Email marketing is essential for financial services and banks to connect with customers, build relationships, and drive conversions. It allows you to target specific segments of customers with personalised and relevant content, and it’s a cost-effective way to reach a large audience.
In this guide, we will explore the various email marketing strategies for financial services and banks to improve customer engagement and increase revenue.
The Benefits Of Email Marketing For Banks And Fintech Companies
Email marketing is a powerful tool for banks and fintech companies to reach and engage customers. Even though it feels like a redundant, old technology, this is what makes it so successful – its so integrated in peoples communications processes that it remains effective – the data always shows success. Some of the benefits of email marketing include the following:
- Cost-effective: Email marketing is one of the most cost-effective ways to reach and engage customers. It is often cheaper than traditional marketing methods such as television or print advertising.
- Targeted: Email marketing allows you to target specific segments of your customer base, such as existing customers or those who have shown interest in a particular product or service.
- Measurable: Email marketing campaigns can be easily tracked and measured, allowing you to see which campaigns are performing well and which need improvement.
- Personalisation: Email marketing allows for personalisation, which can increase customer engagement and loyalty. Personalised emails have a higher open and click-through rate.
- Automation: Email marketing campaigns can be automated, saving time and resources. This allows banks and fintech companies to focus on other business areas.
For fintech companies and banks, these benefits are crucial as they help them to reach and engage customers in a cost-effective and targeted way while also allowing them to measure the success of their campaigns and automate them for efficiency.
Financial Marketing: 5 Email Marketing Strategies That Get Results
Here are 5 email marketing strategies to get results fast.
1. Segmentation
Segmentation is the process of dividing your email list into smaller groups based on specific characteristics or behaviours. By segmenting your email list, you can send targeted and relevant messages to specific groups of customers, increasing engagement and response rates.
One example of how you can use segmentation in email marketing for financial services and banks is by segmenting your email list based on the products or services that customers have shown interest in.
For example, suppose a customer has shown interest in a specific savings account. In that case, you can create a segment of customers who have expressed interest in savings accounts and send them targeted emails about promotions or new features related to savings accounts. This can increase the chances of these customers opening and engaging with your emails.
2. Personalisation
Personalisation means tailoring your emails to individual recipients using their names, locations, or other personal information. Personalisation can increase customer engagement and loyalty, leading to higher open and click-through rates.
For example, instead of sending a generic email that says “Dear valued customer,” a personalised email would address the customer by name, such as “Dear John,” making the email feel more personal and relevant to the customer.
Another example of personalisation could be sending personalised product recommendations to customers based on their previous interactions with the bank or account activity.
3. Automation
Automation is using technology to automate repetitive tasks in email marketing, such as sending welcome emails to new subscribers. Automation can save time and resources, allowing financial services and banks to focus on other business areas.
An example of how you can use automation in email marketing for financial services and banks is by setting up a welcome email campaign for new customers. You can automate this campaign to send an email to new customers as soon as they sign up for an account.
You can also build email triggers to educate customers on new products based on their interested clicks on in-app product requests.
The email can include information about the bank or fintech company’s products and services and a call to action to encourage the customer to take their next step, such as setting up online banking or making their first deposit.
4. Re-engagement Campaigns
Re-engagement campaigns are a type of email marketing campaign specifically designed to re-engage customers who have become inactive or disengaged. These campaigns are important because they help keep customers engaged and active, leading to increased revenue and customer retention.
An example of a re-engagement campaign for financial services and banks could be sending an email to customers who have not logged in to their online banking account for a certain period. The email could remind them of the benefits of using the account, such as checking their account balance or making payments online, encouraging them to log in and start using the account again.
5. Campaign Tracking And Analysis
Campaign tracking and analysis are vital for measuring the performance of your email marketing campaigns and analysing the data to make informed decisions about future campaigns.
It allows you to see which campaigns are performing well and which ones need improvement, allowing them to optimise their email marketing strategy and increase ROI.
For instance, you could be using a digital performance reporting to track open and click-through rates for different campaigns. By analysing this data, the bank or fintech company can see which campaigns had the highest open and click-through rates and determine which subject lines, calls to action, or types of content were most effective.
Another example of campaign tracking and analysis could be tracking the number of conversions and revenue generated from specific campaigns.
By analysing this data, the bank or fintech company can see which campaigns were most effective at driving conversions and revenue and use that information to optimise their email marketing strategy.
Take Your Fintech Email Marketing To The Next Level
In conclusion, email marketing is a powerful tool for financial services and banks to connect with customers, build relationships, and drive conversions. Financial services and banks can improve customer engagement and increase revenue by implementing the strategies discussed in this guide.
But the process doesn’t have to be done alone. If you want to take your email marketing strategy to the next level, don’t hesitate to reach out to digital marketing agencies for startups.
