Does Snail Mail Still Work for Financial Advisors?
In the world of social media and smartphones, we’re all overwhelmed by emails, notifications, and other alerts. With most modern businesses switching to a digital-first initiative, it’s time for financial advisors to find new ways to communicate with prospects. In the past, many firms relied on direct mail ads to reach clients. Where does this leave them today?
It’s true print advertising is significantly less common than it was a decade ago. However, that doesn’t mean it’s time to throw these campaigns out the window once and for all. There are many instances where snail mail is still a good fit, particularly for financial advisors. In this guide, we’ll explore the statistics behind print mail advertising and whether it’s a match for your financial practice.
Snail Mail Advertising By the Numbers
First, let’s look at some key numbers and statistics. A lot of the appeal of snail mail is in the psychology behind it. Unlike email, there is no spam filter, malware, or phishing scams to worry about. For consumers, it takes 21% less cognitive effort to process direct mail than email. Simply put, snail mail is easy for your clients. Easy is essential when it comes to marketing.
It’s also true that direct mail is read more than email. A reported 42% of direct mail recipients at least scan the mail they get. While email is cheaper, it’s also much more likely to be ignored. When you’re crafting targeted headlines and copy, you want your message to be read.
While investing in email advertising and content marketing is essential for any business nowadays, it’s only one piece of the puzzle. Learning how to connect with your prospective investors in this new age is all about standing out. The reality is that many consumers are too familiar with digital methods. While they still work, they’re becoming less effective.
A return to effective snail mail advertising is often all you need to shake up your efforts. In some markets, direct mail might even be more effective. If you’re looking for a new strategy to try in 2020, this might be what you’re looking for.
When Is Print Mail Advertising a Good Fit?
There are many instances when direct-mail advertising is a solid fit for financial advisors’ needs. This typically has to do with your audience, location, and goals. If any of the following apply to you, it’s time to consider using print mail.
You’re marketing to an older audience.
While many financial advisors today are turning toward millennials, there is still a large demand for financial services amongst seniors. Older generations are familiar and comfortable with print mail. It’s something they respond to over digital advertising. If your primary audience is 55+, investing in print mail ads will go a long way.
You’re marketing to younger audiences.
You read that right. Millennials and other young audiences actually respond surprisingly well to print mail. Because many young people struggle with what’s known as “digital fatigue,” they don’t tune out snail mail messaging like they sometimes do digital messaging. A reported 95% of adults between the ages of 18 – 29 feel positive about print mail advertising.
You’re in a small community.
If your practice is located in a small community, also known as a hyper-local market, print snail mail could be beneficial. Hyper-local markets don’t always respond as well to email and other forms of digital outreach. People want to feel connected to their neighbors and businesses. Mail shows a physical presence within the local area.
You’re investing in omnichannel marketing.
Finally, if you’re interested in using multiple marketing methods to reach your audience, direct mail helps you achieve your goals. Snail mail has come a long way. You are no longer limited to printing methods of the past. Today, you can utilize tools like scannable codes on postcards, custom URLs for landing pages, and so on. These help you optimize your print campaigns with the help of digital trends.
How to Succeed with Your Snail Mail Campaign
If you decide direct mail advertising is right for your practice, you’re in good company. How do you get started in a digital world? It’s all about making your marketing personal, especially if you’re targeting a specific market with your efforts.
- Use postcards – There are a lot of reasons to use postcards. For one, they’re cost-effective. In addition, a postcard ensures your recipient will actually see your message since there’s no envelope in the way.
- Experiment – Like other forms of marketing, don’t be afraid to try something new. Try different headlines, different postcard sizes, and pushing yourself into a new target audience.
- Digitalize – Don’t forget to include digital elements like a custom URL for your website, email contact, or a scannable QR code for smartphones.
The Future of Financial Advisor Marketing
Marketing has come full circle in recent years. While there’s no denying the rise of new platforms and media, there’s also a return to the tried-and-true methods of years past. Direct mail actually is more powerful than it seems. With so many new data and cybersecurity concerns, it’s no wonder financial advisors are relying on snail mail to spread awareness about their practice.
If you’re looking for a way to optimize your marketing strategy for the new decade, consider investing in direct mail. It’s a relatively low-cost way to reach new clients without worrying about spam filters or nobody reading your message. It’s time to get noticed.