Direct Mail Marketing for Financial Advisors

November 24, 2020 by Greg

We’ve been led to believe that online marketing is the best option. As a result, many people feel direct mail is an outdated marketing channel. If we focus on email marketing, the facts tell a different story. The average person receives over 120 emails per day, but the open rate ranges from 20-30%. In comparison, people only receive around 16 pieces of direct mail per week and open rates can be as high as 90%. In our digital world, people still appreciate physical marketing materials. When you consider these facts, it’s obvious that direct mail is still a powerful marketing channel.

 

While direct mail marketing is relatively inexpensive, you don’t want to waste resources by sending mail to the wrong people. Like other marketing channels, direct mail requires you to curate your outreach. It’s easy to reach out to existing clients and offer new services or provide important information. Reaching out to prospective clients and bringing in new business requires more work. If you target a specific niche, you can reach out to publications or associations within that niche and work to distribute your materials to their mailing lists. If you haven’t niched down yet, revisit your unconverted prospects. Sending them physical mail is a great way to remind them that you’re here and want to help with their financial goals. 

 

Who you reach out to is important, but so is what you send them. It’s common practice for financial advisors to send things like Christmas or New Year’s cards. You can send cards for major holidays, but make sure they’re not the only direct mail you send out. Clients and prospective clients should receive something from you on a regular basis. Your mailings should stand out and bring value to the recipient. They don’t want to feel like a name on a list so some degree of personalization and warmth is important. Direct mail helps create that appeal by showing that you cared enough to send more than an email.

Direct mail is an excellent low cost way to introduce a new channel into your marketing plan. It’s also reliable, which isn’t always true for online marketing. As with every other marketing channel, the key is to use it correctly and take advantage of its strong points. If you’re ready to create the perfect marketing plan, and grow your business contact us for more information.

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