Email marketing is a powerful tool for fintech companies to engage new and current customers, increase customer satisfaction, and build brand loyalty. But by not following email marketing best practices, fintech companies risk damaging customer relationships and having their emails land in the spam folder. This article will discuss how fintech companies can use email marketing to maximize engagement, nurture relationships, and turn customers into brand advocates.  

Frequency: How Often Should You Send Email Marketing 

Bombarding users with too many or irrelevant emails is a surefire way to have your recipients stop opening your emails and have them end up in the dreaded spam folder. Finding the right email email cadence for your brand is critical. Here are two tips to help you create the perfect send cadence.

  1. Establish a consistent email schedule to maintain engagement without overwhelming your subscribers. A bi-weekly or monthly frequency often strikes a good balance for fintech companies. Too frequent emails can lead to email fatigue and unsubscribes, while infrequent emails risk customers forgetting they signed up for them. No matter what cadence you start with, stay consistent and adjust if necessary.
  2. Use engagement metrics like open and click rates to adjust your email sending frequency. Customers who frequently interact with your emails might appreciate more frequent updates, while less engaged users might benefit from fewer emails.

Create Relevant and Engaging Content

Irrelevant content leads subscribers to stop opening emails and increases unsubscribes. For fintech companies, this is the last thing they want. Companies should use customer data to segment their audience and ensure the delivery of relevant content for each customer group. Here are five examples of types of engaging content that can be personalized.

  1. Informative newsletters that provide industry trends, explain complex financial concepts in clear language, and offer insights tailored to their needs. 
  2. Educational content that highlights blog posts, webinars, and whitepapers that delve deeper into specific financial topics relevant to your subscribers. 
  3. Personalized tips and tricks on financial advice based on their behaviors and account information. 
  4. Security updates that keep users informed about specific security measures and best practices for protecting their financial data.  
  5. Product announcements highlighting new features or changes to the platform. 

These types of information can keep your communications fresh and leave subscribers wanting more. 

Increase Opens With the Perfect Subject Line

You can create and send the perfect email but if no one opens it, it’s all for not. Companies should craft a subject line tailored to their customers and utilize email best practices to generate email opens and increase engagement. Here are some tips for creating a compelling email marketing subject line that demands an open. 

  1. Be concise. Aim for between 21 and 40 characters to avoid truncation on mobile devices. This usually consists of between four and six words.
  2. Use action-oriented language. Use verbs and action-oriented language to create a sense of urgency or excitement. For example, subject lines such as “Unlock Your Investment Potential Today” or “Discover New Savings Opportunities” would work well. 
  3. Use personalization. Incorporate the recipient’s name or other personal details to catch their attention. For instance, “Greg, Grow Your Savings by 15%.”
  4. Pique curiosity and provide exclusivity. Create curiosity with subject lines like “Are You Missing Out on These Benefits?” or convey exclusivity with “Exclusive Offer Just for New Members.”
  5. Use preheader or preview text. While technically not a subject line, the preview text is displayed next to the subject line in inboxes. Use this space to expand on the subject or provide more details as to the content of the email. For example, the preview text for the subject line “Exclusive Offer Just for New Members” might be, “Free, 30-minute live portfolio review with one of our financial advisors.”

Utilize Analytics to Make Data-Driven Decisions

All fintech companies using email marketing need to analyze their email metrics to gain valuable insights into campaign performance. Tracking key performance indicators (KPIs) like open, click, conversions, and unsubscribe rates allows companies to make smarter decisions faster. Performance data can be used to:

  1. Segment audiences: Use customer data to understand who responds to what types of messages and to segment your email list based on demographics, financial behavior, and engagement history, allowing for more targeted and relevant email campaigns.
  2. Perform A/B testing. Test different elements of your emails, such as subject lines, types of content, formats, and send times. Use the insights gained to continually improve your email marketing campaigns.
  3. Understand where drip campaigns can help. Drip campaigns are automated messages based on user behavior, such as sending an automated message when someone signs up to receive your newsletters. Automated messages can be used to send important information to subscribers based on website pages they view or specific links they click inside of an email — ensuring individual subscribers receive highly relevant and timely messages.   

Conclusion

As the industry continues to evolve, email marketing holds immense potential for fintech companies. Incorporating best practices to build a customer-centric email marketing program will be essential for improving customer satisfaction, creating higher engagement, strengthening customer relationships, and ultimately, increasing customer loyalty.