With the rise of digital marketing tactics, many people think that direct mail marketing is on its way to extinction. However, that is false. We sat down with Jennifer Bova, Marketing Advisor at Plum Marketing for an interview. She gave us inside information into the tips, tricks, and trends of direct marketing for financial advisors post-COVID-19.
The financial industry is always changing, and due to COVID-19, it’s changing more than ever. Even though things are rapidly evolving, Financial Advisors still need to be marketing themselves and generating leads for seminars. A beneficial tactic to keep yourself in the same is direct mail marketing.
Direct Mail Marketing
Direct mail marketing is when a business sells products or services directly to the public, by mail order or telephone selling, rather than through retailers. Additionally, it is highly effective; it is cost-efficient, extremely individualized to your target audience, and very flexible. It has been able to remain relevant due to the high response rate generated. In the bar chart below, you can see that direct mail holds a 5.3% response rate from a house list and 2.9% response from a prospect list.
Direct Marketing Trends for Financial Planners Post COVID-19
Now more than ever is the best time to be implementing direct mail marketing into your business strategy. Research gathered by Plum Marketing shows that the effects of COVID-19 have caused a spike in the amount of direct mail that is being sent to consumers. Along with increased direct mail sent out, advisors are offering more seminar dates and times for potential leads. Virtual seminars are also becoming the norm. More advisors are attending training courses to understand how to use virtual platforms for seminar events. Plum Marketing Advisor, Jennifer, is starting to see some advisors tapping into new locations. The reason financial advisors can expand right now is because they do not have to travel as much. Also, their new leads are typically of higher quality and more serious about getting help than before.
Recommendations for Direct Mail Marketing Use
Jennifer gave us a few recommendations that advisors can use instead of hosting their large seminars. She suggests that advisors offer a variety of dates and times for leads to choose. Holding virtual events or even posting a recorded seminar on your website will significantly benefit you. Ecard marketing, the sending of a card virtually, is an excellent tactic to use; the only thing is that you have to be comfortable calling leads. Setting up a one-on-one meeting with a potential client at their home, office, or virtually is recommended. Other advisors have even seen success by doing this. If you are holding in-person seminars, you should be supplying facemasks and offering limited seating.
The most important thing that advisors can be doing right now is to remain consistent. Financial Advisors should be continuing to market themselves, not pulling back. Use this time to plan so you can start back up again in August/September in full force.
Direct mail marketing is still essential when attracting prospective clients. The financial world has not stopped because of COVID-19, and neither can you. Continue to conduct business and look for different methods that work for you and clients.
If you are ready to get started in the world of direct mail marketing, contact Sarah Brown at [email protected] today!
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