As an independent bank, your key marketing goals are to make sure you are there at the moment when your customers need you (Email Newsletter); for personal and business loans, mortgages, savings, checking plans, and so much more. Bank marketing managers know that staying engaged with customers is critical to meeting those goals. Here Email Marketing plays an important role to reach their target customers. To run an email marketing campaign successfully in this specific sector, certain aspects need to be fulfilled. Besides the aspects of knowing your goal and your audience and plan the emails and follow-up on them, banks should remember the following key points specifically identified for the banking industry:
Around 50% of emails are being read on a mobile device. This means that the emails must be suitable to the screen of smaller devices otherwise infographics, images or tables might not work well. Therefore the email must be presented mobile-friendly and should direct the reader to the landing page which can be displayed by mobile devices a lot easier.
The email should be kept very simple and have a single purpose to direct the reader to the landing page where the person can get more information on the product that was promoted in the email. The design should not be too complicated, a strong message is needed and a clearly visible call-to-action button must exist. The only exception where more information should be provided in the email is in an email newsletter.
Since not every customer is the same, they should not all get the same message. A bank will have to segment its data about its customers and provide each with content that is more relevant to them.
Common segmentation of data include:
Geography – People in a different location might need different products/services.
Product/Service – Some people might be interested in loans whereas other people are interested in a savings account.
Stage in the cycle – What stage of the buying process is the customers? Have they recently decided on a product? Are they about to order a product/service or are they completely new to the bank?
Behavior – Are they using the products/services of the bank frequently.
There are good reasons for a bank to include email marketing campaigns in their digital marketing strategy. Aspects specifically concerning the banking industry such as mobile access, simplicity, data segmentation, personalization, analysis, and optimization need to be fulfilled for an email marketing campaign in the banking industry to be successful. If these aspects are not well enough taken care off, then the bank might face the risk of its email being blacklisted because of abuse reports, the expenses of annoyed customers and the reputation being damaged.