We guess that it’s safe to assume that almost all of us have at least one Bank account. And if it is an especially highly regarded bank or a more tech-savvy one, you must receive periodic emails from them. Yet even after receiving numerous emails from them, you haven’t really marked them as spam. So, the bigger question here is, how have they so efficiently managed to do this?
So it means the financial institutions are well aware of the Email Marketing tool. Why are they still using Email marketing? Can you guess? Ok, I will try to investigate ‘why they have been doing Email Marketing’ in this article:
When Data Supports Email Marketing:
Please have a look at the following data to clarify your position on Email marketing.
– According to Dave Chaffey (2018) across all industries in the UK, the open rate of marketing emails in 2017 was 24.79%, click-through rate 4.19% and the unsubscription rate 0.49%. Considering just the ‘Business and Finance’ industry sector, the open rate was at 20.79%, click-through rate 2.73% and unsubscription rate 0.23%.
– According to Pantea and Pop (2010) 80% of retail companies use this strategy to retain customers and reach out for new ones.
– According to a research by Litmus (2018) around 50% of emails are being read on a mobile device.
The content provided by Banks & Financial Institutions is really relevant and attractive. When you see a creative about discounts & offer on Debit/ Credit cards, obviously you will have a first look as this offer may valuable for you in the near future. So you will hardly unsubscribe their emails & newsletter. Other than that, color combination & visual are responsible for this.
2. Consent Marketing
First off, during your account creation, the bank had your collected your personal data like phone number and email IDs. So this means you have agreed to receive their emails and thus in their active email list. So you will be getting emails from your preferred banks as per as policy.
- Banks & Financial Institutions Know their Target Group:
You have been getting the promotional emails as you are the target customer for them. You must need a financial institution to save money or at least to make a transaction. You will forget the name of your banks & financial institutions after a while if you are not in touch with the institution. So how will they interact with you wisely? ‘EMAIL’ is the most professional way to knock with their plenty of offerings.
People who are able to make enough transaction, are also in the Email list of them. So that person must use email as he/she needs to interact with people with the business or office work. Email Marketing will him properly with a decent amount of attention rather than the other usual digital platforms.
- Offers feel more personal in Emails:
If you make a static post/ video including your offers & post it on social media, people will consider this as a promotional activity. As a result, you will get less traction & engagement. So they should run the Email Marketing campaign to circulate the offers. When you see the credit cards & debit cards deal on Email, you will at least click the email to open it. If you find the email is nearly interesting, you will obviously read the whole email.
The whole Email Marketing System is automated. So there is no need to burn extra effort or manpower for this. A normal Marketing personal can easily handle the whole process. So when the content is ready, you all have to do is click some buttons to send the Emails.
- Following The Industry:
Sometimes you just need to follow the current trend and go according to the flow. Especially when your competitors have been doing something and you are not following, you may lose the position to your competitors as the market is always up for the trendy ones. Email marketing campaigns are one of the hygiene factors for financial institutions as the competitors are practicing it regularly.
So you have no chance but continue to do the same.
My Statement Based on the Data: I’m assuming that now you’re convinced about the Email marketing campaign for the Banks & Financial Institutions. Another remarkable thing is people are getting used to with the promotional emails on their phone. So please keep in mind that you need to create content based on mobile device as well as Laptop & Computer.