There are many challenges for banks when it comes to email marketing, however, there are also many ways to overcome such struggles. Finding solutions to such qualms is also incredibly worthwhile, as email marketing is one of the most cost-effective means of getting your brand out there, while retaining and acquiring customers. Here’s how banks can improve their email marketing campaigns.
The easiest way to increase the effectiveness of your email campaign is to personalise your emails with your customer data in mind, however, 36% of marketers expressed that this was their number one challenge. This could make a big difference to the results, since emails with personalised subject lines are 26% more likely to be opened, and they generate a 760% increase in revenue. The trick to good personalisation is good data and then segmenting your findings before curating personalised emails that will be sent by automation.
Segmentation is a type of personalisation, and it involves putting different email subscribers on different lists. For example, a bank should segment along different demographic lines like age and location – any subscribers at university age could send information about student accounts, while pensioners could be sent information relevant to their needs. It’s a way of increasing the relevance of every email you send. By segmenting your results, you will be able to retain your customers, as you can send them relevant deals and limit frustrations by sending a one size fits all email.
Keep Costs Down
Email marketing is 40 times more effective than Facebook and Twitter for acquiring new customers, so make sure your resources are weighted towards email marketing and that you look for an email marketing package which offers all the features you need, such as personalisation, email templates across all mobile devices and customisation. There are increasingly more options for customers to choose from, making customer acquisition relatively difficult, but a more cost-effective form of marketing focuses on an effective email marketing campaign as 84% of marketers say their email effectiveness is growing.