Email marketing is just as valuable to your mortgage business as social media or direct mail -- sometimes, even more so. In fact, email marketing is 40 times more effective at attracting new consumers than established social media networks Facebook and Twitter.
However, the best function of email marketing is reaching interested prospects and your clients on an individual basis, with information-rich content and a personalized touch.
Email can deploy personalized messaging on an enterprise level to as many clients as you like with the right CRM automation technology, making this medium highly effective and efficient.
But with the effectiveness of email marketing, so come challenges. Most notably, email inboxes are often flooded with non-personalized, boring email content.
As you begin sculpting your email marketing approach, think about what makes you stand out from the pack of other lenders and Realtors® who are all vying for the same attention in your client’s inbox.
Know When to Send an Email
One of the best ways to start increasing engagement with your email marketing is to find out when the best time to send an email is.
To increase your chances of reaching homebuyers, deploy your email marketing campaigns on Tuesdays in the late afternoon before lunch.
That highly specified action plan comes from a 2016 report, from CoSchedule, that detailed 10 email marketing datasets from specialized agencies, including MailChimp.
Summarizing the reports, Tuesdays came in as the most effective day to send emails. But, Wednesdays and Thursdays follow as good days to send emails too.
From there, email opens and click throughs generally decrease until the same time the following week. However, it’s important to note that results largely dependent on your audience.
Your open and click-through rates will vary depending on the type of borrower you’re trying to reach. First-time borrowers might be actively checking their emails at different times than a couple looking to refinance, for example.
To help, consider the time you are sending your emails based on the type of client you are messaging.
The report outlined some of the most popular times that are at seemingly unlikely points of the day.
Believe it or not, midnight proved to be a popular time for people to check email. While it might seem a little abnormal, it makes sense.
At midnight, people aren’t bombarded by numerous requests and office work. It’s a time they can break and dedicate time to their inboxes.
Similarly, the very early morning hours, late morning and afternoon are all listed as effective times. Again, it comes back to what happens throughout the day.
Just think, what’s the first thing you do when you get into work? It’s likely checking your email and social media.
At this time, you’re trying to run through emails as quickly as possible so you can move onto the next task at hand. The result, you’re not as attentive to the content delivered.
However, later in the day when work slows down, you have time to go back through and reread those emails, say, around 2:30 p.m.
In some situations, it might be best to just send a brand new email at this time, rather than bank on end users revisiting the same email. But, either way, you should track your results to find out what’s working best with the borrowers you’re trying to work with.
Track Your Email Marketing Performance
Whichever day and time you choose at first, it’s critical to pay close attention to the performance of your email marketing efforts. Tracking this data is going to help you refine and reroute your campaigns as necessary, so you’re diligently working to further your targeting efforts.
In some cases, it might be better to deploy email campaigns on the weekends, if, for example, you’re targeting homebuyers interested in attending open houses. On the other hand, it might be more effective to reach out to consumers earlier in the week to allow enough time to schedule in-person meetings.
Ultimately, to figure out what’s going to work best for you is to implement a way to track and analyze your email data, including opens, click throughs, bounces, and unsubscribes.
- Email marketing remains one of the best ways to engage clients one on one. But, the challenges of doing so come from high levels of email traffic.
- To stay competitive, know what time is best to send emails. So far, it’s best to send emails on Tuesday during the late morning hours before noon.
- How effective your email marketing campaigns are depends largely on your audience. The way to find out what’s working and what needs adjusting, you need to track your results.