Best Practices for Prospecting and Re-engagement Email Marketing Campaigns

Goals

To provide a list of best practices surrounding prospecting and re-engagement email marketing campaigns. An ideal response should include 5-10 best practices (ideally those that are related to financial services/banks) that are well explained, state why they are important, and provide statistics to support them. Brand case studies will also be useful.

Early Findings

  • According to a study by Econsultancy, approximately 73% of organizations believe that email marketing is excellent when it comes to Return on Investments (ROI). A recent article by Email Vendor also stated that with the right email marketing strategies and tools in place, financial institutions such as banks can get more customers, increase conversion and sales, as well as improve retention and loyalty among others.
  • Campaign Monitor reported that re-engaging customers can be difficult because one wants them to read the emails and be converted to customers without sounding desperate. However, the fact that around 40% of all e-commerce revenue comes from repeat customers makes email marketing campaigns important.
  • Some of the best practices for sending prospecting and re-engagement emails include;

Segmenting Subscribers

  • By segmenting the subscribers that are in a company's database, the company will be in a better position to send its customers the most relevant content possible.
  • All customers are not the same which means that sending a generalized or broad message would not be as effective as sending each targeted email that focuses on their needs.
  • Research by HubSpot found out that email marketing KPIs perform better when an organization segments its email list. The study further revealed that "39% of marketers who segmented their email lists experienced higher open rates, 28% experienced lower unsubscribe rates, and 24% experienced better deliverability and greater revenue."
  • Campaign Monitor advises that when segmenting inactive customers, a company should look into their recent activities, where they signed up such as on a landing page or a lead magnet, and their purchase history among others.

Personalizing Messages

  • Research by Experian found out that personalizing emails can increase transaction rates up to 6x while another recent research quoted by SuperOffice revealed that personalization can "generate $20 in ROI for every $1 invested."
  • One of the simplest forms of personalization is to address the customer by name and studies have found out that email subject lines that contain a recipient's first name have the potential to increase open rates by 16% or even higher.
  • Another research by Adobe found out that around 67% of customers expect personalized content and almost half of them get annoyed when companies fail to send them customized content. As a result, it is important for a company to personalize its emails and focus on its voice or tone to sound conversational or even casual especially in re-engagement emails.

Summary Of Our Early Findings Relevant To The Goals

  • Our initial hour of research was spent gathering some data that addressed the question asked as well as ensuring there is publicly available data that can provide the required data in line with the goals of the project.
  • Please select one or more of the options provided in the proposed scoping section below.

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