The brands which anchor email marketing will enjoy a good relationship in the long run with the customers and restrain the other fin-tech players from gaining market share.
According to a new Yes Marketing Study, only two out of five financial service customers have accepted that rarely they had any relevant interaction with the financial service company they have had used earlier or the one they are using presently.
Only 22% said that the financial services companies reach them via push notifications, display ads, email, SMS and social media whereas other 8% have cleared that they do not even hear from the companies at all. The ‘too frequent groups’ which fall under the age group of 18-21 years say they mostly came across the brands too frequently on almost all the channels.
How email marketing can be used to improve the customer retention of the financial organization
All the big companies around the world have realized the value of customer retention and make huge investments, and so does the financial service companies. The retention of the customers is rather tricky in today’s world, as there are too many options available to them in the market.
On the positive side, the Yes Marketing study has also discovered that 72% of the users proclaimed that they would not consider switching to a different financial services company because of the high face value. But after a significant amount of time on research, it is shocking that 27% of the customers switching banks or join other financial service companies.
Businesses which manages to anchor email marketing correctly would continue to sail along in the sea of new fintech players by building long-lasting customer relationship and restrain the other players from gaining more market shares.
Here’s how to improve customer retention through email
Integrate learning content :
While using email marketing technique to interact with your customers, you must be careful about self-promotion. Therefore build an insightful content and place it as an invaluable resource of financial advice which would be subtly related to your offers.
Sometimes you can offer some tips on their saving and budgets or easy hacks to pay-off student loans, etc.
Customize your email content according to age :
Age of a consumer in a financial service company is a factor to consider while reaching them. Therefore sending tailored contents to the right customers by making use of smart tools becomes more relevant. Let’s assume that a 30-year-old would be more interested in materials about how to save conveniently to buy his/her first home. Hence sending the right content to the right customer would hook them for more.
At the same time, it is crucial to keep the financial status of the user in mind as they grow older. Instances of life changes such as marriage, the changing scenario of the family or new job directly affect the current situation of the customers and their financial needs. Here companies should instantly make use of their customer journeys to understand the customers better and re-engage them with all new opportunities.
You should be convenient :
Convenience plays a significant role in customers’ decisions to make them engage with business organization and financial services companies are no different. It should be easy to utilize a commercial organization or bank in the everyday life of a customer. Otherwise, they won’t think twice to switch to other as per their convenience.
How is it related to email? Well, Financial brands make use of email to not only interact for available offers which are secure cash transfers via PayPal or Zelle. They also practice this to keep their customers up to date on the status of their accounts, so they don’t have to switch apps or call the bank for updates. Such as Venmo send emails when a customer sends or receives money, with a link of easy access to the transaction within the app.