Conversion Funnel Optimization 101 for Financial Services Companies [Part 3]

How Financial Services Companies can reactivate their Idle/Lost Users with the help of RFM Segmentation and Marketing Automation Conversion Funnel Optimization 101 is an all-inclusive Marketing Automation Guide for Financial Service Providers. In this post, we’ll discuss how they can identify their churned or inactive users with the RFM Model, and reactivate them by integrating a Marketing Automation platform. We’re finally at the last part of this blog series! The last two posts covered everything from reducing pre-purchase drop-offs to engaging with customers post-purchase. In this post, we’ll talk about how companies in the finance sector can identify inactive users with […]

4 Ways To Increase Customer Engagement in E-commerce

In the words of Zig Ziglar, one of the foremost authorities on the art of Selling, “If people like you, they’ll listen to you but if they trust you, they’ll do business with you.” Ziglar said this much before the birth of e-commerce, but it is so much relevant to the business today. An engaged customer, who has been listening to you and liked what he listens, eventually trusts you. So, when it comes to business, you feature at the very top of the list. As Brennan Loh, head of business development for Shopify, puts it, “Customer engagement is the […]

3 Reasons Why Customers Abandon Shopping Carts Online

Confessions of a Customer: “Why I usually abandon my cart” Last Friday, while having dinner with my girlfriends, I unveiled the reasons behind the most common problem of 2015. In between sipping Margaritas and gossipping like the good old days, our smartphones were constantly buzzing and making annoying noises of message/push notifications. Out of frustration, one of my girlfriends frowned and cursed her phone before putting it on silent and dumping it inside her bag. Out of concern, I asked her, “Is it your over-possessive boyfriend?”; to which she replied, “I wish! It is my over-possessive mobile shopping app.” And […]

28 Tips To Avoid Spam Filters When Doing Email Marketing

If you are in the business of email marketing, you are under the constant pressure of having to think about spam traps, spam trigger words, and anti-spam laws. Crafting targeted emails so as to avoid being sent to spam, or being marked as spam by your subscribers has become an art in itself. Why? Because Internet Service Providers (ISPs) are waging a brutal, yet justified war against spammers. Unfortunately, the victims are not always just the spammers. Collateral damage happens to include some of us, the good-willed email marketers who simply don’t have the luck or enough experience. According to […]

Mistakes To Avoid With Mobile Marketing Automation

Mobile Marketing Automation Market Size Implementing marketing automation—the practice of using software, templates, and behavioral triggers to create systematic marketing campaigns and responses—is strongly correlated with business growth. Just look at these statistics: Gleanster’s Marketing Automation Benchmark found that 79% of top-performing companies had been using marketing automation for more than two years. A Lenskold and Pedowitz Group study found that 63% of companies that are outgrowing their competitors use marketing automation. That same Lenskold and Pedowitz study found that 78% of successful marketers report that marketing automation had been the biggest factor in improving revenue. With Digital Trends reporting […]

24 Ways to Improve E-commerce Checkout Conversion Rate

“Shopping online: it’s easy when you know how” Want to know what a real online checkout looks like? here a video for you: In spite of the video above taking a humorous view of the online checkout process, it’s still very close to the reality; lengthy processes, long forgotten passwords and timeouts. Everyone has come across something annoying, frustrating or just plain stupid when they’ve tried to complete their purchase online. To retain customers and drive sales the online retailer has to find ways of minimising issues and delivering a fun, engaging shopping experience. On average, 31% of customers convert through […]

Beginner’s Guide To Web/ Browser Push Notifications

An intro on what are Web Push Notifications? Web push notifications (also called Web Push) were first introduced by Chrome in early 2015 in its 42 version. The version included “two new APIs that together allow sites to push native notifications to their users even after the page is closed—provided the user has granted explicit permission.” In fact, the biggest exploiter of this channel is perhaps Facebook which, via this medium, has acquired the power to send you notifications, even if you don’t have the Facebook app installed. In fact, very interestingly there was quite a chaos among a significant […]

How to Use Micro Segmentation Marketing Effectively in Marketing Automation

What is micro-segmentation marketing? The practice includes dividing customers into four general groups—by demographics, geography, behavior and lifestyle—then segmenting each group even more. Geography, for example, could be broken down into regions, then states, then cities, then neighborhoods. Behavior could mean frequent purchases, seasonal-only purchases, coupon-only purchases or “window shoppers.” Lifestyle could be an adventurer, fashionista, world traveler and tech savvy. Micro-segmention marketing strategy combines multiple variables from the above categories with certain demographics, such as age, sex, life cycles, job, and income, to create a target persona. While a high-end RV dealership might target a wealthy, retired male over […]

Conversion Funnel Optimization 101 for Financial Services Companies [Part 2]

How Financial Services Companies can master Post-Purchase Customer Engagement with Marketing Automation Conversion Funnel Optimization 101 is an all-inclusive Marketing Automation Guide for Financial Services Companies. In this post, we’ll discuss how they can engage with their customers post-purchase by using Marketing Automation. In our previous post, we revealed the hacks for reducing pre-purchase drop-offs with marketing automation. Now let’s discuss how Financial Services Companies (FSCs) such as Banks, Micro-Lending Firms, Insurance Companies, etc. can engage and retain their customers post-purchase. And that too with our favorite marketing automation. WHY marketing automation for post-purchase communication, you ask? Here’s why.   […]

How To Use RFM Segmentation for Customer Lifecycle Marketing

One of the founding tenets of modern marketing is a widely used concept of Segmentation, Targeting and Positioning. STP has stood the test of time to stay relevant in these ever evolving, dynamic times. At an elementary level segmentation is at the core of all successful marketing campaigns. Using segmentation you divide your audience into homogenous groups in order to send them relevant communication that resonates with them. One such data backed segmentation technique is RFM segmentation, through RFM analysis you can segment your customers into buckets like best customers, loyal customers, big spenders, lost customers etc. much needed for […]

How to Design Survey Questionnaire by Considering 5 Overlooked Points

Picture yourself filling a survey that poses ambiguous questions or has words you don’t know the meaning of, or doesn’t have the option you would like to select. A simple task becomes cumbersome, even if you go through this ordeal once, you wouldn’t wish to do it again. Right? Like most tasks that seem to be simple until you begin doing them; initially writing survey questionnaires also comes across as easy. Moreover, while writing survey questionnaires we often overlook very basic aspects. It stems from the fact that we fail to look from readers eyes but limit ourselves to our […]

Conversion Funnel Optimization 101 for Financial Services Companies [Part 1]

How Can A Financial Service Provider Fix Leakages In A Purchase Cycle to Reduce Drop-Offs Conversion Funnel Optimization 101 is an all-inclusive Marketing Automation Guide for Financial Services Companies. In this post, we’ll discuss how Financial Businesses can optimize their Purchase Cycle with Marketing Automation.  Financial Services Companies like Banks, Micro-Lending Firms, Insurance Companies, etc. possess gold mines of customer data. They gather prolific amount of micro-data like personal identifiable information (PII), demography, employment, financial background, etc. at every stage of their sales funnel. However, their inability to utilize such data to their advantage often results in hampered customer experience and […]

3 Unique Push Notification Use-cases to Automate Customer Feedback

So far email had been the most sought-after medium among businesses to seek feedback, particularly NPS survey. It would nevertheless continue to be a potential choice. Following email popularity is in-app messages which are part of the UI of almost every mobile app. Publishers insert in-app messages within the user flow to run notifications and surveys of various kinds. The most popular use-case being triggering an in-app message before the nudge to rate the app on play store. Now did you know that you could use push notification as well for collecting feedback? Strangely, not many mobile marketers have explored […]

Guilty of causing ‘Marketing Fatigue’? Fix it before it sabotages your business. Here’s how

When your marketing crosses a certain threshold it no more remains marketing. It becomes a headache to your customers. That’s marketing fatigue in a nutshell. The above snippet from the article by one Jessica Miller-Merrell in her blog summarises the communication fatigue that every wifi-connected soul is a victim of. The volume of marketing communication has anyway surpassed our attention zone whose size anyway would make us envious of goldfish. Marketing fatigue explained by Marginal Utility law The Law of diminishing marginal utility tells us that anything surplus, regardless of its utility loses its value. Do you recall water/diamond paradox? […]

This Persona-Based Customer Journey Can Convert Your Flight Search Abandoners By 10% m-o-m. For Real!

An Online Travel Agency’s (OTA) relationship with Flight Booking Abandoners can be summarized in one sentence: Love them or hate them but you can’t ignore them. Flight Search Abandonment often hurts the topline of most OTAs. It’s a situation where a visitor searches for a flight but doesn’t checkout. And this has compelled OTAs to shell out millions of dollars on acquisition as well as retention of customers. There are numerous reasons for travel booking abandonment. And the top 4 of them are: ALSO READ: How Goibibo used Hyper-Personalization in Emails to Increase Conversions by 11% Of course, the best way […]

Why Marketing Automation has to count on Permission Marketing to be effective

18 years back in the year 1999, when Google, Amazon were taking baby steps to become the giant companies they are today, Seth Godin coined the term ‘Permission Marketing’. As opposed to traditional approach of ‘Interruption Marketing’ (recall the adverts during TV shows or YouTube ads you just can’t wait to Skip) Permission Marketing is a privilege to send anticipated, personal and relevant messages to people who actually want to get them. In Seth’s own words, real Permission works like this: if you stop showing up, people complain, they ask where you went. That’s the epitome of marketing by using […]

How B2C Marketing Cloud Helps Businesses Improve Retention

In the mad rush to acquire customers, online consumer businesses spend frivolously on customer acquisition. Although, once the new customers get acquired the next big challenge is user retention. It is because businesses simply do not have coffers with perennially available cash to burn on acquisition or reacquire churned customers. Moreover, research done by Adobe attributes 41% of revenue to just 8% of customers, no marks for guessing, the 8% are repeat buyers. Fundamentally, this means that focusing on retaining existing customers is rewarding. Let’s get basics right – Retention Rate = # of customers in cohort that your business […]

How To Use Small Data For Personalized Communication In Hotel Industry

Customer Journey Mapping for the Hospitality Industry (Part II) When I got my hands on Martin Lindstrom’s Small Data: The Tiny Clues that Uncover Huge, it was unputdownable. In the world where big data is religiously worshiped and employed by every Marketer, his book was a breath of fresh air. What piqued my interest was how small data was being used to not only save companies like Lego from bankruptcy but also to trigger the creation of some of the biggest innovations like Post-It and Snapchat. However, despite its obvious primacy, Lindstrom stated, “The issue here is that as we become […]

6 Data Backed Reasons Why Every Business Should Use Triggered Emails

The value of using automated emails—those triggered by customer actions, such as a purchase or download—goes deeper than just saving the marketer the trouble of sending individual emails manually. Consider just a few of the many ways an automated email could escort a customer to the next step in their engagement: Updating a customer about the price or availability of a product in their wish list Reducing cart abandonment with reminders and/or discounts Reminding customers about the upcoming subscription renewals for products and services Alerting customers about travel changes Onboarding new customers with multi-step triggers For those who still doubt […]

B2B vs B2C Marketing Automation Platform. What’s the Primary Difference?

Marketing Automation doesn’t have a unique or scientific definition that you can fall back on to qualify a certain marketing tool as a marketing automation solution. Most definitions over the internet that you may find would be either vague or molded to suit the interest of the company publishing it. For instance, without naming anybody, resource posts by ESPs would make you believe that marketing automation is all about creating automated email workflows which is a total misleading definition. Eventually, amid the clutter of definitions, I hit the one by Scott Brinker and found peace. Scott Brinker, Editor, ChiefMartec “I […]

The right time to send NPS survey and how to automate it

“We take most of the money that we could have spent on paid advertising and instead put it back into the customer experience. Then we let the customers be our marketing. Historically, our number-one growth driver has been from repeat customers and word-of-mouth.” – Tony Hsieh, CEO Zappos (source) Like Hsieh, any CEO will concur with the convenience of building up business through referrals over scouting for customers through advertising, cold calls, marketing. Referrals from existing customers easily bring new customers leading to organic growth, sustainable in the long run. You must have heard of Word of Mouth, Referrals, Customer Lifetime […]

How to Improve Customer Retention in Hotel Industry with Marketing Automation

Customer Journey Mapping for the Hospitality Industry (Part I) The hospitality industry, with a global industry revenue of US $550 billion in 2016, is engaging with customers like never before. With weapons like multi-channel Marketing Automation at their disposal, hotels are turning no stones unturned in making the stay of their guests a unique experience. After all, keeping them engaged and interested is a crucial part of their customer retention strategies. Before you start bestowing ‘the most amazing experience’ on your hotel guests, it is highly imperative to understand the Hotel Guest Lifecycle. Robert King explained the basic model of […]

Why your push notification sucks? A cognitive look into how to identify the right triggers for a push message

Push notification gave promising engagement to apps at its peak. But, driven by their nature to over-exploit anything that works for them, marketers have gradually reduced mobile push messaging to a trifle blast marketing medium. However, the omnipresence of mobile, and the increasing impetus by iOS and Android to make push notifications more feature-istic suggests that it is here for a long haul. To this day push offers higher engagement than email and CTR is as high as 40%, nearly 4x than that of the worst. But what is pushing push messaging down? 1. Anything tends to lose its significance […]

6 Reasons Why WebEngage’s Content Marketing Sucked and How We Fixed Them

It goes without saying that ‘Content is the king’. It not only holds the power to make or break a marketing campaign, but also plays a key role in conversion and lead generation. However, not many of us realize that it’s a hard cookie to crack. Content writers often find themselves stuck in the labyrinth of content-related issues like: never getting the right balance between being preachy and salesy; constantly juggling between the ‘right’ and the ‘trending’ topic; not able to archive a spectrum of content written on diverse topics in varied styles by different writers (both in-house and guest […]

10 Ultimate Use-cases of In-app Messages for E-commerce Apps

In-app messaging has gradually become the favorite of marketers because Unlike push, an in-app message isn’t time-sensitive. So you won’t have to critically evaluate the right time to send an in-app message, as users see it whenever they are active on the app. There is no text limitation in it and you can also incorporate images, videos, forms or their combination.  There is a zero risk to sink in the spam folder or even promotions tab like email.  In-app message, unlike email and push, doesn’t require the user to opt-in. And most importantly, in the case of in-app message you don’t […]

Push Notification vs. In-app Messaging: When to Use What For Best Customer Engagement

Targeted marketing is most effective with a multi-channel approach, and the best mobile campaigns often use a combination of mobile push notifications and in-app messaging. That’s because the complementary channels each offer their own advantages and disadvantages. Mobile app push notifications, for example, are reported to garner about 4 times greater engagement and 2 times greater retention, but they can only be sent to users who have opted in. Right now, the average opt-in rate across all industries is hovering around 43%. In-app messaging, on the other hand, is reported to give apps a 27% higher open rate and provide […]

6 Micro Segmentation Marketing Examples That You Haven’t Thought of Yet

Customer segmentation strategy is responsible for some serious increases in sales. In fact, according to the research on email marketing by Lyris (now Aurea), 39% of companies who implemented micro segmentation marketing based on audience-specific information and tailored their messaging accordingly got 39% higher open rates, 28% lower unsubscribe rates, and 24% make more money from their email marketing efforts. And that’s just email. Imagine the possibilities if you could segment your audience and adjust your messaging accordingly across push notifications, SMS, landing pages, and in-app displays. It’s a big deal, to say the least. And typically, when you run […]

Designing unsubscribe page? 7 foul tricks to avoid, though allowed by CAN-SPAM act

I come across some 3-5 emails every day in my inbox which I open only to scout for ‘unsubscribe’ link or mark as spam. But true to their reputation, they show up again the next day and I painfully repeat the same process. Marketers at large don’t give priority to creating an easy unsubscribe flow for their subscribers and the reason is fairly understandable- nobody bets money on a lame horse. A person unsubscribing you is adding negative value to your business, as there is a significant cost involved in acquiring a subscriber. Moreover, you would be least concerned about […]

How Email Marketing Automation Can Increase Customer Lifetime Value

Email is the marketing goldmine of the internet. Unlike many of today’s tools and methods of communication, email has withstood the test of time and continues to perform as admirably as when it represented the cutting edge of network technology. Most importantly for businesses, email marketing continues to deliver unrivaled ROI. The average ROI on email marketing is $40 per dollar spent! No other channel comes close. But moving past net ROI, let’s talk about the REAL reason email marketing automation is your key to online profits. The reason your email list will always outperform your social followings, advertising, and […]

6 Easy Tips to Increase Your Mobile App Conversion Rate (Also Learn How to Implement Them)

Ignoring mobile as a platform dooms a company to huge losses. Soon, mobile will overtake other devices for all purposes – research, information gathering, news, and, of course, e-commerce. Within the realm of e-commerce specifically, all types of conversions will be important, from securing contact information to purchases. Here are some statistics that bear out the rising significance of mobile: A ComScore study revealed the following data: Smartphone use increased by 394% between 2010-2014 Tablet use increased by 1,721% during those same years 60% of digital time spent was on mobile devices 21% of millennials didn’t use desktops at all, […]

Features vs. Benefits: In SaaS Industry Benefits win hands down

When I was in B-School, we were explicitly taught about the importance of communicating benefits over features. One professor said, “Benefits sell, Features tell.” Another advocated, “Customers buy benefits not features.” Then while doing a project on brand communication strategy, I created my own – “In the minds of customers Benefits stick, Features recede.” While marketing professors professed, we followed their lead. Didn’t delve deeper into the why’s and how’s of the features vs. benefits contest. Here, I take this opportunity to dig deeper into why communicating benefits is important than just enumerating product features. Distinguishing Benefits and Features: A […]

Buyer Personas: What, How And The Hack to Create It

“Out of 50,000 MUVs, the Primary Conversion is an impressive 27.3%, but the Secondary Conversion is just 14.6%.“ Change the numbers according to the size and performance of a company and you get the language your CRO guy or your Marketer speaks. It makes sense to keep metrics on fingertips and refer to data when it comes to deciding what converts and what doesn’t. What doesn’t make sense is – They have traits such as age, location, hobbies, income and many others that influence almost everything they do on your website and elsewhere. It is impossible to understand individual user personality, […]

Net Promoter Score: Learn what Promoters and Detractors hide from you

People influence people. Nothing influences people more than a recommendation from a trusted friend. A trusted referral influences people more than the best broadcast message. A trusted referral is the Holy Grail of advertising. –Mark Zuckerberg Remember the last time you checked out a new online shopping site and actually purchased something from it? Out of many reasons that persuaded you to buy one would certainly stand out, and that would be – a recommendation from a friend/colleague/family member. That is the power of referrals. They are the strongest of the lot among advertising, cold calls, PPC ads and zillion […]

5 Simple Website Survey Questions Every Online Store Must Ask

A massive jump in your conversion rate will come from solutions to problems that are unique to your online store. Special fixes to increase your sales could be improving a poor quality product, decreasing the product price because your visitors are comparison shoppers, refining the checkout process, or having high-resolution product photography because an important feature was previously unseen. How do you find these revenue-impacting growth opportunities? You ask the right question at the right time! “Successful people ask better questions,” said performance coach Tony Robbins, “and as a result, they get better answers.” You discover what matters to people […]