Newer marketing channels for banking services, such as social media, SMS, and more, tend to be in the spotlight now, however, email marketing continues to be an effective marketing strategy for financial institutions. Email marketing is often overlooked because it has been around for so long, yet according to Litmus, email campaigns have an average ROI of $36 for every dollar spent.
This illustrates why it is so important for banks to continue to utilize email campaigns in their marketing mix.
Our Guide to Bank Email Marketing
DeepTarget's integrated email marketing campaigns can help take your bank's brand image and outreach to new heights!
What is Email Marketing?
Email marketing is a strategy for businesses and organizations to market their products or services to existing and potential customers via their email address. Businesses can obtain lists of email addresses through promotional signups, transactions, online listings, and more.
Why Do Banks Need Email Marketing for Their Services?
Establishing a line of communication with consumers is essential for banks of all sizes. By utilizing email marketing, your bank can create more engagement with its consumers. Email campaigns can increase your brand’s awareness, grow your customer base, reach specific target audiences, and strengthen relationships with existing customers.
A recent survey from Statista shows that revenue from email marketing campaigns continues to rise and is projected to reach almost 18 billion by 2027. This illustrates how powerful these campaigns are and why your bank should be taking advantage of them. (Source: Statista)
Bank Email Marketing Guide Table of Contents
What is Email Marketing?
- Why Do Banks Need Email Marketing?
Types of Email Marketing for Banks
1) Email Newsletters
2) Acquisition Emails
3) Retention Emails
4) Promotional Campaigns for New Products/Services
Why Partner with DeepTarget for Email Marketing?
- Offering Personalized Email Marketing Plans
- Utilizing Our Powerful Communications Platform
Contact DeepTarget for More Information on Bank Email Marketing
Creating Brand Awareness
Brand awareness refers to how consumers and the general public view your business and its services. As a financial institution, it is crucial that you have a strong brand image to convey your authority and professionalism.
Email campaigns allow banks to establish a brand image in several ways, like welcome emails, newsletters, and promotional emails.
Email campaigns allow banks to establish a brand image in several ways, like welcome emails, newsletters, and promotional emails.
Growing Your Customer Base
In addition to creating brand awareness, you can reach new customers in a place that they visit daily – their inbox! Email marketing campaigns allow you to reach more potential customers and generate more leads.
Providing resources or tools on your site is a fantastic way to generate new leads. For example, many financial institutions have financial calculators on their websites. To access the financial calculator, a user is required to sign-up with their email address.
These users should then be sent more information about your F.I. and the benefits of becoming an account holder.
Providing resources or tools on your site is a fantastic way to generate new leads. For example, many financial institutions have financial calculators on their websites. To access the financial calculator, a user is required to sign-up with their email address.
These users should then be sent more information about your F.I. and the benefits of becoming an account holder.
Reaching Your Target Audience
Reaching the right audience can often be challenging. Email marketing remains one of the most effective ways to accomplish this. Email campaigns can be personalized and tailored for specific types of customers.
Let’s say you have a new promotional deal for auto loans. In this scenario, you could create an email campaign that is only targeted toward individuals who are in the market for a new car, since these individuals are far more likely to sign up for an auto loan. If you are sending the same email to everyone on your mailing list, users may become annoyed with receiving emails that are not relevant to them.
Targeted email campaigns ensure that you are putting the right offers in front of the right people at the right time!
Let’s say you have a new promotional deal for auto loans. In this scenario, you could create an email campaign that is only targeted toward individuals who are in the market for a new car, since these individuals are far more likely to sign up for an auto loan. If you are sending the same email to everyone on your mailing list, users may become annoyed with receiving emails that are not relevant to them.
Targeted email campaigns ensure that you are putting the right offers in front of the right people at the right time!
Strengthen Your Relationships with Existing Customers through Email Marketing
Building a strong relationship with your customers ensures that they stay engaged with your brand. You want your customers to see your bank as a reputable source of information in the financial industry. Financial products involve a long path to purchase, often taking weeks or even months in some cases.
According to a study conducted by Google and Shopper Sciences, the average consumer looks at around 10 sources before making a banking decision. Google’s data also shows that 15% of consumers will spend a month researching before they sign up for a new credit card. This illustrates the importance of nurturing leads. Email marketing can be used to walk consumers through the purchase process, and address any questions/concerns that they may have.
Providing information and support to your consumers will ensure that they will continue to come to you for their financial needs.
Types of Email Marketing for Banks
Email marketing for financial institutions can take place in a variety of ways. These can include email newsletters, company updates, acquisition or retention emails, and more!
1) Email Newsletters (Company News, Updates, etc.)
Newsletters are also an effective email marketing tool that allows for continued communication between customers and their financial institutions. A good newsletter features news stories, blog posts, and other information relevant to your readers.
James Robert Lay, the author of the bestselling book, Banking on Digital Growth, states that financial digital marketers should “Help first, sell second”. Informed consumers will have less hesitation about purchasing because they have a better understanding of the services provided.
2) Acquisition Emails for New Customers
Welcome emails are the first step in the email marketing process and should always be sent to new customers. First impressions matter! A strong welcome email should be informational and feature eye-catching design elements that illustrate what your brand is all about. Be sure to use company logos and colors to make your email stand out from the rest. Your welcome email should not be a sales pitch; remember, the goal is to inform the consumer first, and then make a sale.
3) Retention Emails for Existing Customers
New member acquisition is important, but retaining members is crucial. Retention emails are a cost-effective way to reduce member churn. These types of emails are a great way to engage consumers and show the value that your financial institution provides.
Birthday emails are one of the most common retention email campaigns. Simply sending a member an email wishing them a happy birthday goes a long way in strengthening consumer relationships. Personalization is especially important in retention emails. It shows that you care about your customers and their individual needs. Retention emails should be straightforward and written in a friendly tone.
Here are some things to remember when creating a retention email campaign:
• Grab their attention in the subject line by using their name
• Utilize personalization as much as possible
• Have a clear and effective call-to-action
• Keep it simple and concise
• Use clear branding to ensure the customer knows who the email is from
4) Promotional Emails for New Products, Services, etc.
Customers should always be notified about any new products, services, or offers. Promotional emails are an effective way to reach out to your members and keep them up to date on the financial services you provide. A well-designed promotional email should be concise but clearly illustrate the value of the promotion and its benefits for the consumer. To avoid overwhelming your subscribers, keep the email short and simple. The goal is to lead them to a landing page with more detailed information about the offer.
Effective promotional email campaigns can lead to:
• Increased sales More audience engagement
• Improved website traffic
• Increased brand awareness
• Higher customer retention rates
A 2017 study from Fluent looked at several marketing methods – including banner advertisements, text messaging, and promotional email – to determine the effectiveness of each strategy on millennials. The report showed that promotional emails were the most effective with this demographic. The data shows that 68% of subjects said that email campaigns led them to buy at some point, and 13% stated that promotional emails were always influential in their buying decisions. This clearly demonstrates that millennials are engaging with email content and that it remains an effective marketing strategy for your bank.
.jpg)
Why Partner with DeepTarget for Bank Email Marketing?
DeepTarget is a top-rated marketing agency for financial institutions; we provide integrated digital and email marketing solutions for banks of all sizes!
Trusted Bank Marketing Agency Since 2009
Our focus is to provide marketing software that utilizes machine learning and artificial intelligence (AI) to deliver targeted communications across digital media.
Since 2009, DeepTarget has delivered multi-channel digital marketing solutions for financial institutions. We provide our clients with innovative e-marketing tools that allow them to send highly relevant messages to the right consumers at the right time. Hundreds of credit unions and banks across the country are now utilizing DeepTarget solutions and are seeing up to 5x ROI!
Check out these customer success stories to see how DeepTarget has helped banks and credit unions revolutionize their digital marketing processes.
Offering Targeted and Personalized Email Marketing Campaigns
The DeepTarget Digital Experience Platform (DXP) uses machine learning and AI to help you utilize the wealth of consumer data you already possess. Our DXP platform features predictive modeling software that analyzes consumer data and automatically determines which users a campaign is relevant to. By utilizing predictive modeling, you can drive up your conversion rates and save time on marketing research.
Utilizing Our Powerful Communications Platform
Creating a campaign on DXP is a quick and easy process. Our banner studio allows you to effortlessly create personalized banners, which can be attached to emails or other digital channels such as online and mobile banking. Banners can be created through our easy-to-use authoring tools, or you can simply choose a template from our extensive banner library. These banners allow for further personalization in your email campaigns and lead to increased engagement with consumers.
.jpg)
Campaign performance can be quickly measured using our analytics tools. Our software allows you to see which of your campaigns have been the most successful and notifies you of any underperforming campaigns which need attention. With DeepTarget email integration, you can efficiently utilize your consumer data to create high-performing email campaigns for your consumers!
Contact DeepTarget Today to Request a Demo
Our representatives would be happy to demonstrate how DeepTarget can take your bank’s email marketing to the next level. If you would like a demo of our services, you can reach us at info@deeptarget.com, or feel free to give us a call at (256) 217-4055.
