Wednesday, January 7, 2015

Reaching a large number of customers at the same time has become a key objective for modern businesses of all stripes, not least financial services. Increasing ROI, upselling, improved customer service - it’s all possible if you use the right mobile marketing tactics. Let’s take a look at three key ways in which a mobile marketing strategy can help your financial services business perform better in 2015.


Fostering Loyalty

Mobile marketing tactics like text message alerts are a gift for banks. A low-balance alert may not do much good if it’s only sent via email, but an SMS message is likely to be seen within minutes of being sent, allowing the customer to avoid withdrawing any more money (and thus avoid a charge). The average send-to-open time of an email is 6.5 hours. And what if the message needs a response? A dialogue can take days to get started. With text, the average send-to-open time is less than 15 minutes, making it the most efficient way to communicate vital information.


Equally, SMS messaging is perfect for notifying people of suspicious activity on their account. Reporting and preventing fraud is even more time-sensitive than low-balance alerts - and customers will thank you for warning them of potentially fraudulent activity. 


The type of loyalty engendered by SMS alerts that actually save people money and hassle will manifest in a number of profitable ways. If you’ve alerted somebody to a fraudulent transaction on their account, and your alert helped bring the perpetrator to justice, your customer is far likelier to be responsive to future text messages - even if they’re targeted promotions. you’ve fostered a sense of trust in the medium of SMS messaging. Your customers now know how convenient and secure text messages are as a means of communication, and they’ll be more amenable to using it in future.


Improving ROI

If you’re still on the fence regarding financial services, these three little letters are sure to melt your heart. The fact is, texting translates into profit. It’s not only affordable and esay-to-implement for businesses, it attracts a certain type of consumer, people who make more transactions and revolve balances. Remember too, the cost of sending a promotional text offer is significantly lower than other marketing channels. If you’re a financial institution looking to cut costs and improve services, SMS messaging is for you.


Reaching More People

Mobile marketing tactics are all about reaching the right people with the right message. Because SMS recipients have to opt in to receive them, contact is consumer-initiated. That means they’re not only more likely to get the memo - they’re more inclined to stay actively engaged with a brand in future, making them good candidates for upselling or cross-sale opportunities. 

Adopting a mobile marketing strategy that includes SMS messaging is a smart move for any bank or financial institution. Some 90% of all American adults use and own mobile phones, and the majority of them regularly send and receive text messages. Text recipients read nearly 100% of all text messages they receive - compared with around 10% for emails. Texting is the most effective form of mass communication there is, so don’t go without it in 2015.