Last month we released our annual Email Metrics Study (download it here for free if you haven’t yet!), and this month we want to talk more in-depth about some of the stats we collected and what they mean. Specifically, what they mean for email marketers at financial institutions across the nation. Here are three important things we found:
The Fact: It’s All About Mobile
When we worked on releasing a new DocuMatix Product Suite update last year, we made sure it would allow you to create mobile-responsive emails. That means emails, forms, events, and surveys you create with the DPS tool will be automatically rendered to be compatible with smartphones and tablets.
Last year, 40% of all emails were only opened and read on a mobile phone. This year the number jumped to 52%. Plus, 10% of recipients opened on both mobile and desktop. If the numbers keep climbing steadily, it’s not that crazy to think desktop might be extinct by 2020.
To make sure your emails are relevant, keep images simple and text short. While we do have a preview feature in our tool for mobile, you should still make sure to always send a test email and open it on your mobile phone to see if it translates. Bonus points for testing on both an Android and Apple phone.
The Fact: Certain Emails Get Higher Open Rates
Across the board, from CUs of all asset sizes, we found people are most likely to open an email notifications about their account. Not surprising, right?
The emails with the lowest open rates were emails about loans, with an average open rate of around 21%.
Fraud alert warnings and other account notifications will naturally incur the highest open rate. One of the biggest benefits of email marketing is how quickly you can let members know about any suspicious activity on their account. However, if you’re flooding inboxes with marketing messages, sometimes the highly important little pieces of electronic mail go unnoticed. To alleviate “email bloat”, create a schedule (or automate it with one of our tools) to make sure you’re spacing out emails and they’re not getting sent straight to the trash.
In 2015, we think it’s a great idea to focus on improving the weakest link: loan marketing emails. In the email marketing world 21% is actually pretty high for an open rate. Since opening new loan accounts is incredibly important for financial institutions, you’ll see a big payoff when you focus on these types of emails. We’ll have more tips for creating loan-centric email campaigns coming up soon in another blog post.
The Fact: Automation Boosts Results
In 2014 we looked at the results of emails when they were triggered versus an email that was scheduled for delivery. Triggered emails are generally delivered in real-time upon request or automated based on an action. For instance, DocuMatix customers can trigger emails from their core systems using our DocuMatix On Demand platform or from various ways within the DocuMatix Product Suite. We analyzed these emails and found that the open rates and click through rates were all higher than average when automated.
One popular method some of our CUs use is triggering emails on-the-fly when a member requests information on the phone by calling a call center. It translates to high open rates because it’s information the member requested and they’re receiving it in a timely manner. Look for ways you can use this principle around your financial institution and you’ll see open rates soar.
Any questions? Comments? Tell us below!