Graduating from Bournemouth Univesity in 2019 with first-class honours, Grace is Gold-i's Marketing Executive managing a wide range of projects company-wide. Previously, Grace worked for a top Advertising agency in London, in addition to gaining experience within a local PR agency specialising in cyber-security.
Reach and Engage with Customers Using Email Marketing
Email marketing, when distributed accurately, is one of the most targeted marketing channels and can be applied throughout the entire buyer journey to help nurture current customer relationships and generate new leads.
This channel has become a vital source of communication for businesses and the importance of this tool in the FX industry cannot be overstated. It’s an ideal way to convert leads whilst remaining relatively inexpensive. Therefore, below is 4 main steps that should be considered before executing an email marketing campaign. From creating an email strategy to learning how to generate new email subscribers, you will learn various content ideas as well as gain tips on how to design and build your first email.
1 - Create an email strategy
To begin, if you are serious about incorporating email into your holistic marketing activity then it good to start out by outlining a strategy. Creating an email strategy doesn't need to be long-winded or complicated, but it will give you a good focus and save you a lot of time in the long-run, which is already limited when launching a start-up business.
When creating an email strategy, start by asking yourself the following questions:
- What are your business and marketing goals?
Once crystal clear on these higher-level business goals, figure out how email campaigns can help to achieve these and where its fits into your marketing architecture. Is the objective to drive traffic to your website? Or is your brokerage more focused on increasing enquiries and generating new leads?
- What value can you offer through this channel?
This question shouldn't be missed out and it's important because the last thing your business wants to do is come across as spammy. If you are not offering some form of value to your current or potential customers then you are wasting your time.
- How are you going to measure success?
What KPI’s will you report on? For example, if your objective is awareness of a new product launch, then the key KPI would be the open rate %, whereas if your email has a strong CTA (Call To Action) and the aim is to redirect a subscriber to your website, then reporting against the CTR (Click-Through Rate) or monitoring website visits would be most accurate.
- Who do you want to send emails to?
In most cases, all types of emails that are distributed will not be relevant or valuable to all of the contacts in your email list and this is when email segmentation is really important to consider. Think about splitting your contacts into separate lists from the outset which could be arranged based on a traders FX experience level, specific event attendee's, newsletter subscribers etc.
- What types of emails are best suited to your audience and business?
Leading on from the last question, once your email contacts are successfully segmented it is time to figure out what types of emails would be relevant to send. For example, new, inexperienced FX traders who have recently opened an account would value and engage with more educational content that has an objective to inform rather than a salesy/promotional message.
- How frequently would you like to send emails?
If you send too many emails, it will get marked as spam and stop audiences engaging, therefore, it's essential to not send too many. Do you want to send a mailout daily, weekly or monthly? What day and what time gets the best results against your KPI's? You may have other data sources that can direct you to answer the above, or if not, make sure to test different frequencies to discover what works best for your customers.
This may seem obvious, but just try to make it as easy as possible for readers to sign up. Make your website and other sign up forms clearly stand out on your pages so they’re easily seen. Keep the forms simple, showcase what value your business will add and don’t ask for too much information at once as this could deter sign-ups.
Set expectations for your audiences when encouraging them to subscribe to your email updates - be clear about what type of content subscribing will bring them and tell them the frequency of communications.
Add a lead magnet across different part of your site for content various pieces of content such as downloadable guides which will enable you to grow your email lists in exchange for providing them valuable content.
Engage with new subscribers immediately after signing up with a simple thank you email or confirmation page which could include an offer or exclusive piece of content.
3 - Create a content schedule
Once you have a plan in place and know how you are going to grow your email marketing list, next would be to create some form of a content plan.
When planning your email content, the most important thing to remember is to make the content useful, relevant, clear and concise.
Create a content schedule and define the objective of each email that your business wants to send. Be targeted and segment your audience, not everyone will find the same content valuable therefore be sure to consider this when planning.
Why not compile a series of your best blogs or article highlights to share with your audience, or share customer success stories to motivate and inspire new and current traders. However, for FX brokers in particular, one of the best ways to utilise email is by regularly sharing education FX content. These types of relational emails are a great way to build new and existing customer relationships and ways you can do this is by:
- Sharing listicle ‘best of’ and ‘ways to’ content or creating how-to tips and advice, e.g. ‘tips of the week’
- Writing a series of ‘beginners guide’ or step by step tutorials that each help create an understanding of a specific element of FX trading or the wider industry
- Assisting readers with beneficial FX industry definitions and jargon in the form of a glossary
- Planning a series of ‘getting started’ videos which can be incorporated into your email campaigns.
- Sharing a series of FAQ posts. One question with a detailed answer could be included per email update, or an email with multiple FAQs with short snippets of answers that direct to your website for users to read in full.
4 - Designing and building your email
Nearly 50% of emails are opened based on the subject line alone, therefore keep it clear, concise and informative.
- Keep it short and sweet, 5-10 words is a good guide
- Use number and lists which are easily digestible
- Ask a question and follow up in the preheader to create curiosity
- Start with 'How to’s' which will immediately demonstrate the value they will receive if opened
- Personalize by adding a subscribers name which can increase the open rate by 30%
Once you have decided on a subject line, it's time to move onto the main email content. Include an eye-catching image, usually near the top of the email. If you include any important text in this image, name it to ensure that message gets across, even if the image fails.
Depending on the type of content, don’t make it too wordy as you want it to be easy to read and also comfortable on the eye with a generous amount of white space.
Lastly, create a distinct call to action which links to a relevant page! This may seem obvious but is one of the most common errors that occur in email marketing. Try to write the CTA in the first person and show the benefits of users clicking through. For example, instead of writing 'Click Here', switch to 'Become a Master Here'.
This has been a small crash course in email marketing, delving into the essential steps your business should consider before distributing an email campaign. Create a clear strategy, grow your contact list, create a content schedule and finally design and build your email marketing campaign.