How Financial Companies Can Stay Compliant with Text Marketing

16 Jan

Got a hot stock tip for your clients? Need to teach them about new tax laws? Or perhaps you have a message regarding their planning goals? Whatever your message is, texting it is perhaps the most effective way of doing it. Consider the following:

The numbers don’t lie - texting is an incredibly effective marketing tool, but there are some rules you have to follow in order to stay compliant:

Get Permission Before You Start Texting

You need clients to opt in before you can text them. Failing to do this will risk you being labeled a spammer, and with it, potential legal trouble. To attract new clients, consider advertising a message such as: “Text MONEYHELP to 313131 to get all the latest financial news delivered by text!” Texting that keyword to that short code is the same as giving permission. For existing clients, you can advertise that message on the channels you currently use.

Set Expectations About Frequency

As part of getting opt-ins, you’ll want to set up an auto-reply response that approximates how often you’ll send texts. Also, you’ll want to provide instructions in your auto-reply, such as REPLY STOP to opt out and REPLY HELP to learn more. Auto-replies save you time; imagine having to reply to each text that comes in!

Only Text Relevant Info

It might be tempting to text vacation or new car photos to clients, but that can get you labeled a spammer. As a legal best practice, keep text messages strictly limited to relevant financial information. This holds true whether you’re texting individual clients, groups, or even your entire roster. These best practices will put you on solid footing for responsibly engaging with clients. Check out the CTIA link above to learn more about how you can text responsibly and build stronger business relationships.

Also, check out “A Guide to Text Message Marketing Compliance.” You can learn more about how to boost opt-in rates, discover additional best practices to implement , and learn how to drive a stronger ROI.

Dedicated Short Codes

EZ Texting customers are on a shared short code to keep costs down. But if it’s in your budget, you can get a dedicated code. The value in a dedicated short code is two-fold: 1) Only your company uses them, and 2) You can customize your code to make it easier for customers to remember or link it to a marketing/business strategy.

So how do you know if a dedicated short code is right for you? If your messaging falls into one of these categories, you might be a great fit:

  • Loan origination and/or matching
    • Payday loans
    • Short-term loans
    • Auto loans
    • Mortgage loans
    • Student loans
  • Debt consolidation and reduction
  • Investment opportunities
  • Credit repair programs
  • Tax relief programs
  • Work from home programs

Got more questions about how EZ Texting can help you strengthen your outreach strategy and protect your clients' financial future? Call us today at (800) 753-5732!

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