As a forex affiliate marketer – and member of the global online trading industry – you may have asked yourself if you need a colossal marketing budget to match. Well, you can reach potential clients and grow your client base with a fairly modest budget. Over the years, email marketing has proven to be the most cost-effective channel in terms of communicating with your customers, nurturing leads and increasing customer loyalty. Here is the what, why, when, and how of email marketing and why you should use it in your forex affiliate marketing strategy.
What email marketing can do for your forex affiliate business
When you send emails to potential clients referring them to your partner-broker or promoting the latter’s reputation or excellent regulatory status, you’re using email marketing. When you send emails to existing customers or to your email list, informing them of an online brokerage’s new advanced trading platform or free demo account, you’re using email marketing. It’s a communication channel that sends marketing messages or solicits business. Email marketing targets specific customers with the goal of selling a product or service (in this case, promoting your forex or broker affiliate link), the key to having this channel boost your forex affiliate business is to build and increase your customer’s loyalty.
Why email marketing can boost your affiliate sales
While emails are not a new technology (it’s almost 50 years old!), it is, nevertheless, one of the most widely used digital communications methods. And the reasons for that are simple. One, it offers immense reach: With 99% of consumers checking their emails at least once a day (including those who are wary of the Internet), with many more consumers spending on purchases via email than those who miss all those email offers. It comes as no surprise that if you don’t include email marketing as part of your overall strategy, you’ll be missing out on a lot of sales-boosting and customer relationship-enhancing opportunities.
Moreover, an email provider is the one platform (vs other social media channels) in which you can’t be deleted, suspended, or have your leads taken from you; after all, you own your email list. And last but not least, emails as a communications channel – with an ROI of 4400% – simply converts more effectively. And let’s not forget – email marketing is almost always free!
When is the best time to send emails to your lists?
As in most things in life, timing is everything. Yes, the day and time in which you’re sending your emails matters. If your prospects open these emails, they increase the chances of conversion. So, what are the optimal days and times for sending emails? While some studies have indicated that Tuesday has the highest open and click-through rates, other research reveals that Saturdays are when most conversions happen. Our advice? Instead of limiting yourself to these particular days, find out when your audience is likely to open your emails. Learn all you can about their day-to-day schedules, their most active time and their work and email-reading habits. And of course, you can always experiment and see which email-sending times give you the best results.
How email marketing works: Step-by-step guide for forex affiliate marketers
Step #1– Build and grow your email list
There are several ways to start building your email list, and you can do it even without contracting an email marketing service. Here are a few:
• Putting up a sign-up sheet at trade shows
• Making good use of business cards
• Offering giveaways in exchange for email information
• Collecting email addresses via blog call-to-actions
• Leveraging your website landing pages
• Customizing your credit card receipts to include an email address field
Now to grow your email list, you need to understand the importance of the irresistible offer, that is, the free giveaway that you can create at little to no cost. White papers, eBooks, cheat sheets, free trials/samples/consultations/or coupons are just some of the many ways you can tempt a potential customer to provide their email address. Remember that such “lead magnets,” as experts call them, must be immediately available, easy to use, and provide noticeable value. Also, using an email service such as Mailchimp that provides automation will make the job of sorting and refining your list – eliminating redundancies – so much easier.
Step #2 – Segment your email list
One of the keys to successful email marketing – and higher conversions – is sending personalized and relevant emails that are more likely to result in greater email open rates and click-through rates and, conversely, fewer unsubscribe rates. To do this, you have to segment your email list so that you can send specific emails to those who you know would be truly interested in that content. You can base your segmentation on these and other qualifications: interest, location, product purchaser, specific page viewer, specific lead magnet downloader, communication preferences, even inactivity. Once you divide your list into different segments, you’ll be better able to:
• Automatically send out emails based on each segment’s attributes
• Create relevant and engaging subject lines and messages for specific email users
Step #3 – Increase your email open rates
There are several ways you can get your emails to actually be opened and read and therefore get rewarded for all your hard work.
• A subject line that stands-out –
A curiosity-inducing (but not too clever) line, eye-drawing statistics, friendly and conversational tone and language that your audience normally use are just a few of the factors that will entice readers to open your email to learn more of what you’re talking about. Perhaps a tease to a solution that will truly help them and that they are seeking for.
• A personal approach –
Before you even start writing your email, know your buyer persona inside and out. That’s because personalizing your subject line and messaging – to address your reader’s specific problems, values, desires, and preferences – lets him know that you’re speaking directly to him and not to the hundreds or thousands of your email recipients. Moreover, write to your audience like a friend, not a faceless corporate entity.
• Superb content –
Once your audiences have opened your emails, don’t let them down or else they will stop opening your emails in the future. Remember the golden rule when it comes to pleasing customers: “What’s in it for me?” So make sure you provide something of real value to your readers – be it a trading webinar, an awesome and informative forex informative blog, an event invitation, and anything free – free trading eBook, or a free demo trading account.
• The perfect timing –
As mentioned previously, when your email lands in your reader’s mailbox impacts open rates and conversion rates. While studies have already been done on when the best days are for better open, click-through, and conversion rates, it is recommended that you do your own A/B testing to pinpoint the perfect timeframes for your audiences. Bear in mind the location of your traders and take their time zones into consideration, as well as their trading patterns. For example, are they trading stocks? At what times? This will help give you an indication when is the best time to send them your mail -either just before the markets open and they begin trading or when the markets close and they have finished trading for the day.
• An always-updated subscribers list –
If you’re wondering why you’re not getting any responses to your emails, your subscribers may have gone inactive or changed jobs/email addresses. So be sure to check up on them once in a while, update their information, find out why they’ve stopped engaging and maybe try to re-engage them one last time, and purge from your list all those who do not respond.
• Stay out of spam emails –
Did everyone on your email list actually opt in to receive your emails? Are you sending your emails through verified domains and from a good, never-been-used for Spam IP address? Do you avoid Spam-triggering words like “sale,”, “discount,” “clearance” and such, there are so many words that when used in the subject of your email will cause your email to automatically end up in the spam box! Do you offer subscribers an opt-out option or ask them to include you in their address book? If you’re doing these things right and in accordance to the CAN-SPAM Act you should be good.
Step #4 – Measure your email marketing success
Track these critical email marketing metrics to see if your efforts have paid off. Did your emails get delivered to your intended recipients (i.e., avoided the Spam filter)? How many subscribers opened your emails? How did they react to different subject lines and different types of content? Open rates indicate your email campaign’s relevance to your audience’s lives. What are your click-through rates? Click-through rates show you how many people were interested in your message, the value of your offer, the strength of your call-to-action, and subscribers’ preferences as far as products or offers. What’s your conversion rate? This measures your campaign’s financial success, that is, how many subscribers signed up to get your offer or purchase your product at the end of the process. Success metrics also include bounce rates (number of emails that did not get delivered) and unsubscribe rates (number of subscribers who opted out of your email list).
The power of email marketing and how it can boost your forex affiliate business
So, you’ve established your forex affiliate business, and now you want to see better results, grow your income, perhaps even expand your operations. Here are 6 tips our expert affiliate team have prepared for you to help you use the power of emails, increase conversions and achieve higher forex affiliate commissions:
1. Offer traders value they can’t get or find anywhere else
There are tens of thousands of brokers and affiliates that prospective referrals can trade with. If you’re emailing them asking them to trade with your partner-broker, provide an offer they can’t refuse (or resist!) – be it a link to a demo trading account page, an offer to sign up for a webinar or other educational tools, a blog explaining the broker’s high commissions and flexible payment structure, or cool apps that the brokerage is offering that no other brokerage is offering such as AvaTradeGO or AvaProtect.
2. Optimize your subject lines
Maximize open rates by A/B testing them. Use power words that motivate like profit, reward, opportunity, solutions, earnings, and more. Include interesting stats. Create curiosity that will make the reader click through like “The greenback is up 150% and how you can profit from this?”
3. Sell benefits, not features
A broker that is highly regulated with regulatory bodies isn’t important for its own sake. It’s important because the prospective referral knows he can trust them with their money. Once again, it’s the magic bullet of “What’s in it for me?”
4. Make sure your emails are mobile friendly
Like the rest of humanity, traders are glued to their mobile devices. Not only do mobile users check emails three times more often than desktop users, but emails that don’t translate well to mobile get deleted fast. So use easy-to-skim text and mobile-responsive designs.
5. Use an email service provider
Want to grow your affiliate network but don’t want to spend a ton of time doing emails? Using an email service provider is the smartest way to handle email volume, list management and personalization, email tracking and subscriber management, comply with the CAN SPAM act, separate your business from marketing emails, and many more time-consuming tasks.
6. Use engaging mailers and other promotional material that have a track record of high conversions
We have you covered at AvaPartner as we have the best converting mailers for you to use as part of your email campaigns that will help you succeed!