Tips on building Email Marketing strategy for Banks

Any kind of business that wants to succeed in its industry should be customer-centered. Banks are a vivid example of it, as they have to deal with two issues: find new customers and retain the existing ones. The market evolves quickly, and those who want to stay on top have to be inventive and adaptive. Clients seem to come and go independently, but there are logical explanations for their dynamics. Marketing can predict when and why customers will leave you and how to avoid that. The most promising fields nowadays are:

  • social media (SMM)
  • telephone calls — give you direct contact with the customer
  • and classic email

Marketing for banks via social networks seems to be more trendy now, as it gets you access people much easier. We should not forget about mail, though. It is a tool that has proven its effectiveness in able hands. Besides, not every business person uses social networks actively. As the number of SNs increases, it’s becoming harder to control the campaign on every network. Conducting your marketing campaigns via electronic mail is a cheap and fast way to get more clients. When your organization reaches middle size, it is recommended to use special email marketing software to automate the routine and the most time-consuming tasks.

Knowing your customer

E-mail marketing for banks is not just sending letters to random addresses. Marketing is a strategy that consists of managing client database and understanding what specific message should be used to get to the right target audience. If your letters are structured similarly to spam, the mail filters will quickly ban them. Besides, spamming is illegal in most countries. E-mail offers should be sent only to those who agree to receive them, and they always should have an opportunity to unsubscribe. This way you will get a maximum of 1-2% of unsubscriptions. Check for compliance with the legislation system of the country where you hold your campaign, e.g. the USA, Canada or the EU.

E-mail marketing is an alliance of science and art of writing “selling texts”. Writing should be done by an experienced author, and in the later part of the article we will give some tips and general rules on composing a letter.

A bank works with thousands and even millions of people. A marketing campaign is a business process, and it is crucial to apply BPM software to design and monitor it. Use customer relations management software to see the effectiveness of its implementation. BPM’online CRM is used by three thousand banks in the world. It provides a flexible client database with a full scope of (potential) customers and their participation in the events that your letters inform about. Here is an example of lead channels analysis:

lead management

The set of BPM tools are stored on cloud, allowing for storing the data and the back-end programs. It means that one doesn’t have to install the software on site and then adjust and maintain the software and the hardware. The only necessary thing is a constant Internet connection.

Furthermore, you don’t even buy the software license. You just rent a space on the cloud. For a big organization like a bank, it may be cheaper than buying a license to use the software for each of thousands of their computers.

The interface is simple and easy to work with. Here is an example of e-mail campaign analytics. It shows that nearly one-third of all letters were open, and one-fifth were clicked.

ebook offers analytics

The campaigns of email marketing for banks have several variations regarding their goals:

  • getting more customers
  • trigger letters
  • one-time campaigns — regarding unique events
  • retaining existing customers
  • re-activating idle clients

All of these tasks can be easily performed using BPM software.

Getting more customers

The first task of any CRM is to convert more customers from the potential ones (‘the opportunities’). Remember that people don’t have the time to read your messages, as they get dozens of them every day. Therefore, it is important to catch their attention with a title. With a maximum of ten words, you should tell them all the advantages of doing business with your bank. For example, that you have low interest rates, or that you have currently introduced a new feature.

The body of the letter should be short and contain only one message. Keep in mind that the reader will devote only a few minutes to your letter. Consider also that there are several patterns of writing a letter. It should describe the problem and give the solution. For example, a potential customer needs money for a new car and the bank offers him/her a credit. The aim of the letter is to register this person as a new client of the bank, so the letter should contain a call to action at the end.

Speaking to your customer

The second task of e-mail marketing is to keep the existing customers interested in your financial products. Show them that the Bank cares about them. Send them a birthday greeting card or a card congratulating them with a professional holiday. It is always pleasant to receive something like that.
Provide them with a tutorial on your new features, as well as the manual on how to use the banking system securely.

The recipient should respond to the letter. If it is possible, make the response process as simple as it can be. A good example is adding just one button — “It was useful”. Anyway, reduce the number of options to a minimum. The bpm’online platform provides templates for such letters.

You can send a lightweight letter with only plain text. By using fonts and images, you can “tailor” your text using fonts and text colors. It is also important (and possible in a bpm’online CRM system) to put signatures of the executive officer in the end of each e-mail, to gain more trust from your customers.

Nowadays, companies tend to describe their ideas with ‘explanation videos’. They are short animated clips that prove to be extremely effective. They tell a story with the help of moving characters and background music. A potential customer will remember the summary of your clip for a long time. It takes about a month to make a video clip. The price varies from a hundred to thousands of dollars depending on a studio. For a bank, it is better to hire an experienced and well-known studio for this job.

Triggers

The other class of letters is trigger letters — those are sent to the customer as an answer to his or her action. Using bpm’online you can plan every detail of the trigger campaign. The goal is to give a report of user’s actions and bank’s responses.

trigger campaign

If they don’t respond for too long

Sometimes clients don’t answer, they do not actively use their accounts. The CRM report can detect those ones. In that case, you should ‘re-activate’ them. Send them a letter that would interest them. For example, offer them a discount if they pay with your Bank’s card for special goods. If they still don’t answer, the BPM system will mark the e-mail address as idle and exclude it from the future campaigns. Otherwise, you will get the worst of all lies — false statistics.

E-mail marketing campaign is an effective and cheap way to get new clients and communicate with your existing ones. E-mail slowly yields the position to the social media marketing but this tool will always be classic. The campaign has to comply with the legislation, so that it doesn’t fall into ‘spam’ category. Composing a letter that would draw the attention of the reader and interest him/her in doing an action is a job for a true specialist.
Bpm’online receives awards every year. The software requires no installation and works on every operating system. Banks all over the globe use it for more than three years already, so every possible ‘bug’ or malfunction is documented and fixed quickly. The interface is simple and easy to learn. This makes it one of the best business process management software platforms for launching, analyzing, and controlling your marketing campaigns.

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