November 3, 2022
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Your team is busy gathering sign-ups and growing your subscriber base, but how much are you communicating with new and existing customers? Emails are an opportunity to put your product and platform in front of your audience, wherever they are in the customer journey.
Our Head of CRM, Phil Ireland, says: “You should always be on your customer's mind. Make sure you divide your email activity into three pillars: marketing, transactional or operational communications.”
Let’s look at the types of email you should have in 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. A welcome campaign introduces customers to your platform and helps them start interacting with or using your product. Plus, a welcome email sets the tone for future communications.
These move a new sign-up along the customer journey (or marketing funnel) from initial engagement to the active user and, ultimately, 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 simply introduce and explain a feature of your product or platform and inspire 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. This type of email wants to convert email subscribers 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.”
Re-engagement emails 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 tailored emails to move them along the marketing funnel.
“You need to make sure that you're doing everything you can to stop them from losing interest and leaving,” says Phill.
You might not be selling a tangible product. Still, just as retail marketers have to overcome the abandoned shopping basket, fintech marketers must find ways to encourage users to convert.
Look at your website analytics to see what actions or transactions a visitor almost carried out, and send an email encouraging them to continue.
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:
Purchase confirmations and order updates are important. 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, which can drive calls and emails into the business,” says Phil.
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 you have news—basically anything that might impact a user on an account level or a usability level—there needs to be communication,” says Phil.
Are emails sent out at regular intervals (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 and build a relationship with subscribers.
Everyone likes to think they’ve received a scoop or some inside information. Rewarding email subscribers with sneak peeks, and announcements behind the scenes will make them feel extra-special.
Acknowledge essential 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.
At Growth Gorilla we only do fintech. We create and execute strategies to help well-funded fintechs go to market, grow, and master market entry. Our team of experts has already grown over 30 fintechs. When you come with us, there’s no confusion and no wasted time. You stay flexible, slash acquisition costs, and stop worrying about what the hell to do next. Get in touch with us today to see how we can help with your email marketing.
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