by Ron Daly
The more things change, the more they stay the same.
No matter what new technological developments crop up, the old standards still hold. Billboards still draw eyes, there’s still a “fold” in paper advertising spec sheets, and coupons bring in new business -whether they’re clippable or clickable.
In a recent eMarketer article ["Coupons Boost E-Mail Open Rate", Nov 19 2009], coupons are shown to boost email open rates significantly. Whether the coupons are for in-store use or online use, users are more likely to click through when a significant savings offer is presented – 80% more likely, to be exact.
Coupons have become de rigeur in the recession. Services such as Groupon and Vente-privee have made a tidy business of selling discounts on local businesses and couture fashion via email. Savvy shoppers take full advantage of this trend by waiting out their daily coupon and snapping up opportunities that interest them. They don’t have to stake out a site or enter a contest, however – they just have to open up their inbox. How could your business capture this trend for itself?
Well, for starters, how about your own services? We’ve talked about onboarding campaigns recently, email campaigns aimed at new members who might be in the market for your credit union’s services. Why not make special coupon-style offers that are good for the life of the email to new members? Cut rates on interest earning services or give $25 worth of free money to anyone that takes the time to open a new account with you. The sky isn’t the limit – your imagination and willingness to outreach is.
Some best practices that we can give you now (via email marketing reports):
1) No need for a fancy picture
A photo coupon might be interesting to look at, but what happens when your member’s ISP blocks the image or removes it from the email altogether? Make coupons and coupon codes readable in plain text so members can see the value of what you’re offering without any images to misplace or misinterpret.
2) Tighten up that net
You think that offering everyone the same rates is going to get everyone on board? College students have different wants and needs that their parents, just like first time home buyers have different wants and needs than long-time mortgage holders in the market for a HELOC. Use DigitalMailer’s ARB to send to refined groups and specific age or income ranges.
3) Where’s “step two”?
Your coupon was clicked by 10% of your target audience. That 10% counts as a group of qualified buyers – what about the other 90%? Is there a product or service that might better suit them? And quit bugging the 10% that already took you up on your offer – be more accurate and more precise in your marketing and you can save money in the long run.
Want to learn more? DigitalMailer’s “Do You Want Fries with That?” Webinar is a FREE webinar that goes through email marketing with the Automatic Relationship Builder. We’ve helped financial institutions across the country reach customers and members in a number of exciting ways.
Click here to see available dates for this webinar and to sign up for the next session.