E-Mail Versus Print

Although advisers have begun accepting the validity of using a Web site in their marketing mix, many have only made an effort to build a Web site that merely gives them a presence, but not necessarily an edge. Even fewer have accepted the merits of e-mail newsletters and their role in the marketing mix. Although these are viable marketing initiatives, they're often met with skepticism.

Here are three common objections to integrating the Internet into their marketing and communications strategies into a financial services practice:

1. My clients are older, they don't use the Internet, and even if they did they wouldn't want to use the Internet to communicate with me — their financial adviser. When asked, "When did you ask your clients how they preferred to be communicated with for various messages you send?" the answer is almost always, "I didn't ask". Here's an idea of what they would have said, had you asked.

   According to a recent study of Internet usage by Ipsos Reid:

   • Among those between the ages of 45 and 65, with financial assets between $100,000 and $250,000, 77 percent have Internet access; among those with assets worth over $250,000, 85 percent have Internet access.
   • Among those over the age of 65 with financial assets between $100,000 and $250,000, 50 percent have Internet access; among those with assets worth over $250,000, 60 percent have Internet access.
   • If you have equal numbers of clients from these four categories, you're looking at an average of 68 percent of clients having Internet access. That's more than enough to begin introducing the Internet into your practice.

   Although the Internet may or may not be their first choice, it is an efficient and effective way to communicate. They'll certainly see this after being introduced to it. If 32 percent of your clients don't use e-mail, does that mean you shouldn't implement an e-newsletter? Absolutely not! Challenges present opportunities, and successful people know that better than most.

   Here are a couple of ideas to help introduce e-mail communications to clients who still aren't using the Internet. Conduct a phone survey, introducing your new initiatives and gathering information, such as e-mail addresses and preferences. Explain the benefits of e-mail communications and how it will help you better service them by giving you more time to spend with them. For clients who don't have Internet access, invite them to a "How To Use the Internet" seminar. Show them how easy it is to use the Web and how many ways in which it can make their lives easier (online banking, shopping, etc.). This will take away the fear of learning how to use the Internet and give them more reasons to make the leap. Fear and perceived lack of need are the two most common reasons people don't use the Web.

   Here's another way to look at introducing the Internet in your practice. Most clients would prefer you visit them at their home or office, but you don't in most cases. This would be highly inefficient. If you explain you don't have the time or resources to help your clients unless they come to you, they will. So why do you have to explain why you're integrating the Internet into your practice? It's how you do business and benefits everyone — you, your staff and your client.

2. My clients are inundated with e-mail and other advertising; they don't want to be bothered to read anything else. They'll just delete any e-mail messages I send, e-newsletters or personal e-mail.

   Here's where your professional identity brand pays dividends. If they've agreed to receive e-mail communications, and know it's coming from you, why would they not read it? I don't believe this should be a concern if you properly introduce them to it. Care must be taken to separate "e-mail prospecting" from the generally unacceptable technique that is broadly called "spamming."

   There are several assumptions I'm making here. I'm assuming that everything you send to your clients is of value. If you send irrelevant, untimely and uninteresting information, I would expect they would not want to read any of it. But it really wouldn't matter how you sent it, would it? You need to keep the information relevant, useful, fresh and timely, but don't abuse the ease and low cost of e-mailing by sending messages too frequently.

3. My clients prefer receiving something tangible, something they can read at their leisure, wherever that may be. That's why I send a printed newsletter.

   This one's easy. Provide a "printer friendly" version for clients who wish to read your newsletter away from their PC. It's as simple as that!

Other facts and benefits that support using e-mail:

• E-mail is inexpensive and time efficient.
• E-mail messages cost pennies to send, and little effort to implement and sustain.
• Print costs $0.37 to mail, plus the cost of paper, envelopes, and your time folding, stuffing, licking and stamping.
• E-mail campaigns are measurable, and reporting is readily available. You can track clicks throughout your newsletter. Direct mail presents many challenges and much effort to measure its success.
• E-mail is interactive; you can link it to Web sites.
• E-mail is accessible; you can refer associates' e-mail addresses, and open and save messages.
• E-mail makes referring easy; referring to an e-mail newsletter, not necessarily a meeting with you. With access to your address book as messages arrive, it's easy to refer friends. It's even easier to refer them to an e-newsletter than to a meeting. You'll generate more people in your pipeline, and be able to easily communicate with them. Simply send them the same e-mail newsletter as your clients.
• E-mail newsletters are easy to print if your clients prefer to read them away from their PC. It's simple.

Can the Internet Help Generate On-Profile Referrals?

If you have clients who use the Internet, do you know there are other affluent people like them who use the Internet? Do they need your services? Do you think your clients have friends and colleagues that use the Internet also? Do you think they might refer their friends to your e-mail newsletter? Would they be as willing to refer them to your office for a meeting with you? Chances are you are more likely to get a referral to your e-mail newsletter than to your office. That doesn't mean you shouldn't ask for these type referrals, but why not incorporate both?

Not only will you get referrals to your e-mail newsletter, clients and prospects can direct friends and colleagues to archived articles and newsletters on your Web site. What a great place to research their financial planning needs, on your site!