A study by management consulting firm McKinsey & Company, featured in a recent article in Entrepreneur magazine, found that email is a significantly more effective way to acquire customers than social media. In fact, email is nearly 40 times more effective than Facebook and Twitter combined.
I’m not surprised by this. Social media has been much more useful for exposure and as a way to convert referrals but not necessarily as a source of new (qualified) leads. It turns out social media is not the first place people turn in their search for financial advisors.
The McKinsey study states that email is just one part of a series of interactions leading up to a sale. Your email should lead your prospect to a customized landing page featuring the offer presented in the email. Here’s an interesting statistic: A good landing page can increase conversion rates by more than 25 percent! Use your landing page to encourage people to attend your seminar, watch a webinar, download a free report or schedule a retirement analysis.
The study also shows the importance of mobile-device marketing. Today, nearly 45 percent of all marketing emails are read on a mobile device. This is a very big deal, because Google says 61 percent of mobile-device users are unlikely to return to a mobile site they have trouble accessing. Even worse, 40 percent will visit a competitor’s site instead. So make sure your website is optimized for mobile devices.
Don’t get me wrong: Social media is still an effective way to market your firm, and it continues to serve as a great way to generate exposure and convert referrals. But if you’re looking for new clients, social media may not be the best tool available to you.
Sign up for The Lead and get a new tip in your inbox every day! More tips:
Maribeth Kuzmeski is the founder of Red Zone Marketing, LLC, which consults to Fortune 500 firms on strategic marketing planning and business growth. For more information, go to www.redzonemarketing.com.