Periscope. Snapchat. Instagram. Vine. These are all the latest tools in an ongoing marketing onslaught to reach consumers today. And while these new mediums (fads?) are important, financial marketers cannot forget one the most important avenues when reaching their target audiences: email.
While email has been around for decades, it has not yet gone the path of the dinosaur towards extinction. In fact, recent data suggests that email marketing is more important and effective than ever.
According to a recent study from BlueHornet, almost three-quarters of respondents did not have a separate e-mail address for marketing and advertising e-mails. In other words, those email addresses they are giving you actually work as a communication device.
Consider these other findings:
- Nearly 98% of respondents were influenced by a marketing email to make a purchase
- Consumers now expect marketing emails to be personalized on past purchases (75%) and interests (71%)
- 34% continuously monitor their email account during the day
“We found that consumers are very digitally connected, checking their emails throughout the day and across devices,” said Mike Biwer, vice president and general manager for BlueHornet. “The vast majority expect marketers to know and understand them, and personalize messages accordingly. And they fully acknowledge the strong influence that email marketing has on their purchasing decisions.”
From a practical standpoint, what does this mean for banks and credit unions? Here are some key applications:
- Make email marketing a central component to your marketing strategy (not an afterthought)
- Make your emails mobile friendly (most people today are reading emails on tablets and phones)
- Make your headline compelling (how many times do you hit “delete” just based on the email message header?)
- Personalize those email messages (use their name, customize your offerings, avoid sending everyone the same message, etc.)
- Cut the copy (shorten those messages as much as possible; get to the point!)
- Avoid too many fancy graphics (visual images are important but if they are large they take too long to load)
Experts have been predicting for years now that branches are dead, yet there are still plenty of brick and mortar around. Just like branches aren’t dead (they are changing), email marketing is far from dead. Is email marketing changing? Absolutely. And adhering to those six tips above will improve your digital email efforts.