Email Marketing Strategies for Financial Institutions

If you regularly use your email id you may notice that the Financial Institutions have been using the Email Marketing tool the most. Specially debit cards/ credit card offers are pretty common in Bangladesh.

Obviously, you have seen the promotional emails from the financial institutions. Ever think of that, why you get emails from financial institutions?

Let’s try to find out the reasons behind this:

Why Banks Send Email?

Bank means transaction. Transaction means debit or credit. That means you have to sell your product to potential customers. So as a perspective from a bank, you must be formal to make communication for your bank.

Banks always prefer the standard way for communicating with clients. What can be more formal than email to circulate offers to the mass audience?

Who are the major customers of the banks? The answer will be corporates & officials. So they must use emails for completing formal communication & official works. So banks will easily catch them via email.

How Financial Institutions Filter Out Target Groups (TG)s:

You may know that the financial institutions offer various packages for the customers. So they promote the packages to the specific TGs. Now the question is, how they filter out TGs? They must use a platform for their email marketing like ADN Email as the provider offers the best possible TG for the clients to send Emails.

Sometimes the banks also use the database from their own. In this case, maximum inbox delivery has been ensured. Even the communication process is totally different for the specific TGs.

Statistics regarding Email Marketing for Financial Institutions:

According to marketingland.com here is the Email Marketing Recent Trend

How Contents Value the Email Marketing:

As we always believe that the ‘content is the king’. Without proper content, you won’t able to grab attention to the TG. So your content should be prepared for the TG specifically.

Here is an example:

Suppose you want to make a promotional plan for Credit Cards. So you should prepare content in a bit sophisticated way as the clients for the credit card must be literate enough in terms of Bangladesh’s perspective.

You may select the upper-class TG from the vast database of ADN Email. In that case, you will find plenty of email ids of High Government/ Non-Government officials, Businessmen, FBCCI members, Sophisticated club members, etc. So you have a good chance to get some customers from them.

On the other hand, the filtered database may help you find out the best possible TG for your business.

Credit: financialbrand.com

-According to financialbrand.com, Financial institutions that sent emails to people in the early morning saw an open rate as high as 38.38%. That’s astounding, given that the industry average is in the 20-25% range. Those that send around 11 am also saw healthy open rates, as did those that sent messages in the 9-10 pm range. The lowest open rates typically occur around drive times (6-7 am, and 4-5 pm).

 

 

 

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