A monthly email newsletter will dramatically reduce your client turnover at low cost.
Often we’re inclined to think about marketing as only the way we go about attracting new clients. Seminars, print advertising and similar tools are all great at bringing new customers into the fold.
But what about your existing clients?
We all know that it costs far more to obtain a new client than it does to retain an existing one. Email marketing is a tool that can reduce client turnover and increase engagement.
Most financial service professionals will provide recurring services to their clients, be that annual tax return preparation or investment strategy review. This means that you have only one planned ‘touch point’ with your client in a whole year.
Use email marketing to increase client contact…
An affordable solution to this is to produce a regular email newsletter for all of your existing clients. A monthly newsletter immediately adds 12 touch points to your client marketing calendar. The benefit to your business is that it doesn’t matter if you double the number of clients you have; with an effective email marketing solution you still only have to write the one newsletter!
…and client engagement!
For firms with multiple business developers or client service personnel, a well-written newsletter will also serve to develop engagement between the client and the firm, not just the person who brought them on as a client. This means that your business developers can spend more time doing what they do best, bringing new clients into your business, while client service personnel can provide the ongoing service delivery to keep existing clients happy.
So how do I get started?
First of all you’ll need your clients’ email addresses. This should already be in your client signup process, but if not add it straight away! If you haven’t already done this consider good old fashioned snail mail to your clients, requesting their email.
The next step is to find an email marketing solution. I recommend AWeber for stand-alone email marketing, they provide a high level of deliverability for your newsletter and have great features such as multiple email lists for segmented email marketing.
Finally, start writing! You know best how to speak to your clients so just put your thoughts into that keyboard and start retaining more clients.
Tags: client retention, email marketing
