Underpinning Marketing Strategy With Email Automation
Transcript of Underpinning Marketing Strategy With Email Automation
Underpinning Marketing Strategy With Email Automation
2
Retail Currency Cards Travel Cash
International Payments Corporate Expense Cards
3
The situation:
Customers need to be able to buy goods abroad in the local currency without
incurring high costs
Solutions:
• Bank Notes • Travellers
Cheque• Debit/credit card FairFX Currency Card
4
The challenge:
Low margins
Need to educate customers on our products to achieve maximum LTV
Very competitive market
Limited resource
Show added benefit to stakeholders
5
Our Goals:
Build trust and engagement
Up-sell
X-sell
Understand our customers better
Stay ahead of the competition
6
FairFX Research: 1,160 survey respondentsHow many brands are you currently signed up to receive emails from?
1-2 3-5 6-10 11-15 16-20 21-25 26-30 31+0%
5%
10%
15%
20%
25%
30%
13%
19%
29%
14%12%
5%
2%
6%
7
FairFX Research:Of these, how many are foreign exchange providers?
1 2 3 4+0%
10%
20%
30%
40%
50%
60%
70%
80%
8
FairFX ResearchWhat percentage of those that you receive do you consider interesting or
relevant to you?
0% 1 - 10% 11 - 20% 21 - 30% 31 - 40% 41 - 50% 51 - 60% 61 - 70% 71 - 80% 81 - 90% 91 - 100%0%
10%
20%
30%
40%
50%
60%
0%
51%
23%
11%
5% 4%2% 2% 0% 1% 0%
9
FairFX ResearchWhat percentage of FairFX emails you receive do you consider interesting
or relevant to you?
0% 1 - 10% 11 - 20% 21 - 30% 31 - 40% 41 - 50% 51 - 60% 61 - 70% 71 - 80% 81 - 90% 91 - 100%
0%
5%
10%
15%
20%
25%
0%
20%
9%7% 7%
11% 11%
7%
9% 9%10%
10
‘Why should I choose you over everyone else?’
• Strengths and Weaknesses
• Low hanging fruit
• Prioritise revenue
• Competitor analysis
WebInsights Programme
12
The solution:
• Uses dynamic content and personalisation
• Proactive not Reactive
• Drive automated programmes to customers who
engage with particular web pages
• Nurtures customers through guidance and support
Understand customers Build trust X-sell
13
The Result:
91%Of enquiries dealt with in first monthFAQ email
14
Additional benefits:
5-figure sales
No need to hire
more Support staff
Welcome Programme
16
The Welcome Programme:
• Length of programme determined by
respondent’s behaviour
• We educate the customer so they learn to love
the products and trust the brand
Understand customers Build trust Stay ahead of competition
• Customers become brand champions
17
Email 1: Welcome to FairFX
Email 2: Update email preferences
Email 4: Refer a friend
Email 3: X-sells
Email 5: Review FairFX
Follow up call from Customer Services team
The Welcome Programme:
Control
group
18
Use data to make content your King
• Interests
• Are the Tech-Savvy?
• Behaviour
• Demographics
19
Customer journey
Understand customers
• User eXperience / User Interface
• App
• Mobile first
Stay ahead of the competition
20
FairFX Research:If you see something you want to buy in an email on your smartphone,
you are most likely to…?
Wait until you are on a desktop or laptop
Use your tablet to buy it
I do not have a smartphone
Buy straightaway using your phone
Put it in the shopping basket / wish list
Visit the store
47.72%
18.39%
12.52%
12.43%
5.60%
3.33%
21
FairFX Research:When purchasing from FairFX which device do you primarily use to
complete purchase?
Laptop
Desktop
Tablet
Smart phone
37%
29%
23%
12%
Traffic
Mobile: 94% YOY
Tablet: 41% YOY
Conversions
Mobile: 168% YOY
Tablet: 98% YOY
22
Where should I start?
• Display advertising / Remarketing
• Payment process
• Landing pages
• Social
23
The Result:
of Registered Users converted into paying customers
65%59%JUN ‘15 DEC ‘15
24
The Result:
46%of Registered users go on to become FairFX Cardholders
25
The Result:
Cash customers who receive the Programme are twice as likely to order a FairFX Currency Card
vs. those who do not receive it
26
Those who receive the Programme have a greater AOV on Travel Cash
And place more orders
vs. those who do not receive the Programme
The Result:
27
Card customers AOV on international payments is
2.5 times greatervs. those who do not receive the Programme
The Result:
28
Cash customers AOV on international payments is 6.5 times greater!
The Result:
Birthday Programme
30
Another year older, another year wiser!
Reaching out to customers throughout the year
keeps the brand front of mind
Encourages loyalty as it avoids hard-sell
Referral scheme promotes brand and helps
grow email database
Brand build Build trust
31
FairFX Research:Which type of offer/content do you like receiving best?
Money-off discounts
% off discounts
Loyalty program rewards
Advance notice of new products
Free gifts
Product reviews
Exclusive content
User guides
Competitions
VIP access
664
608
442
350
274
257
201
163
158
143
32
Additional benefits
Friend referrals increased 60% YOY
Sales increased by 300% in 8 months
Resulted in a six-figure sales
33
The Facts:
Since introducing email automation, FairFX’s annualised figures:
107% more visits to the website this year
48% increase in conversion rate
205% increase in transactions
320% increase Revenue
For the periods between November 2014 and 2015
34
The Lessons:
Content and consistency is critical
Implement a control group for every campaign to measure the true uplift
You need to be relevant to the individual to be successful
Use dynamic content, personalisation and segmentation
Campaigns don’t always result in instant transactions
Be cool not creepy