Email marketing is a perfect marketing channel for businesses that offer multiple products and services. That makes it essential for financial institutions such as banks to have email marketing lists. While newer marketing channels might seem useful, the truth is that email marketing is still the best way to reach a specific audience. In financial institutions reaching the right audience can mean the difference between a successful marketing campaign and a mediocre marketing campaign. Let’s face it, banking products aren’t meant for everyone, and unless you market them to the right audience, your campaigns might go unnoticed. However, the ability to target a specific audience is not the only reason why financial institutions should have a targeted email list. In this article, we will explain the key reasons why a targeted email list is essential for financial institutions so read on.
Sending regular emails to targeted email lists reduces the need for customer service
Customer service is the backbone for most businesses, and for financial institutions that deal with the hard-earned money of their customers, customer service is even more essential. While targeted email lists don’t eliminate the need to have a customer support centre, they do take a major chunk of your call center and agents’ load. That is because most younger individuals prefer self-service compared to interacting with customer service representatives. To cater to the newer generations’ needs, email marketing serves to inform and onboard them for any further services or products.
Sending informative emails allows customers to assess your services and products, making it easier for new customers to enroll.
Email lists are going to be in use for years to come
Once you have acquired mailing lists through an email list provider such as List Giant or built your own email lists, you can expect to use them for many years. Unlike a social media campaign that needs to be renewed after some time, once you have a targeted email list, you can send emails to customers and retain them for longer. The reason why an email list is going to stay useful for so long is simply that according to a study, 70% of consumers believe that email is still going to be around after ten years. On the other hand, only 46% believe that landlines will be around after ten years. As far as social media is concerned, approximately 60% think that Twitter will still be around after a decade.
So when picking a marketing medium, you would want to invest time and money in a medium that will last and email marketing and build targeted email lists is that medium.
Email lists help you retain customers for longer
In the competitive market, it can be challenging to retain customers for financial institutions. Since more and more financial companies are launching their financial services, you have to make sure that you are retaining your current customers. Email lists allow you to communicate with your customers regularly and keep them engaged with your brand. For example, you can run email offers and email discount programs by collaborating with other companies that your customers frequently use to keep the customer using your services.
The more you can offer your customers the higher the chances of them staying loyal to your bank and email marketing allows you to provide this value to your customers in the best way possible. Remember that you can make different segments in your email list and send differentiated email offers to loyal customers to appreciate your brand’s loyalty. So you don’t have to run a generalized discount program because with email marketing you can customize your promotions for different customer segments.
If you want to buy high-quality email lists, then make sure you approach reputed mailing list companies. The more targeted your email list is, the more beneficial it will be for your marketing campaign.