Email marketing is synonymous with the digital world. Whether you’re buying groceries, going to the doctor, or completing a bank transfer, informational and promotional emails are going to hit your inbox. The wealth management field is no exception, and clients and advisors rely on emails to review industry trends, communicate with other professionals, and stay alert to new investment opportunities.

By the end of 2024, experts predict that an average of 361 billion emails will be sent daily. Relevant, targeted email communication can greatly impact your firm’s ability to retain and acquire customers.

To get the most bang for your email marketing buck, it’s important not to become complacent by sending out the same old stale messaging to the same old customer lists. Keeping abreast of some of the most “cutting-edge” tips and tricks in the email trade can keep your content fresh and motivate clients to stay engaged with your business.

Lean Into Automated, Intelligent Email Campaigns

Easily one of the most innovative and transformative email marketing trends is automation. As customers get bombarded with emails, organizations need to become more strategic in the messaging they send out and the timing with which it hits inboxes. As a result, automation and artificial intelligence (AI) in email marketing platforms is a must.

Automation allows you to set up rules and criteria that determine when certain emails go out. For example, having a simple welcome email automatically sent out to recently onboarded clients develops rapport and provides an easy way for customers to contact you with questions.

When it comes to AI, email marketing platforms use the technology to write personalized subject lines and recommend the most effective messaging for each client. Building lists of similar clients, cleaning up duplicate entries, and opting clients out who haven’t responded for a long time are all valuable processes AI can bring to the table.

On the surface, implementing automation and AI can seem threatening to both employees and clients. However, these tools free up advisors’ time for other tasks that only living, breathing humans can accomplish. For customers, data shows that the majority actually trust businesses that use AI for personalization. Clients, particularly those who skew younger, want a customized experience that speaks to their individual needs and expectations.

Speak to Your Subscribers in the Right Way at the Right Time

Although email can seem like an outdated communication method, audiences continue to find it relevant. On average, 21% of emails get opened within the first hour of being sent. This open rate is staggering in light of all the other marketing channels available to companies today.

Because of this fact, segmentation of existing customer databases is key to optimizing email’s effectiveness. Segmenting clients based on behaviors, demographics, and likelihood to purchase continues to get quicker, more intuitive, and shockingly accurate.

Segmentation allows wealth management firms to do the following:

• Personalize messages to specific readerships
• Make customized product and upsell recommendations
• Nurture specific clients through consistent, targeted drip campaigns
• Offer different promotions to different groups
• Temper the amount of emails being sent to the same customer segments so as not to dilute messaging

Segmentation also forces advisors to put themselves in the shoes of their clients. What content is actually meaningful to different customer groups? Are emails being sent out just to fulfill a business concern, or are they offering value to the client? Data insights gathered from customers can help target email messaging and elevate the medium’s potential for firms.

Integrate Email with Your Overall Marketing Efforts

The final trend worthy of mention is a simple one: capturing client email information is critical, and including email campaigns as part of your marketing repertoire should not be overlooked. Although social media marketing is important and firms can lean on it to cultivate relationships with customers, it works best when used in conjunction with email campaigns.

Few channels drive direct, attributable sales more than emails. 60% of surveyed customers claim that they have made purchases specifically because they received a promotional email. This trend holds true for the wealth management sector: clients want one-to-one contact with an advisor that doesn’t mean physically meeting with them regularly. Emails allow RIAs to cultivate that professional intimacy while remaining focused on other operations that continue to grow the business.

At Docupace, your firm can get advice on how to best implement email messaging into your marketing strategy. For more information or to schedule a consultation, please contact us today.