Driving Growth Using Email
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Learn how you can use email to increase loyalty, take advantage of cross-sell opportunities, and keep members informed about the status of their accounts.
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Driving Growth Using Email
- 1. Stewart Baillie VP Product Management aa Email Marketing Bootcamp for Credit Unions Webinar # 1: Driving Growth Using Email Sean O’Donovan Chief Marketing Officer Michael Hardwicke Brown Digital Marketing Manager
- 2. Agenda Why Credit Unions should do more Email Marketing How Email Marketing can help drive growth Practical examples of Email Marketing programs that have been successful Ask the experts
- 4. Stats Don’t Lie – Your Members Prefer Email “91% of people check their email at least daily*” *http://www.marketingcloud.com/blog/91-of-consumers-use-email-at-least-daily/
- 5. Why Email is Your Member’s Preferred Channel 1. Puts your members in control of consumption 2. Device, location & temporally agnostic 3. The improving quality of email
- 6. Why Email is a Marketer’s Best Friend Low cost barriers Costs don’t scale the same way with other channels (no Cost-Per-Click or Cost-Per-Send) Great conversion rates Email delivers the best ROI
- 7. Go Beyond the Basics with Email Source: GetResponse Email Marketing Benchmarks & Recommendations 2016
- 8. Go Beyond the Basics with Email Source: GetResponse Email Marketing Benchmarks & Recommendations 2016
- 9. How to Drive Growth Using Emailaa
- 10. 1. Improve Member Experience 2. Accelerate Sales and Operational Processes 3. Drive Cross-sell/Upsell
- 11. “Highly satisfied customers buy 2X as many products” - CEB TowerGroup 1. Improve Member Experience
- 12. First Impressions Matter “It was found that 75% of all cross-selling takes place in the first few months of new customer acquisition.” - BAI Study, ‘Quest for Deposits: The Ninety Day Window of Opportunity’
- 13. Improve Your Member Onboarding Experience Introduction to Checking Accounts Help with Different LoansWelcome Banking Options
- 14. Nurture Existing Relationships Informational Newsletter Alerts
- 15. Trigger Emails Based on Life Events Birthday Wishes Congratulate a win Tips: • Personalize your message • Connect to your members at an emotional level • Place cross-sell and upsell offers that connect to the event
- 16. Case Study: InFirst Drives Results Using Email for Member Onboarding CUSTOMER • Over $170 million in assets • Over 11,000 postal worker members CHALLENGE • They were looking for a way to reach their new membership with Email Marketing SOLUTION • Series of 7 “Another way we’re here for you” emails over 60 days • 282 Emails to new members RESULTS • 18% added at least one new product/service as a result of the campaign • Number of deposit accounts grew 24% • Deposit balances increased by $428,611 • Number of loan accounts grew 190%
- 17. “The average transactional message generates 2 to 5 times more new revenue than a standard marketing email.” - Experian Study 2. Accelerate Sales and Operational Processes
- 18. Incomplete Application Need More Information Drive Efficiency and Reduce Abandonment Rates Using Email
- 19. Generate Revenue with Transactional Emails Auto Loan Transaction Has Been Pre-Approved Invitation to A Car Buying Seminar
- 20. Data can be leveraged to drive emails, for example: • Date of birth • Renewal date • First payment date Renewals and Reminders RemindersRenewals
- 21. Case Study: Cut Loan Delinquency Rates Using Emails CUSTOMER • Over $3 billion in assets • Over 206,000 members CHALLENGE • Wanted an efficient way to use emails in the collection effort, that did not create extra work for the staff SOLUTION • Replaced the uncomfortable and time consuming task of phoning members with the mailing of late notices with emails • Delivered delinquent messages to members’ inboxes, 5 days after missed payments, instead of the traditional 15 days RESULTS • 673 emails sent in a week and 423 members followed up with a payment – 63% loans paid
- 22. “It costs seven times more to get a new client than it does to sell to an existing client” - Business Development Bank of Canada 3. Increase Cross-sell and Upsell Opportunities
- 23. Using Dynamic Content to Your Advantage Major Expenditures Minor Expenditures Somewhere in Between
- 24. Targeted Cross-sell and Upsell Solicit known shoppers Alert to a coming event
- 25. Case Study: New Product Launch CUSTOMER • Over $500 million in assets • Over 40,000 members CHALLENGE • Increase adoption of their new credit card SOLUTION • Send out emails to a targeted group of members and prospects A/B Test two subject “Pay no interest…all year long”: Open rate: 20% Click-through Rate: 0.77% “Melt away your credit card balances”: Open rate: 24% Click-through Rate: 1.23% RESULTS • Received $283,000 worth of credit card balance transfer requests in one month
- 26. Encourage Member Retention “The financial impact of each account lost is at least $400 ” - Digital Banking Report
- 27. Driving Amazing Results and Immediate ROI “The email promotion brought in $1.4 million dollars in new loans in less than a week.” CUSTOMER • Over $3 billion in assets • Over 206,000 members
- 28. Missed our webinar? Make sure to catch it all here!
- 29. All-in-one email marketing platform with powerful features - Create great looking, personalized HMTL emails with dynamic content - Ensure mobile-friendly results with responsive templates - Increase customer engagement with events and surveys - Monitor and adjust campaigns with in- depth reporting - Automate campaigns using data triggers.
Editor's Notes
- Host: Sean O’Donovan Chief Marketing Officer Experts: Michael Hardwicke Brown Digital Marketing Manager Steve Castrucci Product Manager 3 Part webinar series Driving growth through Email Marketing Measuring you Email Marketing Efforts The Right Tool for the Job: Preview Doxim Email Marketing
- Hi Everybody, it’s a pleasure being here today. I’m going attempt to build a compelling case about emails potential impact on your credit union.
- The first and in my opinion, most substantial fact is that your members prefer email and this is true across all industries and all demographics Today over 90% of people check email daily
- Why is this the case? Why do people prefer email? There are a few key features that set email apart Control of consumption – your members get to choose if they read your message Device, temporally agnostic - a fancy way of saying you can choose when, where, and on what device you choose to read your email The quality of the email channel improving – legislation like Canspam and recently CASL here in Canada has given consumers more control of their inbox and who get into it, which has the knockon effect of improving their relationship with the inbox and increasing engagement with it.
- Second reason why your credit union needs to be considering email is that it provides incredibly powerful ROI When asked, marketers consistently report that email marketing delivers the best return on investment in terms of dollar and time. Why does it have such high ROI - First it’s not that expensive to start emailing. In fact it’s practically free, you could do some email marketing using outlook after this webinar. Even more complicated email deployment tools are typically far cheaper than your other business critical systems. - Second The costs of email don’t scale the same way other channel, such as Direct Mail, Advertising and Tradeshow, do. When sending out direct mail piece, you pay base on volume, more piece, higher overall cost. HOWEVER, with email, there is no cost per send or cost per click - Third, with the right email sent to the right people, email can have incredibly high conversion rates “Anecdotally, I cut my teeth in direct marketing and on a typical mailer campaign, if we hit a 0.1% conversion rate we would have considered that program a success. Comparatively, our best email campaign here at Doxim boasted about a 10% conversion rate. “ Now a 10% conversion rates isn’t typical, but will be discussing this further at our next webinar
- Finally, the numbers tell us that there is ample opportunity to provide a better customer experience within the financial industry. A survey sent to organizations within the financial industry asked some questions about the email types used. It was great to see that of those that do use email 3 quarters of them are sending Newsletter However only half were using auto responders, which is a type of email set up to send automatically when certain criteria are met, these can be general transactional emails like deposit or account alerts and summaries, or some thing simple like birthday acknowledgements. Surprisingly, less than 1/5th of banks and credit unions have a Multi Step Welcome email program set up. These are powerful programs that can improve the members experience by familiarizing new members with your Credit Union and the products they have purchased. They can also help your bottom line by driving upsell activity. We will show you an example of this shortly.
- In this same survey respondents were asked about specific method they were employing to improve their email programs 58% responded that they were using personalization , however, I’m inclined to think this is simply using the recipients name. The potential personalization is far greater than that when you think about being able to tailor emails, on the fly to do things like display images that reference a customers likes and interests. Well show you a great example in a minute Astonishingly, Only 17% percent claimed to be using responsive design emails which automatically adapt to display properly across all platforms, especially mobile devices. Last I checked over 30% of email are being opened on mobile devices. To hammer home the importance of responsive design, emails that are not responsive design get less than half the click troughs on mobile devices that responsive emails do. 18% Use segmentation, which is a practice of designing and sending email to a specific group of people, for instance sending mortgage information to people 30 and over ass opposed to those under 25. What I hope I’ve highlighted for you is that email is an under tapped resource and in this next section, Stew, well show you how our customers have leveraged email to achieve core objective within their organizations
- Email marketing is the best channel to drive growth across the entire customer lifecycle but for Credit Unions, there seems to be several key opportunities to leverage email
- First impressions are everything. The first 60-90 days of member onboarding are very crucial as that is what helps set the tone and the bond between your Credit Union and the member. Email can help quickly and easily nurture the relationship by being able to send a series of informational emails to the member educating them about the services/product they signed up for + more info about your credit union. Segmented and personalized emails can also be easily setup based on information learned during the onboarding process. BAI study, 2003 ‘Quest for Deposits: The Ninety Day Window of Opportunity’, it was found that 75% of all cross-selling takes place in the first few months of new customer acquisition. Gurantee that the communications are happening – the triggering helps maintain the order and rigor. Can also manage the unsubscribe. It’s not just sign-up and leave
- Nurture through education – become the go to expert
- Many clients have learned to connect to their members at an emotional level by connected to them during important life events. Use third-party data to trigger regular events Personalize your message Show your customers that you are there to help Opportunity to cross-sell and highlight other services
- InFirst Federal Credit Union is the new Name for NARFE Premier Federal Credit Union. Been a customer for a long time.
- Provide you with responses to investigate manually, based on external processes. Two examples – abandoned online form, or an application that needs more description or attached information. Each can trigger off emails to be sent to customers, to get this information. Reduces manual follow up, ensure compliance to rules and shortens the cycle for the customer. In this example, EMI has linked with an integration to MeridianLink (LOS System) in the US. Other LOS or loan systems could be used as triggers.
- Cross sell opportunity, when a transactional email has been delivered. Proven that transactional emails are viewed, now add something important and relevant to entice the user into a cross sell opportunity. These transactions and the opportunities presented to the customer are saved in the CRM for further follow up and to develop a history of activity with the customer. Example mobile cheque deposit Told the user will get an email when complete. Waiting for it, great willingness to open it then – 70% to 80% Now can cross sell – needs to be something relevant and related In the transaction. Existing customers welcome an Email that confirms a financial transaction For example, a confirmation that your loan application has been approved by the FI These emails are favorably received and have a high acceptance and open rate Use this Email to provide a compelling and relevant information or product offering
- Idea is that data can be used to drive Emails. Like date of birth, renewal date, first payment date, etc, Reminders, birthdays, etc. allow you to tap into your market emotionally. Builds the relationship, helps the customer and reduces manual effort in the FI. Another example – reminders of payments, collections
- InFirst Federal Credit Union is the new Name for NARFE Premier Federal Credit Union. Been a customer for a long time.
- Different images based on their portfolio size. Can add different images based on their age – different ideas of what to do with the portfolio.
- Guiding the customer through the account opening and introduction process. Letting them know about other products and services that are available to them – possible cross selling opportunities. Examples – buy a car after buying a house. Car loan expires, looking for new car loan. Automatic initiation.
- InFirst Federal Credit Union is the new Name for NARFE Premier Federal Credit Union. Been a customer for a long time.