The coronavirus pandemic is having a negative impact on many companies, but it’s also highlighting the necessity of fintechs and the services they provide. We’re still living in an uncertain limbo period; however, the trend towards all things remote (working, shopping, communicating, etc.) are highlighting some behavioral changes that could stick around long after the pandemic is in our rearview mirror.
What that equates to (and as this American Banker article points out) is a greater need for mobile apps and digital adoption. Some fintechs have already seen significant bumps in traffic and activity correlated to the coronavirus pandemic. Digital mortgage software provider Blend, for example, has seen refinance applications through the Blend platform up by 1500% to 2000% since March 4 as compared to the same period last year. The company has experienced between 15,000 and 20,000 applications per day.
It’s clear some fintechs are thriving in this environment and even driving adoption of some of these new, digital behaviors. When it comes to marketing, the same principles can be applied. With the increasing focus on all things remote, it’s important to understand how to foster connection, empathy, and engagement through remote channels. Technology that enables digital connection is not an excuse to miss out on true relationship building. Rather, it should facilitate more of it.
Email Marketing: Tried and True Fintech Marketing Tactic
Email marketing is not new and can often be overlooked as a positive mechanism for propelling business growth. Many email marketing programs grow stale, with email campaigns relegated to rote newsletters and the like. Given the current circumstances, now is the time to revisit email marketing and refresh campaigns and strategies to meet the current needs of your customers and prospects.
The benefit of doing this is two-fold: 1) you can leverage what you already have — an email list and any segmentation that you’ve already implemented, and 2) people relied on email before to digest B2B content and that reliance has grown in the wake of the pandemic as in-person sales meetings cease.
There’s no time like the present to communicate — and fine-tune communications — with your best customers and most valuable prospects. The focus should be on crafting personalized messages, offers, and experiences.
Start by evaluating how you currently use CRM data to connect with prospects and clients. Is this optimized? Another avenue to explore is how you’re leveraging partnerships and tapping into second-party data. Consider how to work with partners in adjacent industries to help your best prospects and unlock additional utility for those people.
Be sure that your messaging is adjusted to address the current economic circumstances. Tone-deaf is not a good look for businesses, so scan your creative messaging to ensure that anything that didn’t age well is removed.
Personalization is the Magic Maker
It’s not a new directive, but personalization is everything. Customers have come to expect it and businesses that can deliver it enjoy increased revenues, increased loyalty, and increased ROI:
- 80% of companies report seeing an uplift since implementing personalization. – Econsultancy
- Marketers report that personalization efforts can boost revenues by up to 15%. – Adweek
- 86% of marketers have seen a measurable lift in business results from their personalization campaigns. – Evergage
- 95% of companies that saw 3x ROI from their personalization efforts increased profitability in the year after their personalization efforts. – Monetate
- Personalization can reduce customer acquisition costs by up to 50%. – Adweek
There are a variety of ways to personalize email marketing. Take a look at some of the following ways to personalize email campaigns.
Take a page from Amazon’s book and personalize email campaigns based on past engagement. Gather insights from data to see where customers interacted with your brand previously and send personalized emails based on that information. That may include customized discounts or offers or information tailored to their interests.
Tapping location information can aid in personalizing messages and offers for customers and prospects. This should only be used where relevant, but if you provide services that may be useful to businesses in a state that has specific legal or compliance requirements, for example, this can be a great tactic to use.
Using personal information and insights about what customers are interested in is a great way to tailor email marketing. Sending curated offers or information is an effective way to engage your audience and show them that you’re paying attention.
Email will become an important part of how businesses and customers and prospects communicate over the next several months and beyond. It was already a cornerstone to many marketing programs, but personalizing campaigns can make your marketing dollars go even further. Remember, personalization means much more than adding in a person’s first name in a subject line; it’s about garnering helpful insights from the data on hand to better serve your prospects and customers.
Looking for more fintech marketing tips? Check out the free Fintech Marketing Playbook or take a look at our guide to Fintech Marketing & Lead Generation in a Recession.