For a majority of industries, email is usually considered a very ROI marketing channel, but for retail banking, the scenario is not so. Most banks don’t measure their email and never focus on open and click rates. Banks send useful information to their customers via this marketing platform, but fail to measure the effectiveness of the email marketing campaign. Understanding the impact of email marketing is essential to reach the target audience and focus on long-term engagement. Here are a few effective ways of measuring email marketing for retail banking.
Focus on a paperless transaction by sending statements on email than traditional paper. Not only will you save tons of money, but you will help the government in the green revolution. By getting individuals to sign up for paperless transaction, you can save a lot. For example, if such a statement costs $1, then getting 10000 subscribers to sign up for paperless transaction can lead to a saving of $10000 per payment cycle. You can apply the same concept to regulate notifications. However, you need to remain ready for a print version, in case an email bounce occurs. You can effectively reduce the cost of your email marketing campaign by measuring your efforts.
Promote your mobile app via email to increase customer retention. You can easily estimate the app retention value by the number of apps downloads and used. Additionally, focus on creating a system wherein the customer can directly deposit in their bank account. People should be able to direct their paychecks to the bank without them physically visiting a branch. Such readers are likely to remain loyal and read your messages. Moreover, focus on sharing information about insurance, credit card and new account type via email. You can measure the click rate and the open rate of these messages to know how your readers are responding.
Focus on making life simpler for your target audience to reap ROI benefits of email marketing. Send effective and compelling messages to engage the readers.