State of Email Marketing in Financial Services
FEBRUARY 16, 2012:
Brian Bierbaum, Vice President of Strategy and Growth
Email Marketing Marketing Strategy Online Marketing
In a comprehensive 28-page report titled The State of Online & Mobile Banking, comScore explores challenging topics such as email marketing, social media, online customer engagement and more from a financial marketer's perspective. The report can help answer questions such as: Are consumers interacting with financial institutions via social media? Is email marketing still effective? Are consumers interested in online chat? I'll highlight a few key takeaways for the financial marketer with a vested interest in email marketing.
Email Remains an Effective Communication Channel
"As more customers rely on online banking as their primary channel for managing accounts, e-mail remains a low-cost, effective way to reach customers. Consumer recall is quite strong, with 48 percent of consumers reporting they’ve received some form of e-mail communication from their primary FI in the last six months."
This probably is not a surprise to most of you. What I did find surprising was the low amount of consumers reporting they had received cross-sale product offers. According to the report, "... while the response rate on offers to open a new account is still modest at 6 percent, it represents a doubling of last year’s rate. In fact, these e-mails are highly effective in increasing customer awareness and engagement in other offerings, with 17 percent of recipients visiting the site to get information on other products."
Email Driving More Awareness and Engagement
Email marketing certainly appears to remain an effective channel to drive a certain level of awareness and engagement. The below chart looks at year-over-year growth in consumer response.
The comScore State of Online & Mobile Banking report provides a comprehensive review of digital bank marketing and online banking and includes other emerging channels like mobile. Results are based on a survey of more than 2,000 U.S. Internet users. You can get your free copy after completing a simple contact form on ComScore's website.
This blog post was originally published on the Priority Blog at priorityresults.com/blog. Priority Integrated Marketing is now BlueSpire Strategic Marketing.