Your team is busy gathering sign-ups and growing your subscriber base, but how much thought have you given to communicating with new and existing customers? Here’s how to engage your audience with every email and send the right message to the right people at the right time.
Whether you are relying on a spreadsheet of contacts or have embraced customer relationship management (CRM) software, chances are you’re well aware that emails are about more than marketing messages. In fact, they provide an unparalleled opportunity to put your product and platform in front of your audience, wherever they are and no matter what stage of the customer journey they are at.
As our Head of CRM Phil Ireland says: “You should always be at the forefront of a customer's mind, which is why I believe it’s useful to divide your email activity into three pillars: marketing, transactional or operational communications.”
Here we take a look at some of the types of email you might want to consider adding into your marketing and overall communication strategy:
These are aimed at nurturing new leads and keeping existing customers engaged and can include the following types of email:
Get your relationship with a subscriber off to a strong start by automatically sending a welcome email to new sign-ups. Often forming part of a larger welcome campaign, which is intended to introduce customers to your platform and help them start interacting with or using your product, a welcome email presents the opportunity to set the tone for future communications.
These are aimed at moving a new sign-up along the customer journey – also referred to as the marketing funnel – from initial engagement to active user and, beyond that, someone who recommends your fintech to friends and family as a brand advocate. A nurture email could include an offer or incentive for a subscriber to visit your website or activate their account. However, the email could just as easily be operational in nature and simply introduce and explain a feature of your product or platform that inspires a subscriber to give it a try.
These are sent to potential and existing customers and are designed to promote a product, service or time-sensitive opportunity. The goal of this type of email is to make it easy for email subscribers to convert to customers.
“If a subscriber has stopped opening your emails, it might be time to remove them from your database the next time you clean your data,” says Phil. “But first, try to re-engage and reactivate them by sending a check-in email asking if they still want to hear from you.” In this way, re-engagement emails provide an opportunity to remind inactive subscribers about your fintech’s offer and encourage them to give your emails another chance.
You’ve segmented your audience and divided your subscriber list into categories based on demographics, previous transactions or recent engagement with your emails. Now it’s time to send them emails that are tailored specifically to them, with a view to moving them along that all important marketing funnel. “It can help to map each segment’s journey from beginning to the end, and ensure that at each stage you have an automated CRM system in place to fill the gaps,” says Phil. “Put simply, you need to make sure that you're doing everything you can to stop them from losing interest and leaving.”
You might not be selling a tangible product, but just as retail marketers have to overcome the abandoned shopping basket, so must fintech marketers find ways to encourage users to convert to customers. Look at your website analytics to see what actions or transactions a visitor almost carried out, and send an email encouraging them to continue.
Purchase confirmations and order updates are so important and, once a user has placed a trade or made an investment, there needs to be communication to keep them engaged and updated. “If they don’t hear anything, they can get nervous, and that can drive calls and emails into the business,” says Phil.
A transactional email contains information about a transaction and is not intended as a marketing tool but as proof of an action taken or request submitted. Examples of transactional emails include:
- Order confirmations and receipts
- Shipping notifications
- Subscription confirmations
- Password reset emails
- Account creation
- Update emails and more
And while this might sound functional, it’s still important to infuse every email with your fintech’s personality – from brand colours to tone of voice – as maintaining a consistent look and feel will boost customer recognition.
With customer experience front-of-mind, a follow-up email requesting feedback after a transaction or interaction with your fintech is a great way to gather an insight into what your customers like and don’t like about your current offer. Send out a link to a survey and collect reviews and testimonials to use as social proof and engage your subscribers.
“If a fintech company has news relating to its products or platform – basically anything that might impact a user on an account level or a usability level – there needs to be communication,” says Phil.
These are sent out at regular intervals – maybe weekly or monthly – and include information such as company updates, blog posts or podcast episodes, and relevant articles from third-party sources. They can help you establish thought leadership as well as build a relationship with subscribers by sending valuable content.
Everyone likes to think they’ve received a scoop or some inside information, and rewarding email subscribers with behind-the-scenes sneak peeks and announcements about the launch of a new product, service, feature or offering will make them feel extra-special.
Special occasion emails
Acknowledge important milestones in your customers’ journeys (perhaps reaching a savings goal or carrying out a certain number of trades) and celebrate subscribers’ successes, birthdays and anniversaries with a milestone email. This type of email builds brand loyalty by acknowledging your audience and showing your fintech’s human side. You could even include a badge or custom post that users can share on social media to help spread the word.
Create growth with your email marketing.
At Growth Gorilla, we’re experts at launching killer email marketing campaigns that help you grow. That's why we don't call ourselves an agency. We're a growth machine, and we want to help you leverage that power for greater success. So talk to us. Let us know about your email marketing needs and see how we can help. Visit our website and schedule a call.