You have already seen how other industries are doing so well with their email marketing. And you are probably wondering, “Can email marketing for the financial sector be that successful too?” Well, our answer is a big “YES!”. When leveraged the right way, email marketing can come up with a lot of opportunities for the BFSI sector.
However, before you begin, it is critical to understand how it works for this sector.
There is a lot of customer data available to the marketers, and making the most of this data leads to the success of your email marketing strategy. Here automation plays an important role.
Why? Read on…
Getting the Unified View of the Customer Journey
Getting the unified view of the customer journey has become one of the major challenges for the marketers as the customer’s attention span is always spread across a variety of platforms, channels and devices.
Each customer wants to be understood as an individual. Getting personal with the customer has become important for every business and industry. Hence it is the responsibility of marketers to talk to the customer in a way that it stays aligned with their journey. Here storytelling plays an important role. Hence it has to be molded in a particular way by understanding that the leads/proospects are not just random leads but each of them is a different person with their unique needs who need different customer experiences.
Increase in The Customer Life Time Value
To retain customers, marketers need to make sure that the marketing strategy that they use to conect with the customers for lead nurturing is precise. Right content sent at the right moment to the right customers, helps to retain for a long time.
Ease In The Real-Time Personalization
Every customer wants a personalized experience. Hence for any customer campaign to be successful, you need to personalize it for each and every user. Marketing automation can help the companies in sending more real-time and personalized messages to the customers. This increases their transactions up to 5 times.
Since the BFSI industry is all about a customer’s personal investments, there is a huge need for the personalized communication through different channels.
For example- a personalized email and/or an SMS can be triggered automatically just by the keywords entered by the customer on your website/app. Also, financial securities companies can easily display the real-time price of the stock as the customer opens the email.
Lead Recycling
There are a lot of leads generated by the BFSI companies that are dropped or not used due to a variety of reasons. These leads can be recycled to use later on. This can done by noting down the reason of the customers being dropped out and then grouping them in a different segments. These segments can be then targeted with email/SMS with highly personalized content.
Email automation is a win for the financial services industry as it is the ideal solution for sending highly-personalized, valuable content in a secure way. Here are some email strategies that financial services can use to upgrade their email marketing:
How the BFSI sector can create an impeccable email marketing strategy?
If you want to make your financial services compelling, exciting and informative for your customers, you need to create an impeccable email strategy for them. Let’s take a look at a few ways:
1. Create great first impression with smart onboarding emails
It is very important that you grab your customer’s attention from the first email itself. You can introduce your services with a welcome email. It is a great way of thanking customers who have joined your business. You can create an excellent and engaging onboarding email by sharing the USPs of your products, services, or apps while coming up with a strong value proposition.
2. Inform, educate and update your clients
BFSI industry is a difficult concept to understand and hence it becomes crucial for your company to educate your customers about the services that you provide. This will help you to become a trusted advisor in the eyes of your customer base.
You can take some cues from this amazing email template design from Venmo. They are informing customers on ways to use their cards and fulfill their simple banking needs instantly.
3. Send Critical Notifications and Updates
It is important to update your customers about the recent action that they performed. It will help you to keep them informed while getting their trust. Here is a simple yet effective email example from Venmo where they are notifying their customer that the bank transfer has been initiated.
4. Make your Services easily accessible
You can make some of your services easily accessible to your customers through email marketing. For instance, you can enable your customers to see their bank statements, recent transactions without the need of going to the bank and waiting in long queues. You can do this by sending account statements to your customers through email.
5. Customer Retention
Use retention emails to reduce your churn rates and to increase user engagement. It is a great way to make the customer understand the value of your product. You can share the value of your services and positions yourself as a financial advisor in their retention email. You can also give an offer of free management up to some amount to your customers if they sign up for your service within a specified time.
6. Always Send Personalized Emails
According to a recent study, 40% of banking customers opting for financial providers that offer them customized services. Hence, it becomes imperative for a business to incorporate personalization in your email marketing strategy. Make use of available data to personalize communication with your subscriber base and then collect other data related to the client activities over a period of time.
Here’s an email from Truebill, that shares a report of spends and the upcoming bills. Now that’s what you call a personalized customized service!
7. Announce new products and features
To stay ahead in business, you need to keep up with the new trending technologies. If you want to be successful, keep your customers engaged and excited by updating your services and providing them with new useful features. Here’s how Simple designed their email. It includes all the recent updates and features, how those can be used, and also asks for customer feedback.
Email marketing is a great way of reaching interested customers as well as nurturing them with valuable content without you spamming them. Targeting prospective customers and clients by sending them unique and relevant content should be the basic goal of your email marketing strategy. The primary objective of email marketing for the BFSI sector is to encourage your subscribers to sign up for your products and services, thereby speeding up your sales cycle and getting more valuable customers on board.