Why You Need to be Texting Your Merchants
February 28, 2023
Merchant cash advance (MCA) brokers are always on the lookout for new ways to reach potential clients and convert them into leads. With the rise of mobile technology, texting has emerged as a powerful marketing tool for MCA brokers. In this article, we’ll explore why texting is a great marketing tactic for MCA brokers and how it compares to email marketing in terms of open rates.
Why Texting is a Great Marketing Tactic for MCA Brokers
High Open Rates
One of the biggest advantages of texting as a marketing tactic is the high open rate. According to a study conducted by MobileSquared, 90% of all text messages are read within three minutes of being received. This is a staggering statistic when compared to email open rates, which can vary between 15% to 25%
Texting allows MCA brokers to communicate with potential clients in a direct and personal way. Unlike email, which can easily get lost in a crowded inbox or be marked as spam, texting allows brokers to send targeted messages directly to their leads’ phones.
Short and Sweet Messages
Text messages are limited to 160 characters, which forces MCA brokers to be concise and to the point in their messaging. This can be a good thing, as it forces brokers to distill their message down to its most essential components, making it more likely to be read and acted upon
High Response Rates
Texting can also lead to higher response rates than email marketing. According to a study by Velocify, text messages have a response rate of 45%, compared to just 6% for email. This means that MCA brokers are more likely to engage potential clients and convert them into leads through texting than through email.
Comparing Texting to Email Marketing in Terms of Open Rates
While texting has many advantages over email marketing, it’s worth noting that both tactics can be effective when used correctly. However, when it comes to open rates, texting has a clear advantage.
As mentioned earlier, texting has an open rate of 90%, compared to email’s 15% to 25%. This means that texting is more likely to get noticed and read by potential clients than email. Additionally, since texting is more immediate and direct than email, it can be an effective way to reach clients who are on the go or have limited time to read and respond to emails.
In conclusion, texting is a great marketing tactic for MCA brokers looking to connect with potential clients and convert them into leads. With its high open rates, direct communication, short and sweet messages, and high response rates, texting can be a powerful tool for brokers looking to stand out in a crowded market. While email marketing can also be effective, MCA brokers should consider incorporating texting into their marketing strategies to maximize their outreach and conversions.