Email Marketing Strategies For Finance Sector

For businesses working in the finance world, email marketing has become a go-to marketing tool. With the right strategies in place, the financial sector can use email to attract and maintain a solid customer base.

To help financial businesses, here are three email marketing strategies – that are specific to your niche – that can improve your email success:

1. Best time to send: Early morning on Monday or Tuesday
Every industry wonders when the best time to send an email is, so The Financial Brand conducted a study to get the answer. Research shows sending emails early in the morning on Monday or Tuesday is best.

Emails sent at 4am saw an open rate of 38.8 percent. Customers likely open these emails first thing in the morning, as they start their day. The next best time is around 11am, where open rates hover around 30 percent.

In addition to sending early in the morning, the best days of the week to send emails are Monday and Tuesday. Emails sent on Monday had an open rate of about 30 percent and a click-through rate of 6.5 percent. Tuesday came in a close second, with open rates at 24 percent and click-through rates at 4.6 percent.

Here’s a look at how emails in your industry performed based on the day of the week:

dayofweek

Try sending emails early Monday morning, but keep in mind, every business is different. Watch your metrics to make sure this is the best strategy for your clientele.

2. Best email frequency: Less is more
Customers want relevant, informative emails. That’s true in every industry, but research from The Financial Brand proves that consumers in your field want quality over quantity. As the number of emails sent within the financial industry increases, open and click-through rates drop.

So, what’s the ideal email frequency? Research shows financial institutions that sent 25-50 emails annually had the best open and click-through rates. However, sending up to 100 emails a year still produced impressive response rates.

Take a look at the research on email frequency:

frequency

Remember, this research represents an average. The frequency that works best for your clients might differ. Use this advice as guidance, but keep an eye on your metrics to see how your specific audience responds.

3. Best types of emails to send
Diversity is the name of the email game for financial institutions. You need to send a variety of emails to the right clients. Here are three emails that every financial institution should send:

Promote new services
When your company offers something new, tell customers about it via email. From a new investment option to new services, like offering paperless statements like the example below, keep customers in the loop with emails that focus on new things.

services

Account updates
Give customers an easy way to check on their accounts. Send an account update that provides specific information like account balances or spending overviews. If you don’t want to provide the specific details in the email, provide a link to your website where customers can log in and get this information from their online account. Here’s an example:

acctupdate

Retain customers with incentives
Keep your loyal customers happy by offering incentives that are specific to their needs. Segment your list and send incentives to customers you want to retain. The example below gives loyal customers an opportunity to rack up bonus miles, for example:

retention

What email marketing strategies work best for your financial institution? Contact the email experts at Juvlon to learn more.