to stay at the forefront of your customers’ minds while not overwhelming them with product or service information. Additionally, newsletters are great vessels for any kind of information you need to convey–you can include blogs, discount information, events, advertisements, and much more.
- Market updates are a way you can educate clients about the best times to invest in home purchases and take out mortgages in the first place. By providing them with information on the state of the market, you show them that you care about them as more than clients–especially if you’ve taken the time to consider which market trends are going to be most beneficial to them and emailed them about the results.
- Email reminders about Consultations and Appointments are also an excellent way to touch base with your clients. It lets them know you haven’t forgotten about them. It can contain pertinent information about the meeting like time and location or even information about the topics to be discussed.
- Customer loyalty initiatives allow you the opportunity to entice prospective clients into using your company’s services through offers of discounts, additional benefits, or other incentives to promote more loyalty to the company.
- Announcements for new products or opportunities are another way that companies can inform potential clients about themselves. When a new product or service is added to a company’s roster, they are handed a great opportunity to develop more leads because people love learning about new things.
- Emails about new blog posts can help clients learn more about your company and can help you generate more website traffic by redirecting recipients to your online site.
Best practices for effective email mortgage marketing
There are many ways you can undertake an effective email marketing campaign. Let’s take a minute to look at the best format and strategies for you to follow.
Effective email campaign format
Formatting is incredibly important when it comes to email marketing. The proper format can often make or break the entire campaign. When it’s done right, it will help you increase your open and conversion rates for long-term success.
- The Subject Line is the very first thing any potential client will see. If yours is too long, complex, or confusing, the email may go straight to the trash folder without ever being opened. Take the time to craft a compelling subject line so that people will want to open your message. Remember: make it short, simple, and descriptive.
- The Body of the Email contains the main message you want to convey. With the body, make sure you deliver your message in simple terms–no complex jargon–and break up your paragraphs into smaller sections. Larger sections can deter potential clients from reading your email at all.
- Include a CTA or Call to Action. Once potential clients have all of the information you want to deliver to them, what next? What do they need to do with that knowledge? Tell them! Include a CTA that directs them to contact you, visit your website, or any other action that you want to encourage.
One of the best ways to nurture client relationships and close deals is by putting in place a solid email content strategy.
- First email: In this message, you need to make sure that you win the client’s business. This doesn’t mean you need to sell them a product now. It means you need to sell them on your company. Write a short email with possible steps for them to take and a CTA.
- Follow-up email #1: If a client didn’t respond to your first message, send another with information restating your sales pitch, but don’t be pushy. You can include FAQs and valuable pieces of information to encourage a response.
- Follow-up email #2 & subsequent emails: Once you’ve established an email conversation with a client, don’t leave them hanging. Instead, continue to communicate relevant information to them and maintain the relationship for future business opportunities.
Timing is also important with it comes to emails and increasing open rates. Even though your clients have very different schedules, test and see whether you get better general responses through CRM or Google Analytics at different times of the day or on different days of the week.
Additionally, it’s crucial to maintain some regularity with client emails to hold their attention. Make sure you send your first email to them within a week of the first meeting. Then, send a follow-up email a week later and a third two weeks after that. Once you’ve spaced out the pattern, you can rely on monthly messages to maintain interest.
Email marketing is an excellent strategy for businesses to use. It has a much higher ROI than traditional marketing types can provide, and it’s not difficult to maintain. It allows companies to reach border audiences with less effort and promotes long-term engagement for both clients and the company.
Schedule a FREE strategy call with Good Vibe Squad today for more information on email marketing. Learn more about how our Unfair Advantage™ can help you!