Published: 30 June, 2022

Mailchimp For Finance – When To Use It and When To Stop

If you are a startup fund and are looking to do some email marketing capability MailChimp is a great starting point.

We have found that MailChimp, along with Constant Contact, as being one of the most popular email marketing tools used by small businesses. MailChimp offers plans for small and medium managers that are price conscious and are looking to start their journey with email. This type of email reach-out is especially useful for managers who want to connect with their prospects and investors. Users can easily and quickly build, deploy, and analyze email campaigns.  MailChimp offers a free package which provides limited functionality and comes with limited support.

The main benefits of MailChimp are:

Forms

You can generate sign-up forms to provide an important customer touch point.

Email Blasts

You can send an email blast to all subscribers or a group of subscribers. You can also target groups by engagement history or geographical location.

Reports

Reports are generated so you know who is interested in your emails via open, clicking, and reply rates.


There are however points with MailChimp, especially for fund managers, where it’s usefulness stops. Especially in the fundraising process.

A large number of our clients come to us after transitioning away from generic email providers like MailChimp, Constant Contact and Campaign Monitor. Some of the biggest challenges our clients have faced with MailChimp are –

Suspended Accounts

With too many unsubscribes or spam complaints about your emails, MailChimp reserves the right to (and often does) either suspend or cancel your account without prior notification.

Email Delivery

Email delivery for MailChimp is better than average in the finance sector but still sits behind a few suppliers including us.

MailChimp for hedge funds

List Management

With the limitations by MailChimp on the number of lists you can create, you will need to be very organized in how you manage your contacts. The same goes for sending out your emails on the free plan, as there is no scheduling option.

Support

Support is a paid feature and you are not dealing with asset management specialists.

Pricing

The price is dependent on the number of contacts. Users are charged for unsubscribed contacts, as well as subscribed ones. It has all become very complex.

Multi-channel

Does not support website, social or investor portal reporting.

Automation

Provides very simple automation and reporting that does not help the asset-raising process. The reports and automations – the ones that meet our clients requirements – which are not provided by MailChimp – include the following:

  • Top Consumers Report
  • New Readers Report
  • Lost Readers Report
  • No Interaction Report.

 

As an expert in fund marketing recently said

 

“MailChimp gets your emails delivered, ProFundCom brings you AuM”

If you want to find out how ProFundCom can help you use digital marketing to raise assets schedule a demo here

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