EMEA Marketing Manager, Jack Ford, looks at five practical ways brands in the finance sector can use behavioral marketing to achieve their goals.
Behavioral Marketing involves analyzing your customer’s online behavior and then using this information to influence future decisions. But it is much simpler than it sounds. Knowing why your customers are driven to different products and what convinces them to buy (or not!), allows brands to curb, influence, and reinforce customer behavior.
Today we are shining the spotlight on the finance sector to look at five surefire ways Behavioral Marketing can help this industry achieve their business goals.
1 Grow Your Email Database
Recent research ranks email marketing as the best channel for delivering ROI in the finance sector. So it makes perfect sense for brands in this industry to grow their subscriber list.
Using a category-level or product targeted on-site message can do just that.
Offering visitors who appear lost or about to leave your site more information on what they were looking at via email, is not only helpful to the user, but a great way to grow your CRM database. This approach can help increase email acquisition by over 65%.
As an added bonus, asking for an email address at product or category level adds a layer of intelligence to your subscriber list as you already know what they are interested in.
2 Provide A Helping Hand
83% of shoppers need support during their online journey. Long, complicated application forms (mortgages I’m looking squarely at you) often mean that many people who start them simply give up. Maybe they ran out of time on their lunch break? Or perhaps they found it too difficult to complete?
Either way, letting them slip through your grasp after they’ve shown interest would be criminal.
With a well-timed message you can engage the applicant before they leave. Allowing the applicant to request a call-back or to have their application progress sent via email will help boost your completed applications.
3 Don’t Let Them Forget
You’ll see it all day, every day; visitors to your site starting an application and leaving, never to return. But it doesn’t have to be like this.
Brands in the finance sector have the perfect opportunity to reconnect with these visitors with application abandonment emails or SMS messages.
Sending these hottest prospects a reminder (or two) about what they’ve left behind, is a sure fire way to boost your number of completed applications. What’s more you can make it really easy for your customers by sending them directly back to the point they abandoned their application.
4 Decision-Point Prompts
Behavioral marketing provides finance brands with the perfect opportunity to upsell their preferred products to engaged visitors.
As visitors make their product (or service) selection there may be a number of opportunities to highlight specific benefits of the premium version.
For example travel money providers will see a greater customer life-time value from pre-paid cards versus customers who just buy cash. A persuasive on-site message that highlights the benefits of these pre-paid cards at the moment a customer selects cash can help change their mind, and increase their value to you.
5 Cross-Sell Your Services
Brands in the finance sector often have a number of products to promote in their customer’s journey. Contents, building and car insurance, or credit cards and loans for example.
When someone purchases one of your services, you’ll know a heck of a lot about them from the information they’ve just provided. So why not use this insight to highlight even more useful services to your customers?
By using perfectly timed and intelligently segmented post-purchase emails you can target the most engaged customers with the ideal product or service. Providing helpful and personalized recommendations while increasing the customer life-time value, a true win-win.
Want to see how behavioral marketing can help your brand?