It is an undeniable fact that the COVID-19 crisis had a toll on the global finance industry. The economy was shaken hard, and numerous entrepreneurs and companies went into a tailspin.
The global stock market almost went haywire before stabilising to a certain extent. To cope up with this challenging situation and retain back clients, banks, and financial institutions need to play a different strategy.
At present, there is a surge of urgency to have a different marketing strategy where the financial institutions can rely on a different tactic to grow their business.
The best-known solution is email marketing.
If you are thinking how a simple solution such as email marketing could outperform other available marketing techniques, let us list down a few benefits before we begin.
This is the process of planning email strategies, developing unique emails, and sending highly targeted and personalised emails to promote your products and financial services.
The sole agenda of this form of marketing for banks and financial services is to reach the prospective customers through the medium of email and nurture them to boost up the sales.
Here are the top reasons why you should have an email marketing strategy for your financial organisation.
As the world is progressing with the rapid changes in technology, organisations have to develop a strategy to streamline their customer outreach plan with that change.
Several small and medium scale financial organisations haven’t yet tapped into the unlimited potential of email marketing.
The reality is that when it comes to all forms of digital marketing, email works the best.
It gives the audience flexibility to have a tailor-made alert based on their unique interests. Along with this, you could also send generic emails to give out general financial information.
People these days are on the lookout for financial information relevant to them.
By sending out emails for your financial organisation in a large chunk, you are not only improving your credibility but also getting a fantastic opportunity to connect with a large audience who could be interested in using your services.
It is an undeniable fact that people love personalisation. Several studies have shown that the greater the extent of personalisation, the better will be the open rate.
For a financial organisation, it is imperative to stay connected with your customers.
By using email marketing software, you can significantly enhance the level of personalisation in order to gain the trust of your customers.
Many financial organisations have acknowledged the fact that consistent communication is one of the vital keys to success.
This will help to:
Your customers won’t learn about what you are offering until you let them know about your services.
Through consistent emails, you can keep your customers informed of your services.
An excellent strategy for financial email marketing is to deliver relevant customer financial information right in their inboxes through emails.
Through this method, your customers will stay updated on your information without having to visit your branch.
This can also help to:
With emails, your clients can stay updated on the details of their account and your services anywhere anytime.
Security of customer financial data is one of the main concerns for banks and financial companies.
If there is a leak of personal financial information, the customer might permanently lose trust in the bank.
By using emails, you can provide two-factor authentication and make sure that the data always remains protected. This will improve the customer’s trust in your financial services.
Check out some of the most used email marketing strategies and best practices used in the finance industry.
Just like the old saying, the first impression is the best. Sending a nicely crafted onboarding email will be a perfect opportunity to make an excellent first impression.
As a marketing strategist, if you have to reap the fruits of your efforts, nothing works better than an onboarding email. If you miss on this, chances are high that the customers will exhibit a lesser engagement rate with the upcoming email.
This onboarding email from Paypal is an excellent example of how valuable information and can be interwoven within the email to create a brilliant customer onboarding email.
This is the email that your customers get after their initial interaction with your business.
Through a welcome email, you could introduce and explain the financial services that you offer and how your customers will be benefited by it.
You can also use this as a perfect opportunity to thank your customers for choosing your banking or financial services.
Studies have shown that the “thank you emails” work like a charm when it comes to attracting customers.
One unique thing about the financial industry is that many of the new clients are not acquainted with several terms or how the industry works.
If you are a financial service provider, you might have noted that many of your customers don't even know about several financial services and how they can tap benefits out of it.
Smart financial investing is not something anyone learns in a university.
But at the flip side, this is a blessing in disguise. If you look closely, this will be a fantastic opportunity for you to educate your customers and in turn, make them use several of the financial services that your company offers.
By utilising the power of email marketing, you can place your company in a trusted financial advisor’s position.
Source: Connective Wiki
And be guaranteed that this one step is going to show a significant positive impact on your sales.
Many of you probably might not be aware of the fact that notification emails generate a higher open rate.
Sending notification emails is considered one of the best practices in email marketing for financial services.
Gone are the days where the customers needed to wait in a long queue to access your bank statements.
One excellent method of financial email marketing is to notify your customers concerning their access to bank or financial statements.
You could also include a one-click button to make the download process relatively more comfortable.
This strategy is a sure shot technique as you can relieve your customer’s stress about going to the bank.
Sending a newsletter is probably the oldest among the email marketing strategies which are used by a wide variety of businesses. This method, if rightly deployed for financial marketing, can undoubtedly act as a potent force in attracting new customers.
Some of the examples of email newsletters include:
Let's accept the hard truth. Internet theft and online financial scams are at an all time high. It is, therefore, imperative to ensure financial security to your customers.
How about using it as a great marketing opportunity as well?
You can send email tips for enhancing security during an online financial transaction.
Certain financial companies send OTP to the registered email address. This is helpful in not just enhancing their security feature but also in retaining the brand name in the minds of the customers.
Another great way is to secure your customers' accounts with two-factor authentication or 2FA.
This is a process that gives web services secondary access to clients' accounts to confirm an action or to verify a login attempt.
Source: Daily Mirror
Sending these types of emails will help to reinforce a positive attitude for your company in the minds of the customers.
With so many financial firms coming up every year, the global finance industry is on a rat race to launch new features and stay ahead of the competition.
By sending emails which announce the new features, you will have a golden opportunity to excite your customers and to retain them.
For a financial service company building a successful email marketing campaign is exceptionally vital for reaching out to people who are interested in your business.
We have listed out some of the best practices to follow for email marketing. Check them out!
The first and foremost step to do is to take a closer look at your list of subscribers. Then you need to analyze the emails that your company is sending
Do keep in mind that the goal of an email list is to earn the click through.
Think about the question- “What do you ultimately want to achieve from the email?”
This is commonly called as the most wanted response.
By focussing on it, you can remove a lot of email cutters and be straight to the point.
While you are creating emails as a part of your financial marketing strategy, do keep in mind that you should not overload your viewers with too many of them.
Say for example if you are planning to send reminder emails, you need to send them at a frequency which is acceptable to your readers.
If your company is already sending your customers a newsletter or essential updates, try not to overload them.
Once your reader sees your email, the first few seconds will decide whether it will be opened or make it straight to the bin.
So the next important question is- how to improve the open rate?
The answer is simple. Create a compelling subject line.
The subject line is the magic key which determines whether an email will be read or deleted.
How to create a powerful subject line ?
Several marketers believe that incentivizing the emails boost the open rate. Creating a subject line mentioning the incentives right in the subject line will help to increase the open rate.
Messages like "20% discount" or "increased interest rates" or will help to increase the open rate.
This is a mistake that most marketers make while doing email marketing. If you send the email at an acceptable frequency, the mind of the readers will retain the memory of your brand.
On the other hand, let's suppose if your marketing email hits the inbox of a potential customer after a long gap, say four months. They are most likely to hit the unsubscribe button.
Do keep in mind that if your emails are too few, you might end up losing your customers.
If you are starting with your email marketing, it is better to find out the frequency that suits the best for you. Just experiment with a few frequencies and determine what works for you.
Say for example if you are launching an email newsletter campaign, select a frequency that you find the best-lets say every Friday evening. Test it for a month to view the CTR, open rates etc.
If you are not happy with the result, then move on with the other.
It is crucial to analyse the results regularly to determine the effectiveness of your campaign.
You can do this by reviewing the CTR, bounce rates, open rates etc. By continually studying the result and improving the marketing strategies, you will be able to achieve significant results over time.
Once you create an email for your campaign, always make sure that you send yourself a test version. This will help you to proofread and make sure that everything works as planned.
A test email will also help to ascertain whether the subject line is catching enough to incite a response.
This is something that most of the companies take very lightly until they get a severe setback. The main reason why you should never purchase an email list is that you won't gain any value from your transaction.
It is very probable that the people who are receiving your email have never heard of your company and chances are high that your email will be marked as spam.
For a successful email marketing campaign, it is better to send emails to people who have willingly opted to receive your email or at least interested in the services that your company is offering.
Let us take a closer look into some of the most successful email marketing campaigns in the finance industry.
This company is quite well known for the financial services that it offers. The users might be aware of its basic service but not the extended list of financial services it offers.
Paypal has developed a great strategy in which when someone signs up for an essential service, they will get an email showing all the financial assistance they offer.
Another exciting feature is that it has a warning system to help the customers to identify the emails which are irrelevant to them.
This company ranks high when it comes to the promotional campaigns that it makes.
The company has found that people don't like to change their banking brand after they have made an initial decision.
Take a look at the promotional email from Wealthsimple.
The good thing about this email is that not much emphasis is given to advertising, but the whole idea is put down clearly through simple images.
The email says about the customer's ability to become a millionaire by merely saving a few thousand dollars per year.
The whole concept is informative and well displayed with a mix of humour.
The concept of several financial services can be a little daunting to understand at first. But how about sending emails which entertain and inform at the same time?
This is what Acorns has done. The emails that the customers receive from this company talk about the special activities and the vacations that you could enjoy with a stable financial plan.
For some people, esoteric details don't interest them much. They are merely looking for straightforward and informative emails about their accounts.
What if you could get emails which are so personalised that you could even see your account statistics?
The email from Harvest is a unique blend of knowledge of their account details and easy to read statistics.
Yes, the company may need a bit more time to personalise, but the results are fantastic.
Their email newsletter has a tremendous engagement rate and very minimal bounce rate.
This company uses a unique combo of stunning graphics and bright colours to design their emails.
The visual impact of the emails sent by Mint is incredible. The moment a user opens the email, he will be able to understand what it is meant for.
Besides, the customers can also get a free credit score report on their email every month.
Why email marketing scores high when compared to other forms of marketing is because it is cheap and highly effective. You need to define what kind of relationship you wish to have with your clients. Think deeply about what you plan to achieve.
Is it merely advertising or giving regular updates to your customers?
Use the tips mentioned in this article to convert your boring finance email into a healthy customer relationship.
Scroll through these free email templates and choose one that suits your finance organisation.