{"id":15869,"date":"2023-05-05T05:06:00","date_gmt":"2023-05-05T05:06:00","guid":{"rendered":"https:\/\/bigworks.co\/?p=15869"},"modified":"2023-05-05T05:09:19","modified_gmt":"2023-05-05T05:09:19","slug":"want-a-low-cost-yet-effective-marketing-tactic-as-a-fintech-company-email-marketing-is-here-to-save-the-day","status":"publish","type":"post","link":"https:\/\/bigworks.co\/want-a-low-cost-yet-effective-marketing-tactic-as-a-fintech-company-email-marketing-is-here-to-save-the-day\/","title":{"rendered":"Want a low cost yet effective marketing tactic as a fintech company? Email marketing is here to save the day"},"content":{"rendered":"

Email marketing is an effective-yet-understated option for the financial services industry. While most sectors have been quick to embrace email marketing and automation, financial services are still a bit wary, and with good reason! Someone\u2019s finances are extremely personal to them, and financial service companies must walk the thin line between respecting their customer\u2019s privacy regarding their personal finances, yet still keeping them aware of new products and services that can add real value to their lives.<\/span><\/p>\n

Good news, you can in fact have your cake and eat it too! Email marketing is a powerful tool to help you reach out to people, and with the right automation tool and campaign strategy, it is possible to respect the personal nature of an individual\u2019s finances.<\/span><\/p>\n

Here is a good breakdown of how financial services companies can leverage email marketing campaigns and their salesforce platform to reach out to their customers.<\/span><\/p>\n

How Email marketing can help<\/b><\/p>\n

    \n
  1. Raising Awareness<\/b>: You can raise awareness of your products amongst potential and current customers. Since financial concepts and tools are not very well understood by a majority of people, sending them monthly newsletters explaining the financial services and products your company offers can be a great tool to raise awareness and drive engagement.<\/span><\/li>\n
  2. Converting leads on the fence<\/b>: Most people are on the fence before signing up with a new financial service provider. Cement your reputation amongst leads by sharing helpful content via email like mortgage calculators, tax rate calculators etc. With a series of relevant content in emails, you can nurture leads to conversion. Regular and continuous newsletters with informational content and seasonal offers, can be sent out for customers to avail or join waiting lists.<\/li>\n
  3. Notification and activation emails:<\/b> Welcome emails when a customer signs up is a must as it can include an overview of your features. This can also work as an onboarding series with all the FAQs to increase adoption and retention. Similarly, transactional emails can be sent out when a customer upgrades an account, transfers money, reaches a certain limit, requests password change, among other things. These emails also need an extra touch of personalization to give your users the attention they deserve.<\/li>\n
  4. Retention<\/b>: it’s not just about getting customers onboard, it’s about keeping them on. One of the ways to do that is via triggered emails. Triggered emails can be auto sent when:<\/li>\n<\/ol>\n
      \n
    • \n
        \n
      • Sending monthly reports<\/span><\/li>\n
      • Asking for feedback once a period of time has planned\u00a0<\/span><\/li>\n
      • Alerts about reaching limits<\/span><\/li>\n
      • Alerts about subscriptions<\/span>\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

        Apart from that, you can also conduct topical or one-off campaigns:\u00a0<\/span><\/p>\n

          \n
        • \n
            \n
          • Campaigns on tax<\/span><\/li>\n
          • Loans\u00a0<\/span><\/li>\n
          • Seasonal home buying tips\u00a0<\/span><\/li>\n
          • New products\u00a0<\/span><\/li>\n
          • Legal changes<\/span><\/li>\n
          • Tips and tricks about cyber attacks and scams\u00a0<\/span><\/li>\n
          • Healthy spending habits<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

            All of these will keep your customers around as you constantly keep them in mind.<\/span>\u00a0<\/span><\/p>\n

              \n
            1. Revival<\/b>: <\/span>Sometimes customers churn out and need to be revived back into the system. Here you need winback emails, for example:<\/span><\/li>\n<\/ol>\n
                \n
              • \n
                  \n
                • Offering similar or updated products to what they went for before<\/span><\/li>\n
                • Asking them to check their balance and get back into business<\/span><\/li>\n
                • Asking for feedback<\/span><\/li>\n
                • Giving them exclusive offers<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
                    \n
                  1. Deals and offers<\/b>: <\/span>Customers who have already signed on can also bring others on. This is known as customer advocacy, and it can be reinforced with additional deals and offers.\u00a0<\/span><\/li>\n<\/ol>\n

                    Many businesses offer cashback, and coupons for referrals. Some more examples are:\u00a0<\/span><\/p>\n

                      \n
                    1. Family and friends discount<\/span><\/li>\n
                    2. Add-ons to your service for bringing in people\u00a0<\/span><\/li>\n
                    3. Extension of subscription for referrals\u00a0<\/span><\/li>\n<\/ol>\n

                      The right tool can help you with compliance<\/b><\/p>\n

                      Given the delicate nature of their work financial service companies must strictly adhere to all compliance laws applicable to the region they\u2019re operating in. Thus an email automation tool that helps you achieve compliance regarding data protection and security is a must. Here are some ways the right tool can help you be compliant with the EU\u2019s GDPR legislation:<\/span><\/p>\n

                        \n
                      1. Consent Management – GDPR requires the user\u2019s explicit consent to receive email notifications. Email automation tools can assist with this by providing features such as opt in forms, double opt in forms and automatic unsubscribes.<\/span><\/li>\n
                      2. Personal Data management – GDPR requires customer\u2019s data to be safely stored, the right email automation tool will provide features like data encryption, secure storage and data access controls that help ensure customer personal data is processed and stored securely.<\/span><\/li>\n
                      3. Data subject rights – The right email automation tool will provide features such as easy-to-use email preference center’s and the ability to delete personal data upon request, thus ensuring compliance with GDPRs data subject rights.<\/span><\/li>\n
                      4. Data breach notifications – Although nobody wants this to happen, data breaches can and do happen, especially amongst financial services companies. The right email automation tool will provide features that help financial service companies manage data breach notifications in a quick and professional manner.<\/span><\/li>\n<\/ol>\n

                        In addition to GDPR here are some additional features the right tool should have to help your company with general compliance and security.<\/span><\/p>\n

                          \n
                        • Segmentation: It should allow you to filter contacts based on age, location, spending habits<\/span><\/li>\n
                        • Security: The most important factor, all information you share must be secure and so must be any information you acquire via the email. It must have email security protocols like:\u00a0<\/span><\/li>\n<\/ul>\n
                            \n
                          • \n
                              \n
                            • SPF (Sender Policy Framework)<\/span><\/li>\n
                            • DKIM (DomainKeys Identified Mail)<\/span><\/li>\n
                            • DMARC (Domain-based Message Authentication, Reporting and Conformance)<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                              Not sure what to opt for? Try Contacto<\/span><\/p>\n

                              It can automate transactional, marketing and notification email delivery. What\u2019s more, with Contacto you can customize your messages as per your customer\u2019s needs.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

                              Email marketing is an effective-yet-understated option for the financial services industry. While most sectors have been quick to embrace email marketing and automation, financial services are still a bit wary, and with good reason! Someone\u2019s finances are extremely personal to them, and financial service companies must walk the thin line between respecting their customer\u2019s privacy […]<\/p>\n","protected":false},"author":5,"featured_media":15870,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[28],"tags":[],"acf":[],"yoast_head":"\nWant a low cost yet effective marketing tactic as a fintech company? 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